GroupFi, a Web3 social platform, has partnered with Shimmer to securely store user data and give users full control through their private key. The platform, which is based on the IOTA Layer-1 staging network, is set to launch in the fourth quarter of 2023. The aim of GroupFi is to empower users to take control of their own data and move away from relying on Web2 platforms.
GroupFi believes that true Web3 Social Protocols offer secure data storage and exchange on the blockchain, improving privacy and interoperability compared to Web2. Unlike platforms with high transaction costs and limited data storage, GroupFi benefits from the capabilities of the Shimmer Network, unlocking the full potential of Web3.
In addition to providing secure data storage, GroupFi also acts as a catalyst for dApp growth. It allows users to easily integrate GroupFi into their dApp websites with minimal coding, improving user acquisition, retention metrics, and engagement.
GroupFi has chosen to use Shimmer for several reasons. They believe that ShimmerEVM enhances compatibility with different ecosystems and that Shimmer Layer 1 is a valuable resource for developers. The elimination of transaction fees and scalability are significant advantages that help expand Web3 products.
Crafted by the TanglePay team and powered by Shimmer Layer 1, GroupFi aims to become a groundbreaking Web3 social protocol. The protocol is expected to go live in the coming week.
The IOTA Foundation has been working diligently to launch the ShimmerEVM mainnet. Nakama Labs, a Web3 Builder and Venture Fund, has conducted rigorous testing of the ShimmerEVM beta version and showcased its capabilities in handling 700 transactions per second (TPS) during sustained attacks on the mainnet, costing $250,000 per hour.
IOTA’s Shimmer network caters to the needs of the emerging Web3 by prioritizing decentralization. It is a feeless and parallelized DAG ledger that provides security and enables the creation of customizable smart contract chains. The ultimate goal is to transform Shimmer into a scalable multi-chain network.
Overall, GroupFi’s partnership with Shimmer and its use of the IOTA network demonstrate its commitment to providing secure and decentralized solutions for Web3 users.