- Friend.tech, a social media platform, is building its own blockchain called Friendchain.
- Friendchain will use the platform’s native token, FRIEND.
- The move is controversial, with experts questioning its necessity and potential drawbacks.
The decentralized social media platform Friend.tech, built initially on Coinbase’s layer-2 network Base, has announced its plan to create a proprietary blockchain named Friendchain. Friend.tech disclosed the new move via its official X account yesterday, June 8.
According to the notification, Friend.tech is building the proposed blockchain with crypto infrastructure startup Conduit. Also, the platform plans to utilize its native token, FRIEND, on the new blockchain.
We're pleased to be working with @conduitxyz on Friendchain, our own blockchain that uses $FRIEND as a fully transferable gas token.We'll keep you up-to-date with all the info you need over the coming months as we build out this exciting new chapter. pic.twitter.com/HRa26vfFEX
— friend.tech (@friendtech) June 8, 2024
However, this announcement has garnered significant criticism from industry pundits…
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