GroupFi

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PROEJCT TYPE

Web 3.0 Social Protocol Design

POSITION / ROLE

UX & UI Designer
Researcher

TEAM

iotaichi (5 People Group)

TIMELINE

2023.3 - Ongoing

TOOL

Figma

Adobe Suites

LINK TO DOWNLOAD & COMMUNITY

What is GroupFi Protocol ?

Mission of GroupFi Protocol

The GroupFi Protocol is an innovative token-based social network protocol. Utilizing the capabilities of web3 and IOTA technology, users can create token-based public and private groups across multiple applications on IOTA and EVM chains.

It distinguishes itself by addressing the new social needs in web3 while being entirely on-chain (secure & transparent), cross-app (inter-connectable), and feeless (scalable).

With GroupFi Protocol, we are directly addressing the unique social needs arising from an individual's new web3 identity.

At the same time, assisting web3 businesses, communities, and influencers in significantly growing their user portfolios and enhancing user engagement.

Milestone & Evolutionary Path

Current Developing Stage

Phase 1:

Integrate with In-house Products

Initially, GroupFi will be seamlessly integrated into our proprietary products, TanglePay and Iotabee for Web3.0, NFT, and Token discussion, establishing the primary user base.

Iotabee Prototype

Phase 2:

Partner with Small Web3.0 Businesses

Next, GroupFi aims to extend its reach to other small Web3.0 business (websites & softwares). To accumulate more users and establish GroupFi as a core infrastructure component for Web 3.0 Social.

For example: Soonaverse

Phase 3:

Establish Web3.0 Social Network Foundation

In the final stage of evolution, GroupFi aspires to transform into a general Web3.0 social network, serving as a foundational infrastructure for decentralized social communications across the spectrum.

For example: Soonaverse

GroupFi Protocol Key Benefits

Web 2.0 vs. Web 3.0

A token-based Web 3.0 social network can bring values to individuals, communities, and businesses.

1. For individuals: Enhance Trust and Transparency

With the advent of Web 3.0, trust, and transparency are established through a new web 3.0 identity tied to one's digital assets using on-chain data. For Instance, Individuals holding the same fungible or non-fungible token likely share common interests and perspectives.

Although web 2.0 products like Telegram allow for the creation of such social groups, the lack of on-chain infrastructure poses verification challenges.

2. For communities: Drive Decentralized Self-Organization

Unlike Web 2.0 networks with organizer-led groups that can cause power imbalances, Web 3.0's token-based networks use on-chain data for self-forming communities.

These groups autonomously establish, maintain, and update themselves using the latest information available. This eliminates the need for centralized control and quality maintenance processes of the group, which is a more organic, equitable, and sustainable community structures.

3. For Businesses: Enhance User Engagement and Growth

In Web 2.0, businesses allocate significant resources and efforts to identify and cater to their user base across various social network platforms. Duplicating efforts leads to low ROI.

By leveraging a single token-based social network that spans multiple applications, the GroupFi Protocol can help businesses to effectively engage with their users, consolidate user communities, even if the users are active in different social platforms.

User Scenarios

Scenario One: Enhanced Privacy in Information Transmission

Utilize GroupFi for safeguarded transactions, offering a secure alternative to conventional platforms. Your transactional chats are not just safe, but also intuitive, ensuring you focus on the conversation, not the concerns.

User discusses financial investments on a Web 2.0 social platform

Confidential information is at risk, potential for illegal manipulation

User faces an information breach and loss of confidential data

Switch to GroupFi: Web3.0 blockchain technology safeguards all information

Scenario Two: Cross-app Chat and Integration

Chat across different apps without switching platforms, allowing seamless social experience within Web2.0/3.0.

User is frustrated to switching between various Web 2.0 social App/platforms

By incorporating GroupFi, it

integrates various Apps/Platforms

No need to switch platforms; converse across apps seamlessly

Real-time conversations (Send/Receive), no matter the platform

Scenario Three: Cost-efficient B2B Solutions

Small businesses can seamlessly integrate with GroupFi's chat solution, evading the dominance of major tech giants. Small Businesses can prioritize user experience over development concerns, capitalizing on security and cost savings.

Small business owner communicates clients with external social media Apps

Try to build their own private social platform to enhance client privacy

Faces financial and technical difficulties in executing the idea

GroupFi protocol: a ready-made, secure, cost-friendly, efficient solution

Scenario Four: Reputation and Community Policing

GroupFi promotes mutual respect and communal monitoring for a harmonious environment without a dominant admin.

Scammer spam fake information
in the Web 2.0 group chat

Every member holds the
power/right to mute a user

Low reputation from mass mutes silences a user

Decentralized vote policy refines group management experience

Feature Planning & Customer Segmentations

Customer Segmentations

The three types listed below can also represent the three stages of user maturity in our product life cycle

Guest User

New to web3 (may come from a web2 application)
Attracted to specific content in a public group

General Web 3.0 User

Existing web3.0 users
possess a digital wallet (Metamask, Tokenpocket, EVM wallet)

IOTA PRO User

New to web3 (may come from a web2 application)
Attracted to specific content in a public group

Receiving public messages doesn’t require web3 identity, these messages are open to the public so web2 apps can also access them

Receiving private messages requires an IOTA or EVM account to be able to obtain (decrypt) the data stored on-chain

Sending messages requires an IOTA account as all messages have to be executed and stored on IOTA

Feature Planning

Market Research

1. In-app Communication is a Necessity

We've conducted extensive market research on Web 2.0 apps/platforms to assess the demand for in-app communication.

Bitmex

League of Legends

Solid Demand For In-App Communication

Various web 2.0 applications, such as Bitmex (a trading platform), and League of Legend (an online game), have incorporated internal messaging systems, although their primary focus is not to provide a comprehensive social platform experience. These in-app messaging systems are often very popular among users because they are simple, immersive, and ready to use. The platforms, on the other hand, also derive significant advantages from these systems, as they enhance user engagement and create a sense of attachment.

We find the popularity and success of such systems indicate that social interaction is a fundamental desire shared by individuals. When businesses proactively cater to these needs, they can significantly improve user engagement and user loyalty. While large businesses like Bitmex and League of Legends have their in-app communication, smaller ones face operational and technical challenges.

GroupFi Protocol provides a ready solution building on Web 3.0 for token-based group communication across multiple apps.

2. The Challenges of Building a Token-Based Social Network

We conducted market research on current Web 3.0 social media usage and identified key barriers:

Prohibitive gas Fee
Inherent social media platforms problem: high user adoption difficulty; User-content paradox; community growth

Technology Problem

Gas Fee

One problem is heavy gas fees associated with most blockchain technologies. Considering that a social product should ideally be free to use, this has excluded many potential products from being developed.

Social Media Platforms Problem

High User Adoption Barrier

Starting a new social product often requires a compelling reason for users to join, such as exclusive content or recommendations from acquaintances. Without a solid incentive, it can be difficult to attract initial users.

Content Paradox & Community Growth

Building and sustaining an engaged community in the early stages is tough. Limited users mean scarce content, decreasing engagement and potentially leading to users leaving the platform.

GroupFi’s Technical Enablers: IOTA

Feeless: The secret recipe of IOTA
IOTA, built on the Tangle, offers a feeless and highly scalable infrastructure, making it optimal for Instant Messaging protocols. GroupFi Protocol, grounded in IOTA technology, also supports EVM compatibility. Messaging actions, from transactions to storage deposits on IOTA, are executed without fees, consistent with IOTA’s Shimmer staging network.

On-chain and Cross-app: The Power of Web3
Building on web3, we prioritize on-chain systems for enhanced interoperability. Using standardized protocols, these systems communicate seamlessly, fostering a connected web3 ecosystem.

3. Our Solution - Distinct Advantages of GroupFi

We've developed a comparison chart juxtaposing GroupFi against other Web 3.0 social media platforms. This chart highlights our superior offerings in Data Storage, Interoperability, Scalability, and Fee Structure, showcasing the distinct advantages of choosing GroupFi.

Comparing Web 3.0 Social Platforms

User Research

User Interview

We held user interviews via Zoom and Tencent Meeting. The primary objective of this research was to delve deep into user needs, user behaviors, and preferences related to public and private group functionalities within the GroupFi platform. We focused on three primary user categories: influencers, general users, and small business owners. Our research aimed to collect data and understand the essence of digital interactions in a Web 3.0 era.

Zoom Meeting Interview

Tencent Meeting Interview

Interview Conclusion

For Influencers:

Influencers appreciate the potential of token-based public groups. They value the opportunity to amplify their reach without the repetitive effort to promote across various platforms.

The idea of consolidated efforts with enhanced reach is appealing, mainly due to the potential to engage both web2 and web3 individuals across applications.

The cyclical nature of receiving feedback and subsequently creating content fosters community growth and personal brand enhancement.

For General Users:

General users value both private and public groups on GroupFi. In private groups, individuals may feel less hesitant to express their ideas, leading to more frequent and active interactions among group members.

Meanwhile, in public groups, they benefit immensely from influencers and content creators who share valuable resources and insights.

This dual participation allows them to experience the best of both worlds, enjoying close-knit discussions while accessing broad, influential content.

For Small Business Owner:

Small business owner look to combine both public and private engagement. They see GroupFi as an potential tool for establishing dedicated communities that can drive engagement and loyalty.

Furthermore, the seamless integration of communication across different web 3.0 platforms amplifies its appeal, allowing businesses to reach audiences in diverse online spaces in an efficient and cost-friendly way. Above all, the emphasis GroupFi places on data security gives them confidence, knowing their confidential client information remains protected.

User Personas

“I want my contents to be seen universally without barriers.”

Name: Alex (29 Years Old)
Occupation: Digital Content Creator
Location: New York City, NY.

Bio:
Alex is a social media influencer specializes in tech reviews and digital trends. Over 200,000 combined followers across platforms.

Behavior:

Publishes weekly tech review blogs
Engages with followers through ins/twitter
Collaborates with other influencers

“In a digital sea of noise,
I seek like-minded peer”

Name: Liam (25 Years Old)
Occupation: Start-Up software engineer
Location: Singapore

Bio:

Liam is an active member of blockchain tech Community. He spends evenings learning and discussing the latest web trends.

Behavior:

Follows industry leaders for insights
Initiates topic-driven discussions
Participates in online tech forums

“With NFTs, Let's redefine art
in the Web 3.0 Space together!”

Name: Elena (32 Years Old)
Occupation: NFT platform start-up owner
Location: Madrid, Spain

Bio:

Elena is the creator of 'ArtVirtual', an online platform dedicated to showcasing NFT art from global talents. She believes NFTs have transformative potential.

Behavior:

Conducts gallery tours & NFT art auctions
Participates in art discussion webinars

Needs:

The platform merges audiences from various apps/platforms
Amplify content visibility and engagement

Pain Points:

Spending hours promoting content on different platforms; not reaching entire audience due to platform constraints
Handling spam and irrelevant interactions

Needs: