The post Friend.tech Developers Hand Over Control: What It Means for the Future of the Ethereum-Based Social Network appeared on BitcoinEthereumNews.com.

The recent decision by Friend.tech’s creators to relinquish control over its smart contracts has raised questions about the platform’s future. This pivotal shift occurs just four months after the token’s launch, highlighting a significant turnaround in user engagement. The announcement revealed that the project’s administrative functions have been permanently disabled, prompting discourse around its long-term viability. Explore the implications of Friend.tech’s recent decision to decentralize control, signaling the end of its development phase and what it means for users and investors. Friend.tech’s Strategic Shift and Its Impact on User Engagement On a recent Saturday, the creators of Friend.tech, a cryptocurrency-based social network, announced that they have relinquished control over the platform’s smart contracts. This marks a crucial juncture just four months post-launch of their token. Described as a marketplace for social interaction, Friend.tech allows users to buy and sell “keys” associated with Twitter accounts, thereby accessing exclusive chat groups. However, the decision to permanently move administrative parameters to a wallet designated for token burning has raised eyebrows within the community. This step was undertaken to ensure that there would be no future changes to the platform’s fees or functionalities. A Closer Look at Financial Metrics and User Behavior Initially, the platform gathered considerable traction, reportedly generating $22 million in fees since its launch in August, according to data from Dune analytics. Friend.tech imposed a 10% fee on transactions, which benefitted both the platform and the owners of the accounts in question. However, recent revelations indicate that no portion of these fees has been directed to the developers for some time, effectively severing the financial ties that once linked the creators to user activity on the platform. Despite conflicting estimates on total earnings—ranging from $22 million to as much as $63 million—the uncertainty surrounding how these funds are allocated leaves many…

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Filed under: News - @ September 9, 2024 10:23 pm