Summary: Crypto social media app, Friend.tech, faced backlash after announcing that users who use forks or copycat versions of its platform would be punished. The app’s official account later apologized for the statement, stating it was made out of fear of potential competition. Friend.tech has been airdropping reward points to beta testers, but has not yet revealed their purpose.

Crypto’s newest decentralized social media (DeSo) app, Friend.tech, received criticism after threatening to punish users who use forks or copycat versions of its tokenized social media platform. In an August 28 tweet, the official Friend.tech X account stated that users who move to forks and copies will automatically opt out of earning Points and forfeit existing points. The announcement did not mention any specific competitors, but users pointed to a new DeSo application called Shares that is scheduled to go live to public beta on August 31.

Friend.tech has been airdropping “reward points” to its beta testers, with a total distribution of 100 million points over a six-month period. The team has not yet disclosed the ultimate purpose of the points, stating on August 15 that they will have a special purpose when the app enters official release status. Some speculate that the points could translate to tokens for friend.tech governance or have financial significance for users.

The announcement of the punishment for using copycat apps was met with intense backlash from the crypto community. Pseudonymous trader CryptoKaleo stated that threatening and penalizing users for trying out other platforms goes against the principles of the industry. Following the backlash, Friend.tech’s founder “Racer” issued an apology statement on August 29, stating that the earlier decision was a “stupid statement” made out of fear of potential competition.

The announcement comes less than three weeks after Friend.tech’s public launch on August 11. The app has seen a decline in key metrics such as activity, inflows, and volume over the past few days. Transactions on Friend.tech have decreased over 90% from its peak, with less than 50,000 cumulative transactions on August 28.

FAQ

What is Friend.tech?

Friend.tech is a decentralized social media (DeSo) app that uses blockchain technology. It aims to provide a tokenized social media platform where users can earn rewards for their activity.

What are the reward points in Friend.tech?

Friend.tech has been airdropping “reward points” to its beta testers. The purpose of these points has not yet been disclosed, but they are expected to have some significance for users, possibly in terms of governance or financial benefits.

Why did Friend.tech receive backlash?

Friend.tech faced backlash after announcing that users who use forks or copycat versions of its platform would be punished. Many in the crypto community criticized this move as anti-competitive and against the principles of decentralization.

What was the founder’s response to the backlash?

The founder of Friend.tech, known as “Racer,” issued an apology statement on August 29. The statement acknowledged that the earlier decision was a “stupid statement” made out of fear of potential competition. The founder expressed remorse and backtracked on the move.

What has happened to Friend.tech’s metrics since the announcement?

After the announcement, Friend.tech experienced a decline in key metrics such as activity, inflows, and volume. Transactions on the platform decreased over 90% from its peak, indicating a negative impact on user engagement.

What is Shares and how is it related to Friend.tech?

Shares is a DeSo application that is scheduled to go live to public beta. While Friend.tech did not mention any specific competitors, users pointed to Shares as a potential alternative. The announcement of punishment for using copycat apps drew attention to the upcoming launch of Shares.

Summary

Crypto social media app, Friend.tech, faced backlash after threatening to punish users who use forks or copycat versions of its platform. The app’s official account later apologized for the statement, stating it was made out of fear of potential competition. Friend.tech has been airdropping reward points to beta testers, but has not yet revealed their purpose.