IOTA: Shimmer-Based Web 3 GroupFi Protocol Set to Launch in Q4 2023 – Here’s What to Expect

Web3 social protocol GroupFi, based on IOTA Layer-1 staging network Shimmer, is all set to make its way into the market during the fourth quarter of 2023. The goal of GroupFi is to empower users to have control over their own data and stop relying on Web2 platforms for the same.

GroupFi states that real Web3 Social Protocols provide secure data storage and exchange on the blockchain, enhancing privacy and interoperability compared to Web2. Unlike platforms limited by expensive transactions and data storage, GroupFi’s distinctive advantage stems from the capabilities of the Shimmer Network, unlocking the true potential of Web3.

GroupFi, the innovative Web3 Social protocol, employs Shimmer to safely store user data, ensuring that they retain full control through their private key. GroupFi is more than just a Web3 Social Protocol; it acts as a vital catalyst for dApp growth. It allows users to easily integrate GroupFi into their dApp website with minimal coding to enhance user acquisition, improve retention metrics, and elevate user engagement.

GroupFi Explains Reasons for Choosing Shimmer

GroupFi also said that they do have plans to add benefits to TanglePay NFTs in the future. Furthermore, the decentralized Web3 social protocol GroupFi explained the reasons behind choosing the IOTA’s Shimmer protocol.

They stated that ShimmerEVM enhances compatibility with diverse ecos, while Shimmer Layer 1 stands as a valuable resource for developers that often goes overlooked. The elimination of transaction fees and robust scalability are significant advantages that empower the swift expansion of Web3 products.

Crafted by the TanglePay team and fueled by the unique Shimmer Layer 1, GroupFi aims to become a groundbreaking Web3 social protocol. The GroupFi protocol shall likely go live in the next week.

The IOTA Foundation has been diligently working to launch the ShimmerEVM mainnet. Nakama Labs, a Web3 Builder and Venture Fund, has provided an update on its rigorous testing of the ShimmerEVM beta version through spam attacks.

Recently, Nakama Labs highlighted Shimmer’s capabilities, showcasing its ability to handle a peak of 700 transactions per second (TPS). This sustained attack on the mainnet costs an impressive $250,000 per hour.

IOTA, Shimmer And Web3

IOTA’s Layer-1 staging network Shimmer caters to the requirements of the rapidly emerging Web3 by sticking to the ethos of full decentralization. Shimmer stands as a feeless and parallelized DAG ledger, dedicated to providing security and enabling the creation of highly customizable smart contract chains.

Originally introduced as a testing ground for forthcoming IOTA protocol advancements, Shimmer’s tokenization framework ensures complete interoperability, composability, and feeless value transfers across smart contract chains. The ultimate goal is to transform Shimmer into a genuinely scalable multi-chain network.