Friend.tech threatens to punish users if they use copycat apps

While Friend.tech did not make reference to any particular rivals, and number of X users in the reply pointed to a brand-new DeSo or “SocialFi” application called Shares which is arranged to go live to public beta on Aug. 31. Shares #roadmap for the following week.Well be sharing daily dev visit Medium about updates. We began building the $SHARES platforms backend a couple of weeks back, and began with our frontend this weekend – up until now, its been a substantial development! pic.twitter.com/oLEYMlhIcF— shares.finance (@SharesFinance) August 21, 2023

Some expect it to translate to tokens to friend.tech governance, while others believe it could have some financial significance for users. Others think that due to the seed round financial investment from Paradigm, there will likely be a friend.tech native token airdrop in the future. Friend.techs announcement did not decrease well with members of the crypto community.Within the first hour of the announcement being published– it drew in numerous negative comments and reposts that derided the app for its anti-competitive move. Another response from an X user over the recent statement. Source: X (Twitter)” Threatening/ penalizing users for trialing other platforms is completely versus everything this market stands for,” wrote pseudonymous trader CryptoKaleo in reaction to the statement. “This is a prime example of how not to manage competitors in Web3 lol– excited to read the apology in a couple of hours” stated another. Related: Friend.tech rejects report that database of over 100K users was leakedThe statement comes less than 3 weeks after its public launch of Aug. 11. Meanwhile, Friend.tech has seen a drop in key metrics such as activity, inflows and volume over the previous few days. At the time of publication transactions on Friend.tech have actually decreased more than 90% from its peak of almost 525,000 transactions on Aug. 21, with less than 50,000 cumulative transactions on Aug. 28, according to information from Dune Analytics.Magazine: Blockchain video games arent truly decentralized … but thats about to alter

” To make sure faithful users are rewarded fairly during our beta, users moving to copies and forks will automatically opt out of earning Points and surrender existing points,” composed the main friend.tech X account in an Aug. 28 tweet. To make sure devoted users are rewarded relatively during our beta, users moving to copies and forks will automatically choose out of making Points and forfeit existing points. Some expect it to equate to tokens to friend.tech governance, while others think it might have some monetary significance for users. Related: Friend.tech denies report that database of over 100K users was leakedThe statement comes less than three weeks after its public launch of Aug. 11.

Friend.tech has actually been airdropping “benefit points” to its beta testers every week, which will amount to a circulation of 100 million points over 6 months. The team has not yet shared what the points will be eventually utilized for, only pointing out on Aug. 15 it “will have a special purpose when the app goes into main release status.” We just did our very first Friday Points Airdrop to 44k users. Some tips:- 100M points will be dispersed during the 6 month beta period- Airdrops take place on Fridays- Points are recorded off-chain- Points will have an unique purpose once the beta duration ends– friend.tech (@friendtech) August 18, 2023

Cryptos latest decentralized social media (DeSo) app friend.tech has actually been consulted with extreme criticism over a choice to penalize users who choose in to forks or copycat variations of its tokenized social media platform. ” To ensure devoted users are rewarded fairly throughout our beta, users relocating to forks and copies will immediately opt out of making Points and surrender existing points,” composed the official friend.tech X account in an Aug. 28 tweet. We anticipate @friendtech clones and other types of copies will emerge. To make sure devoted users are rewarded fairly throughout our beta, users transferring to forks and copies will immediately opt out of earning Points and forfeit existing points. They will be able to use the app normally pic.twitter.com/C1rTEQQr17— friend.tech (@friendtech) August 28, 2023