Friendz

<h4>In August 2023, Friend.tech launched the new L2 network of Base. <a href="https://www.altcoinbuzz.io/?s&#61;coinbase" rel="noopener noreferrer nofollow">Coinbase</a>, one of the biggest exchanges, backs this L2 and Friend.tech. Within a short time frame, the Dapp went ballistic.</h4>It’s a social network that allows users to tokenize themselves. You can buy and resell your ‘shares’ or ‘keys’. So, here’s a guide that gives you all the pros and cons of Friend.tech.What Is Friend.tech?<a href="https://www.friend.tech/" rel="noopener noreferrer nofollow">Friend.tech</a> is a decentralized social network. Creators can offer ‘Shares’ to their followers. However, the team renamed the ‘Shares’ to ‘Keys’. The app is in a Beta version. To join, you needed an invitation code. Each user gets three codes that they can give away. Currently, you can easily join with your phone.The major attraction is that you can tokenize yourself. These are the Keys. Now you can sell your Keys to fans or followers. Holders of these Keys can now directly communicate with the creators. This saw an influx from famous sports people, OnlyFans- and Crypto Twitter accounts.Holders of Keys can sell their Keys if they wish to do so. The more followers, the higher the price of a Key can be. This can offer them profits if their Keys appreciate in value. The Keys provide access to, for instance, gated chat rooms or special content by creators. There’s also no need to install the app from the Apple Store or Play Store. To make deposits, there’s no need to sign anything. You only need to enter the app. In other words, it makes the <a href="https://www.altcoinbuzz.io/?s&#61;web3" rel="noopener noreferrer nofollow">Web3</a> experience simple and easy.During the first two weeks, daily transactions skyrocketed to over 300,000. However, these numbers also slumped quickly by 95%. Now they seem to have leveled out at around 120,000. During the first two weeks, the platform also made $25 million. You can check Cryptokoryos’ stats on <a href="https://dune.com/cryptokoryo/friendtech" rel="noopener noreferrer nofollow">Dune</a>.The platform announced seed funding by Paradigm in August. However, it seems the actual round took place three months earlier. This led to a $50 million valuation of the platform.Who Is Behind Friend.tech?The team doxed to a degree. We only know their Twitter handles. These are <a href="https://twitter.com/OxRacerAlt" rel="noopener noreferrer nofollow">oxRacerAlt</a> and <a href="https://twitter.com/shrimppepe" rel="noopener noreferrer nofollow">Shrimppepe</a>. Both were also involved in Stealcam. Racer was also the founder of TweetDAO. Both projects Looked like they were Ponzi schemes.It appears that Shrimp was also involved in PharmaBroDAO. This was supporting Martin Shkreli, who was guilty of securities fraud.Kosetto is an <a href="https://www.altcoinbuzz.io/category/nft/" rel="noopener noreferrer nofollow">NFT</a> project that both are associated with. It appears they collected ETH and soon afterward rugged the project. So, to sum this part up, the owners’ background doesn’t fulfill one with confidence and trust.Are there any Concerns About Friend.tech?There are two concerns that arise about Friend.tech. The concerns are about privacy and security.<ul><li>Privacy Concerns</li></ul>You need to link your X account. However, X is a prime target for hackers. As a result, it’s better to disconnect your X account. You can do this under ‘Settings’ and ‘Security’. Friend.tech is primarily made for mobile phones. Another reason why you don’t want to run a new app from your phone. Your phone may have lots of sensitive information.You can work around this by installing it on a PC and tweaking a few settings. Check the Tweet below for more details.<ul><li>Security Concerns</li></ul>We already discussed the tainted background of the two founders. However, there’s more, X user Cygaar exposed more security concerns.<ul><li>The API of Friend.tech has Kosetto in its address:  prod-api.kosettoo.com. That’s the rugged NFT project by both founders.</li><li>The backend also doesn’t have any bot protection: This is a reason for concern when Key prices inflate. Somebody could employ bots for front-running purposes. This, in turn, could lead to future rug pulls.</li><li>There’s also a custodial issue: Because all the keys are on Friend.tech servers. In the case of a hack, this may be an issue.</li></ul>But, once again, there’s more. There was no privacy policy in place until one month after launch.Source: Frined.tech <a href="https://www.friend.tech/privacy.html" rel="noopener noreferrer nofollow">privacy policy</a>The Biggest Danger of All Using Friend.techAll of these are legitimate concerns. And there’s one even more serious and dangerous for users. Especially American users.SIM Swapping.This is where someone (usually working with someone on the inside at the big phone companies like Verizon and AT&amp;T) tries to swap your phone number to a SIM card they control. This lets them change all the passwords that require 2 factor authentication on your phone. It means they can drain wallets easily.And why is this specifically a problem for Friend.tech?Because you are at least partially doxxed with the link to your Twitter/X account. If you have your full name there or a phone number as part of your profile, then it’s very easy to use that info to SIM swap. It’s been happening often the last couple of weeks.<blockquote><a href="https://unchainedcrypto.com/friend-tech-sim-swap-hacker-steals-385000-eth/" rel="noopener noreferrer nofollow">FRIEND.TECH SIM-SWAP HACKER STEALS $385,000 IN ETH</a></blockquote>Here’s an example of someone who lost 22 ETH and got all his keys drained too.You need to be VERY careful when using this app to be sure this does not happen to you.ConclusionFriend.tech has a promising concept. A few creators made good money out of their Keys. However, there were many fads that whizzed through Web3. For example, nobody talks anymore about Pepe or Reddit NFTs. Nonetheless, the Keys pricing doesn’t look like it’s sustainable. There are various other concerns as well. Of those the SIM swap possibilities are the most serious. Consider them before jumping on this bandwagon.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/b9040465b19c4ce2a8d235e18f95b0d6.jpeg" /><img src="https://academy-public.coinmarketcap.com/optimized-uploads/ac78903807dd409fb151c61be9371ea9.jpeg" />DisclaimerThe information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.

What Is Friend.tech? The Latest Guide

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