IOTA: Shimmer-Based GroupFi Protocol to Challenge Facebook with the Use of Tokens and NFTs in a Billion-Dollar Market

Tanglepay unveils GroupFi, an ambitious new protocol that uses IOTA’s Shimmer technology to redefine how we interact socially in the Web3 landscape. The announcement attracted attention from key players, including a congratulatory tweet from @ToTheMoooonXRP.

The Social Dimension of Web3: GroupFi’s Solution

In a world rapidly transitioning to Web3, our social connections often still linger in Web2 platforms like Facebook and WhatsApp. However, the centralized nature of these platforms leaves users yearning for decentralized alternatives. This is where GroupFi steps in, promising to redefine social interactions by leveraging token and NFT-based protocols, taking direct aim at established giants like Facebook.

Functionality: How Does GroupFi Work?

GroupFi operates as an open-source platform, utilizing IOTA’s Shimmer technology to create an eco for Web3 social products. Its debut feature, a ‘trollbox,’ is slated for release in the last quarter of 2023. This chat box will be integrated into multiple websites, allowing users with matching tokens and NFTs to chat seamlessly across different platforms. For example, if you’re active on both Soonaverse and Iotabee, GroupFi makes it possible for you to chat in real-time across these platforms without having to switch services.

A Practical Example: Real-Time Conversations

Imagine Sam and his nephew, both avid Shimmer fans, holding some SMR tokens. Sam notices a sudden surge in SMR’s value on Iotabee and instantly shoots a message to his nephew using GroupFi’s trollbox. The message appears instantly on Soonaverse, where his nephew is active, negating the need for any third-party messaging apps. This real-time, cross-platform interaction could be a game-changer in how we manage our Web3 social lives.

Advantages and Scalability: Why Shimmer?

While many Web3 platforms are restricted by hefty transaction fees, GroupFi takes advantage of Shimmer Layer1 technology to offer a feeless and scalable solution. The protocol employs a dual-chain structure, making it compatible with free messaging and Ethereum Virtual Machine (EVM). This hybrid model opens up vast opportunities for the protocol, especially in the billion-dollar market of social interaction and engagement.

With its innovative approach, GroupFi is uniquely positioned to challenge the likes of Facebook, paving the way for a more decentralized, transparent, and user-controlled social media eco.