Friend.tech Surrenders Control: A Decentralization Move Towards Community

The Decentralization of Friend.tech: A Move Towards Community Empowerment

The social network Friend.tech, powered by bitcoin, has made a significant move towards decentralization by surrendering control of its smart contracts. The creators have set aside admin and ownership parameters to impose censorship on the site, thus eliminating the possibility of any changes to the platform’s fees or functionality.

Over the past eight months, the team’s wallet had accumulated a balance of approximately $193,000 in various tokens and has transferred $36 million worth of Ethereum to Coinbase. A Dune dashboard indicates that Friend.tech has generated $22 million in fees since its launch in August 2023. The platform charged 12% commission on transactions, divided equally between friend.co and the owner of an account. DefiLlama’s report indicates that the protocol has generated an estimated $63 million in revenue.

The platform experienced rapid growth, with 905,000 accounts creating keys on the platform. However, the daily transaction count on Friend.tech has decreased significantly since its peak of 500,000 in September 2023, with only approximately 200 transactions occurring as of Saturday.

Moreover, the price drop caused by the FRIEND token’s strong initial performance has resulted in a 97% decline over several months, ultimately bringing the total to $0.07 on Monday, according to CoinGecko. Launched in May, the token peaked at more than $3, and its value has plummeted to less than $0.01 per share.

The decrease in user activity and price is likely due to various factors such as changing market sentiment, increased competition in the social network arena, or a lack of innovation and progress on the platform. The decision is likely to have an impact on the future of the platform, but it demonstrates the project’s commitment to decentralization and community empowerment.

Furthermore, this move raises questions about the role of developers in shaping the direction of decentralized social networks. It will be intriguing to see how other initiatives address the challenges and opportunities of decentralized governance as the space evolves.

Meanwhile, the Friend.tech community must work together to determine the direction and development of the platform. As the development team loses focus on user engagement, it becomes crucial for the community to play a part in shaping the future of the platform.

The story of Friend.tech is reminiscent of how decentralized social networks have become more prevalent than ever before. To learn more about the rise of decentralized social networks and their impact on the cryptocurrency landscape, check out this article on CoinSeeks.com.

What do you think about the decentralization of Friend.tech and its implications for the future of social networks? Share your thoughts in the comments below!