FRIEND Token Fuels Controversy as Friend.tech Announces Friendchain Blockchain

  • Friend.tech, a decentralized social media platform, is planning to launch its own blockchain named Friendchain.
  • The new blockchain will utilize Friend.tech’s native token, FRIEND.
  • This move has sparked considerable controversy within the crypto community.

Friend.tech’s controversial plan to launch Friendchain raises concerns about utility and potential drawbacks, stirring debate among industry experts.

Friend.tech Announces Friendchain Blockchain

The decentralized social media platform Friend.tech recently revealed its intentions to develop a proprietary blockchain called Friendchain. Initially built on Coinbase’s layer-2 network Base, Friend.tech plans to transition to its own blockchain, employing its native token, FRIEND, for operations. The announcement was made through the platform’s official X account on June 8, sparking considerable curiosity and discussion within the crypto community.

Industry Experts Question the Move

While Friend.tech’s announcement marks a significant shift, it has not been without controversy. Experts are debating the necessity and viability of a blockchain dedicated solely to social media functions. Dr. Jojipup from AstraBit questioned the value proposition of such a move, raising doubts about the potential benefits of a social-focused blockchain. Similarly, Amogh Gupta of the Sui Foundation expressed concerns about migrating from the more established Base blockchain to a potentially less reliable and more centralized infrastructure.

Concerns Over Infrastructure and Stability

The partnership with crypto infrastructure startup Conduit has also drawn skepticism. Critics recall Conduit’s history, especially its involvement with the Degen chain, which experienced significant downtime. “Why switch to a less battle-tested solution?” wondered several industry insiders. This question is especially poignant given the simplicity of creating Layer 2 solutions in today’s technological landscape, as pointed out by Siong, co-founder of Jupiter Exchange.

Potential Economic Implications

Another critical aspect under scrutiny is the potential economic impact of the new blockchain. Base, as an Ethereum layer-2 solution, is renowned for low-cost transactions. Shifting to a new blockchain raises concerns about potential increases in gas fees, which could deter users. Mothu et Doria, an Architect at Kinode OS, commented sarcastically on the supposed benefits of scalability and utility, considering the performance issues Friend.tech has faced.

Conclusion

In summary, Friend.tech’s announcement of Friendchain introduces a significant shift in its operational framework, inciting mixed reactions and scrutiny from industry experts. As the platform prepares to deploy its own blockchain with the native token FRIEND, questions about infrastructure stability, utility, and economic viability continue to be paramount. The debate highlights the broader challenges and considerations in the evolving landscape of decentralized social media.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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