GroupFi, a Web3 social platform, has partnered with Shimmer, a technology based on the IOTA Layer-1 staging network, to securely store user data. This collaboration ensures that users have full control over their data through their private key. Additionally, GroupFi has plans to add benefits to TanglePay NFTs in the future.
GroupFi is set to launch in the market in the fourth quarter of 2023. Its primary objective is to empower users to have control over their data, eliminating the need for reliance on Web2 platforms. The platform believes that true Web3 Social Protocols should provide secure data storage and exchange on the blockchain, enhancing privacy and interoperability compared to Web2.
Unlike other platforms that are limited by expensive transactions and data storage, GroupFi’s advantage lies in the capabilities of the Shimmer Network. This network unlocks the true potential of Web3 by offering secure data storage and exchange, without the constraints of high costs. GroupFi is not just a Web3 Social Protocol, but 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 explains that they chose Shimmer for several reasons. ShimmerEVM enhances compatibility with diverse ecosystems and Shimmer Layer 1 provides valuable resources for developers. The elimination of transaction fees and the robust scalability of Shimmer are significant advantages that enable the rapid expansion of Web3 products.
Crafted by the TanglePay team and fueled by the unique Shimmer Layer 1, GroupFi aims to be a groundbreaking Web3 social protocol. The protocol is expected to go live in the next week.
The IOTA Foundation has been working diligently on launching the ShimmerEVM mainnet. Nakama Labs, a Web3 Builder and Venture Fund, has provided an update on its testing of the ShimmerEVM beta version, showcasing its ability to handle 700 transactions per second (TPS) during spam attacks. This level of performance comes at an impressive cost of $250,000 per hour on the mainnet.
IOTA’s Shimmer plays a crucial role in the rapidly emerging Web3 ecosystem by adhering to the principles of full decentralization. It is a feeless and parallelized DAG ledger that ensures security and enables the creation of highly customizable smart contract chains. Shimmer’s tokenization framework allows for interoperability, composability, and feeless value transfers across smart contract chains. The ultimate goal is to transform Shimmer into a scalable multi-chain network.
In conclusion, GroupFi’s partnership with Shimmer demonstrates its commitment to providing users with control over their data in the Web3 era. The collaboration leverages the unique capabilities of Shimmer to deliver secure and scalable solutions for the Web3 ecosystem.