In an unexpected yet exciting move, Web3 social network FriendTech has decided to part ways with Coinbase’s Layer 2 blockchain, Base. Instead, it’s building something entirely new—its very own blockchain, Friendchain, developed in partnership with Conduit, a blockchain infrastructure provider. This shift has caught the attention of the crypto community, and here’s why it’s important for the future of Web3 and social media.
Why the Move Matters
FriendTech’s decision to leave Base and create its own blockchain is a big deal. Why? Because it marks a turning point in how social networks in the Web3 space operate. For a platform like FriendTech, which lets users buy keys to access content on the platform, having control over its own blockchain gives it more flexibility, security, and potential for growth. Instead of relying on Base’s infrastructure, which is controlled by Coinbase, FriendTech can now innovate freely on its Friendchain, a network built specifically for its needs.
The platform will also use its native token as a “fully transferable gas token.” In simpler terms, this means users will use FriendTech’s token to pay for network transactions, creating a new layer of utility for the token. This could lead to more value and use cases for the token itself, potentially increasing its price and demand.
Key Words to Remember:
- Web3 Social Network: A social platform that operates on decentralized technology, giving users more control over their data and interactions.
- Layer 2 Blockchain: A secondary framework built on top of a main blockchain (like Ethereum) to improve scalability and speed. Base is one example.
- Friendchain: FriendTech’s new, self-built blockchain, created to replace Base.
- Gas Token: A token used to pay for operations on the blockchain, similar to how Ether (ETH) is used on Ethereum.
Why This Is Important for Your Knowledge
Understanding this shift is crucial if you’re into Web3 and the future of digital networks. Here’s why:
- The Evolution of Decentralization: This move shows that Web3 platforms are stepping away from centralized services (like Coinbase) to take control of their own destiny. This is part of a larger trend where more companies are seeking independence to innovate without restrictions from third-party services. FriendTech’s decision to build its own blockchain could inspire other platforms to do the same.
- Impacts on the Token Market: The price of FriendTech’s token rose 11% after the announcement. Why? Because investors and users see this move as a step toward greater autonomy and growth potential. Understanding how these decisions affect token prices can help you make better investment choices in the crypto world.
- The Future of Social Networks: FriendTech’s shift to Friendchain isn’t just about blockchain technology; it’s also about the future of social media. This is a new frontier for platforms that allow users to own and control their data. FriendTech’s move is part of the larger trend of creating decentralized platforms where users have more power over how their information is used.
The Bigger Picture
While FriendTech’s migration is still in the development stage (and we don’t know exactly when it will happen), this is a significant moment in the Web3 space. It shows how platforms are starting to break away from traditional blockchains like Ethereum’s Layer 2 (Base) and make their own way. If other platforms follow suit, this could change the landscape of social media forever, making it more decentralized, secure, and rewarding for users.
In conclusion, FriendTech’s shift to Friendchain is not just a technical change; it’s a bold move that could redefine how Web3 social networks function and how we interact online. By keeping an eye on these developments, you’ll be better equipped to understand the direction in which the crypto and Web3 space is heading, allowing you to make more informed decisions, whether you’re a user, investor, or simply someone interested in the future of digital interactions.