Have you hopped on the SocialFi train yet? New Bitcoin City and Friend.tech are two major SocialFi projects that each have a particular focus.
New Bitcoin City, with its foundations in the Bitcoin blockchain, is a framework for game players and NFT collectors looking to use Bitcoin beyond just trading on exchanges. Meanwhile, Friend.tech, based on the Ethereum blockchain, is a decentralized social network that allows users to tokenize and monetize their interactions, creating an economic market for social interaction.
Both systems support the idea of decentralization, but their services are very different. New Bitcoin City is focused on gaming and digital asset trading, while Friend.tech is a platform for monetizing social interaction.
Many in the crypto space see New Bitcoin City as an alternative platform to Friend.tech for those looking to step further into Web3. In fact, the former even markets itself as the "friend.tech of Bitcoin".
In this article, we'll explore what New Bitcoin City is, how it works, and how it compares to Friend.tech.
TL;DR
New Bitcoin City and Friend.tech are two distinct SocialFi projects with a focus on gaming and monetizing social interactions, respectively
New Bitcoin City uses the Bitcoin blockchain and includes features such as a layer-2 solution for faster transactions and rewards for content creators
Friend.tech, based on the Ethereum blockchain, allows users to tokenize and monetize their social interactions
Both platforms emphasize decentralization but differ significantly in their services and approach to user engagement
The emergence of these platforms highlights the potential for blockchain technology to transform social and financial interactions online
Friend.tech vs New Bitcoin City
Exploring the decentralized world, you may come across Friend.tech and New Bitcoin City. Let's go on a short journey to understand their differences.
Friend.tech has grabbed headlines with its SocialFi model. Combining decentralized finance with social networking, the platform allows users to connect, buy and sell, and progress in the digital realm. It's a mix of top-notch social media and the monetary advantages of blockchain technology to form a single, seamless user experience.
New Bitcoin City, on the other hand, carved its niche by focusing on Bitcoin-centricity. Instead of trying to be a jack of all trades, New Bitcoin City leverages the power and popularity of Bitcoin, creating a social environment that’s both familiar to Bitcoin enthusiasts and inviting to newcomers.
An interesting distinction between the two is their approach to user ownership and resource management. New Bitcoin City adopts a fragmented key system, providing users with a unique way to engage in and own assets. Friend.tech uses a bonding curve system to determine the link between the price and quantity of tokens, helping users to make informed trading decisions.
No matter which you favor, the decentralized world offers an opportunity for all with Friend.tech's wide-ranging approach and the Bitcoin-focused New Bitcoin City. Both platforms provide creative solutions to the combination of finance and social networking, but their techniques and areas of concentration differ.
Features and innovations in New Bitcoin City
As decentralized platforms rapidly progress, New Bitcoin City stands out for its variety of unique features and customizations, which are designed to satisfy a broad user base.
New Bitcoin City is dedicated to providing its users with payment flexibility. As Bitcoin is essential to its foundation, the company also allows transactions to be completed using AVAX and ETH — further accommodating the diverse needs of crypto fans.
To tackle Bitcoin's inherent transaction speed challenges, New Bitcoin City developers engineered a layer-2 solution known as NOS, short for Nitrous Oxide. It's built on a codebase called Optimism, modified for Bitcoin compatibility, known as the OP Stack. NOS employs Optimistic Rollup technology, bundling transactions for execution on Bitcoin's blockchain, leveraging its consensus mechanism for security and validation.
This setup is powered by the Trustless Computer protocol, enabling smart contract functionality on Bitcoin. With NOS, developers can create various decentralized applications like Decentralized Exchanges (DEX), tokens, and more on Bitcoin, enhancing its usability and appeal for real-time interactions.
New Bitcoin City is designed to capitalize on the qualities of the Bitcoin network, combining gaming, digital asset trading, and smart contract capabilities. Following the BRC-20 standards and incorporating a layer-2 solution is essential for turning the Bitcoin blockchain into a hub for economic and social activities.
The security of users is vitally important to New Bitcoin City. Friend.tech has encountered some security issues, and New Bitcoin City has taken the necessary steps to protect its network. Doing so allows people to use the platform's various features with peace of mind.
However, New Bitcoin City isn't just about transactions — it's about offering rewards for content creators too. With Red Packets and Lucky Wheels, you can get something back for your efforts. There's also the Jam Sessions where you can join up with other creators, share your voice, and build a following.
On the platform, finance is combined with social networking in a perfect balance. Special aspects like the Sweep Key provide straightforward access, while (3,3) buys offer unique types of transactions. Meanwhile, for further community-building and decentralized communication, there are Circles.
New Bitcoin City is an ever-evolving environment that concentrates on invention, user satisfaction, and establishing new standards in the decentralized space.
New Bitcoin City's Web3 districts
Let's take a walk through New Bitcoin City's Web3 districts and see what they have to offer.
Generative Village
This isn't just any marketplace — it's where BRC-20 NFTs come to life. Offering unique crypto art, Generative Village provides artists and enthusiasts with a dedicated space to trade and appreciate digital art on the Bitcoin network.
DeFi District
NBC is taking a bold step forward by incorporating decentralized applications (DApps) onto the Bitcoin blockchain. DeFi District is a financial center, allowing individuals to discover creative decentralized financial instruments and technologies, all while benefiting from the dependability of Bitcoin.
Perceptrons Square
Pushing the boundaries of what's possible on Bitcoin, Perceptrons Square brings Artificial Intelligence (AI) into the fold. Here, AI seamlessly integrates with Bitcoin, hinting at endless possibilities for automated solutions and innovations.
Fantasy Land
Dive into the world of Bitcoin with Fantasy Land as your guide. Interact with other users, explore new digital frontiers, and experience the Metaverse through the power of virtual reality, all secured by the Bitcoin network.
The GameFi Hub
Are you into gaming? If so, New Bitcoin City is the destination for you. Here you can find casual, board, and strategy games, and they're all connected to the Bitcoin blockchain. It's an interactive hub where gamers can come together and have fun while also trading with each other in a secure, open environment.
Exploring the New Bitcoin DEX in the DeFi District
As you explore New Bitcoin City, you'll encounter the New Bitcoin DEX — a significant part of the DeFi District. This decentralized exchange (DEX) is a strong example of the advancements taking place on the Bitcoin blockchain, as it provides users with powerful trading capabilities.
Token swaps: the groundbreaking Bitcoin-based Decentralized DEX has completely transformed how users interact with trading. This revolutionary technology allows users to swap smart BRC-20 tokens easily. By removing the need for third parties, transactions are faster and safer.
Liquidity pool creation: engage more dynamically with the market. Here, users have the autonomy to create and contribute to liquidity pools.
Decentralized launchpad: the DEX's decentralized launchpad serves as a platform for innovators to reveal new smart BRC-20 tokens. This is achieved by decentralizing the token issuance process, creating a sense of reliability, transparency, and creativity.
The $GM token
Among the New Bitcoin DEX's noteworthy achievements is the $GM token launch. Embracing the smart BRC-20 standard, it quickly amassed $5 million, emphasizing the potential of the DEX's ecosystem.
Community governance and empowerment in New Bitcoin City
New Bitcoin City aims to set a new standard among decentralized platforms with its focus on community-led governance. The DAO (decentralized autonomous organization) gives its members control over the platform's direction.
In New Bitcoin City, it isn't just a few individuals making decisions but the entire community. The platform signifies a shift from typical centralized models of decision making and instead allows every community member to have their opinion heard. With this approach, New Bitcoin City is embracing the concept of democratic decision making in the digital world. It's much more than simply a management tool — it's a movement.
Community involvement in New Bitcoin City goes beyond just being present. Members actively participate, giving their opinion on important topics, proposing modifications, and having a major influence in selecting new projects. This bottom-up strategy guarantees the platform remains responsive to its user population.
Meanwhile, the New Bitcoin DEX has adopted a democratic system of governance. Using the DAO voting process, users are in charge of selecting which projects have access to the decentralized platform. This focus on community-oriented governance promotes a living, inclusive environment that reflects the wishes of those who take part in it.
New Bitcoin City demonstrates that when a community works together, decisions are more meaningful and lead to a more optimistic and all-encompassing future.
Trend analysis: the shift from Friend.tech to New Bitcoin City
Competition has become fierce in the SocialFi sector since Friend.tech launched its game-changing platform — although the entity's rapid growth hasn't been without challenges.
In late 2023, two high-profile figures in the NFT world, Pranksy and Vombatus, liquidated large amounts of their Friend.tech holdings. The unanticipated sale of 176 keys by Vombatus, amounting to more than 850 ETH, caused many to take notice, leading to a 75% decrease in costs. This contributed to a domino effect, as other users began to re-analyze their assets expecting a possible market decrease.
As Friend.tech grappled with people leaving, New Bitcoin City was one of the beneficiaries, recently seeing an influx of about $1 million. On October 25, 2023, New Bitcoin City's total value locked (TVL) passed the $3 million mark, as per DeFiLlama. In contrast, Friend.tech's outflows tallied around $2 million within the same period.
The opinion of the community is divided. Some are urging their fellow users to make a choice — stay with Friend.tech or leave. However, some are worried about the platform's current technical issues and the fact that big names are going.
Some believe the emergence of New Bitcoin City is only a reaction to the trend, but others view it as a potentially significant change to SocialFi. Ultimately, only the future will reveal which side the community will choose.
Recent developments with NBC
In November 2023, NBC announced it was building the AlphaSuperApp. This SocialFi app combines an X (formally Twitter) like timeline, where your followers can send you BTC for your content, chatting, playing games, and participating in DeFi and trading.
A video on the NBC website suggests the new app as like a digital Swiss army knife, and the project owners want to bring the social experience to Bitcoin. It feels similar to ZBD's app, which offers play-to-earn games, while their social platform uses the zap protocol, where users can send each other sats for their content.
The app is available to download for iOS and Android.
The final word
As DeFi and Web3 technology advances, New Bitcoin City is strategically positioned to take advantage of upcoming opportunities. It demonstrated the possibilities of digital assets and their potential to take SocialFi to the next level. The path of New Bitcoin City reflects the boundless potential and enthusiasm of the crypto community.
New Bitcoin City is paving the way for new standards in how financial instruments are perceived, interacted with, and used in a decentralized space. These advancements offer a glimpse into the future of secure, decentralized systems for the crypto community.
Considering New Bitcoin City's influence, how might its future decisions shape the broader cryptocurrency ecosystem?
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