Friend.Tech Halts Development by Transferring Smart Contract Control to Null Address

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Revocation of Control
  2. Platform Performance and Market Reaction
  3. Confusion Over Future Developments


    4. Friend.Tech, a Web3 social network known for allowing users to trade tokens for access to influential individuals' feeds, faced a major setback. On September 8, the platform's developers transferred ownership of its smart contracts to Ethereum’s null address.

    Revocation of Control

    Friend.Tech’s decision to revoke ownership of its smart contracts has generated significant confusion and concern within the community. According to an announcement on X (formerly Twitter), no fees from either the smart contracts or the website will be directed to the Friend.Tech development team’s multisig wallet. This step was taken to “prevent any changes to their fees or functionality in the future.” While the web client at Friend.Tech will continue to operate as usual, the implementation of new features or updates is highly unlikely.

    Platform Performance and Market Reaction

    Friend.Tech, built on Ethereum’s layer-2 Base, initially garnered significant attention for its innovative approach to monetizing content through tokenized shares or “keys.” However, despite its early success, the platform struggled with various issues. User dissatisfaction increased following problems with the FRIEND airdrop in May, and trading volume has also seen a substantial decline. The platform’s token, FRIEND, has experienced a dramatic decrease in value.

    Confusion Over Future Developments

    Friend.Tech had previously announced plans to develop its own blockchain, “Friendchain,” adding another layer of uncertainty about its future. However, this announcement was later deleted from the platform’s X account, further compounding the confusion. The revocation of control comes amid a broader trend of declining user engagement on decentralized social media platforms, such as Farcaster and Lens Protocol.

    The overall trend of declining interest in decentralized social networks highlights the need to rethink approaches to their development. Leading members of the blockchain community argue that the key to the success of such platforms lies in providing unique enhancements in user experience and interface that significantly differentiate them from traditional Web2 social networks.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

HTX Strengthens Global Compliance and Showcases at TOKEN2049

HTX has made significant strides in global compliance initiatives while participating in TOKEN2049, a major event in the crypto industry held in Singapore.

user avatarDiego Alvarez

SEC Files Charges Against Richard Heart for Fraud

The SEC charged Richard Heart and his entities with conducting unregistered offerings of crypto asset securities.

user avatarMaria Fernandez

HTX Marks 13th Anniversary with Major Celebrations and Trading Events

HTX celebrated its 13th anniversary with major events, including the Anniversary Carnival and Trading Championship 3, highlighting its resilience in the crypto market.

user avatarKenji Takahashi

Richard Heart Arrested in Istanbul on Interpol Charges

Richard Heart, founder of Hex cryptocurrency, was detained in Istanbul under an Interpol Red Notice for aggravated tax fraud.

user avatarGustavo Mendoza

MediaMarkt Saturn Ceases Sales of Ledger Devices Amid Security Concerns

MediaMarkt Saturn has stopped selling Ledger devices due to security concerns following a customer report of a hidden implant.

user avatarRajesh Kumar

Binance Expands into Traditional Finance as Mining Pool Closes

As Binance prepares to shut down its mining pool, the exchange is expanding into traditional finance by providing access to over 7,000 US stocks and ETFs for customers outside the United States.

user avatarMiguel Rodriguez

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.