GroupFi, powered by IOTA’s Shimmer protocol, is preparing to launch in Q4 2023, aiming to revolutionize SocialFi and give users the ability to control their own data and break free from the limitations of Web2 platforms.
Through a partnership between TangleSwap and GroupFi, dedicated channels will be provided for $VOID, Souls, and Genesis NFT owners to engage and share insights, while ensuring data security through private key control.
This collaboration between TangleSwap, a leading decentralized exchange (DEX) on ShimmerNet, and GroupFi is set to bring innovation to the blockchain ecosystem. The goal is to unlock the full potential of SocialFi for $VOID, Souls, and Genesis NFT owners, enabling them to engage and share insights in dedicated channels while maintaining control over their data through their private keys. Here are the key highlights of this groundbreaking development.
1. Empowering User Data Control:
GroupFi, a Web3 social protocol built on the IOTA Layer-1 staging network Shimmer, is preparing to launch in Q4 2023. Its primary objective is to shift the power dynamic by empowering users to have control over their own data, eliminating their reliance on Web2 platforms. Unlike Web2 platforms with expensive transactions and data storage limitations, GroupFi leverages the Shimmer Network to enhance privacy and interoperability, unlocking the true potential of Web3.
2. Seamless Data Storage with Shimmer:
GroupFi sets itself apart by utilizing Shimmer to securely store user data, giving users full control through their private keys. Beyond data security, GroupFi acts as a catalyst for dApp growth, enabling easy integration into dApp websites with minimal coding. This integration enhances user acquisition, improves retention metrics, and boosts user engagement, making it a vital player in the Web3 ecosystem.
Shimmer’s Role in the Web3 Revolution:
GroupFi’s choice of the IOTA Shimmer protocol is driven by several factors. ShimmerEVM enhances compatibility with diverse ecosystems, while Shimmer Layer 1 offers developers essential resources often overlooked in other blockchain networks. The elimination of transaction fees and robust scalability further expedite the expansion of Web3 products.
As the ShimmerEVM mainnet launch approaches, Nakama Labs, a Web3 Builder and Venture Fund, has conducted rigorous testing, demonstrating Shimmer’s capacity to handle up to 700 transactions per second (TPS) during sustained attacks on the mainnet, at an impressive cost of $250,000 per hour.
IOTA’s Shimmer Layer-1 staging network aligns with the principles of decentralization. This feeless and parallelized DAG ledger ensures security and facilitates highly customizable smart contract chains, setting the stage for a genuinely scalable multi-chain network.
In conclusion, GroupFi’s partnership with TangleSwap and its decision to utilize the IOTA Shimmer protocol signify a significant shift in the blockchain landscape. By offering users control over their data, seamless integration with dApps, and enhanced security through Shimmer, GroupFi is poised to reshape the SocialFi landscape in Q4 2023. Stay tuned for more updates as this innovative protocol goes live, ushering in a new era of user-centric Web3 experiences.