Intro: TanglePay is a third-party user account tool that supports authentication, asset-related activities, and NFT exhibition for multiple web3 applications. It also allows insights into aspects of user identity through analysis of their possessions and behaviors, which would enable the development of an anonymous but reliable social network.
1. Let’s start with an Account Tool
To fulfill basic account functions, we created a WALLET that is, Simple and Secure
1.1 On the shoulders of IOTA Foundation
In technical terms, TanglePay has leveraged the core communication library built by IOTA Foundation to connect with the tangle. While conforming to the same standards guided by the Foundation, TanglePay has implemented its own mobile/web compatible wallet layer by adapting an established management, security, and extensibility design from the uber-crypto world.
As wallet solutions in the IOTA community, TanglePay and Firefly will play key roles in user asset storage, community governance, and many other aspects. Along with Firefly, TanglePay has situated itself as an efficient and agile third-party tool, designed to support users to fulfill various requirements on multiple web3 applications.
1.2 To add more or not; that is a question
Being a third-party tool means Tanglepay can remain a lean, independent system, complementing the primary wallets with additional functions for the users through its connectivity with other applications. To keep the tool light, the team has decided not to add too many features, such as Voting. However, users may still use TanglePay to vote should a third-party voting dApp be made available to the community.
Its positioning as a “plug-in” made it logical to start from a Chrome extension; when it came to mobile, we built in an internal browser and added a dApp market.
1.3 Simplicity is the key
TanglePay also simplifies the user structure, ensuring that the address remains unchanged after receiving IOTA. In this way the address works more like an identity, laying the groundwork for future social network product development.
1.4 Security at heart
Security is and will always be our key focus. For both wallets and DeFi projects, security is the cornerstone. As practiced industry practitioners with years of experience, we track security incidents every week.
We have witnessed too many terrible incidents happening to people and companies we know. Accidents may be significant enough to severely damage or destroy a company, and even bring extensive damage to users. Because of this, we work both internally and externally to ensure that not only meet, but exceed industry standards for security.
Internally, we employ a process that follows a normative security protocol which covers project establishment, development and testing, internal code audits, and an independent security department. Security awareness is rigorously and consistently applied throughout the process and execution, including redundancy as appropriate.
Externally,TanglePay is collaborating with Certik on auditing services on a long-term basis to ensure that we meet and exceed industry standards. A stronghold module supporting mobile apps and plug-ins will also be added as soon as possible once it is developed by Firefly.
Security issues are definitely not just an agenda item for us. In the long term, we also hope to advocate for a stronger community, one in which everyone can collaborate on security issues and where IF or other leading ecosystem projects can take the lead to establish access and standardization that promote security in the community.
2. Supporting multiple web3 applications
TanglePay plays a supportive role for multiple web3 applications.
2.1 Multi-chain experience
This year, the IOTA ecosystem architecture has grown from a single network to a group consisting of the IOTA mainnet, Shimmer layer 1, Shimmer evm, and Assembly. Meanwhile, applications like Soonaverse are creating temporary solutions to run their business models in advance before deploying on these chains. For TanglePay, over the past few months, we have been busily working on features including signing in, asset transfer, asset demonstration and other SDK services on multi-chains or by APIs from our community partners, in order to provide comprehensive support.
2.2 Stronger Together: Tangle Rally
In addition to crafting a high-quality product, we are also developing the idea of the Tangle Rally. In brief, Tangle Rally is a group of teams we will introduce to IOTA community, like Iotabee. Having been working in this industry for more than 7 years, we know many crypto teams. We’re working to choose our partners carefully, to eliminate those after a quick buck and focus on teams able to contribute constructively to the community.
More importantly, Tangle Rally is also an open concept kind of like Fab 500 put forward by Soonaverse. As a third-party tool, TanglePay’s natural role is to support other projects, each of which to some extent, is part of the rally. In exchange, the rally members can benefit TanglePay in specific ways, such as via token airdrops, token sale discounts, and fee discounts for our membership users; mature projects would contribute to the growth of our user base.
We have already built strong relationships with a few teams which originated inside the IOTA community. Over the long run this will benefit not only the rally members, but also the whole community.
3. A Social Network based on NFT
NFT brings a new opportunity to redefine the social network. Acquiring, buying, or possessing an NFT are behaviors that can tell others who you are in an anonymous world.
3.1 You are what your NFT(s) says
In web2, people express themselves by giving out opinions, displaying their lifestyles and posting photos/videos on social media. However, because these posts are easy to fabricate, people can fake identities at little to no cost, which makes strangers from an anonymous world unreliable.
However, NFT may change the game. It has an entry cost that can sometimes be considerable. The NFTs you hold are thus a real investment which can tell people about your interests, background, and life experiences. It can, consequently, significantly lower the cost of trust when communicating with a stranger.
To date, single NFTs have been widely used as a profile picture. However a combination of selected NFTs, which in fact symbolize a fluid and composable identity (like the NFT ticket to an IOTA conference) may open up more possibilities.
3.2 The Chain
We won’t ignore the value of open information on the chain. For example, you can check a token portfolio and the interaction with dApps of yourself or someone you follow in the community. It is great User Generated Content that can help the community to interact and learn. The way people see themselves is hidden in the details. It is not what you have, but what you want others to know you have that matters. Moreover, by curating the NFTs they own, more messages may be released in details of the arrangement.
Overall, we need to make attempts cautiously and patiently to identify the key points. A good social network service could be a viral product that would help the iota community to grow. Our target is to acquire 10 million monthly users within the span of three years. We believe this would be the magic number that would be adequate to sustain projects like games good enough to compete in the broader market, which would bring in more users.
4. Incubating metaverse (GameFi)
We miss the good old days when we played epic games like WoW. Some people play to earn while some people pay to play. Will we ever have a real metaverse where we earn, live, and enjoy?
We spend a lot of time thinking about the potentials of the metaverse. We suppose it would be one or several “spaces” built on a series of new technologies such as crypto, AI, VR, AR, Iot and so on, which target on being a parallel world against the real world. Broadly speaking, GameFi games might be prototypes of the metaverse, as a GameFi game creates a game space and issues tokens/NFTs that are based on crypto.
A GameFi game is usually referred to as a “p2e” game, where users could play to earn and play for fun simultaneously. But there is a fundamental problem with this model. Referring to Bernard’s definition of gameplay as “the voluntary attempt to overcome unnecessary obstacles”, games are a controlled form of freedom. However when playing p2e game, the player’s motivation subconsciously switches from his willingness to the incentive of tokens, which may reduce his enjoyment and weaken the game’s attractiveness.
It does not mean there’s no role for p2e games. But as just as putting a conventional game and tokens/NFTs together does not work, the right balance between gameplay and token economy, which is a determining factor for a p2e game’s life expectancy, deserves thorough consideration. In a word, the p2e idea is exciting and we like it, although we recognize that creating a p2e game will not be an easy task.
To spark the process, probably more ideas are needed. As a self-funded team, we should save our bullets. Incubating some games or even a metaverse is on the to-do list, but we will not pull the trigger before we meet our target user base.
5.Internet of Things
With Trust, Integrity, Transparency and Energy-Efficiency provided by the tangles, intelligent and connected machines could autonomously organize and evolve to improve efficiency.
The IOTA ecosystem has been designed and implemented in a way to build a foundation for future revolutions in manufacturing industries. TanglePay and its rallies are thrilled to empower manufacturers to connect their physical objects with digital twins on the tangle, streamlining communication, allowing for payment in reliable, efficient, auditable ways, and further exploring and building the value of data.
There have been multiple attempts to integrate distributed ledgers or other technologies into this area. They have faced challenges due to lack of transparency and accountability, as well as inefficiency and inaccuracy. However, thanks to IOTA’s unique advantages in energy consumption, scalability, and decentralization, these challenges have been mostly addressed. To start with, TanglePay will contribute an IoT tool set for:
· Machines and other objects to connect to the tangles with the capability of reporting status, signing messages and issuing value transfers, etc.
· Administrators or other data consumers to measure, verify and predict with real-time analytics.
· Smart contracts, allowing multiple stakeholders to fulfill mutual benefits in automated ways. (The versatility of IOTA networks, including mainnet, Shimmer, Assembly, makes this service suitable for many fields besides manufacturing.)
We are looking forward to seeing innovations in communication and the governance models of IoT and how a new era can be achieved, with collaborative effort from the community and us, working together with the tangles as the harness.
What’s past is prologue
At this early point, the future is not clear. But we are on the right path. People always overestimate the changes that will occur over the next two years and underestimate the changes that will occur over the next ten. All we need is to be patient, move forward, and do it right. With the unlimited scalability of the IOTA Tangle, IOTA is solving the Trilemma Problem and reshaping the crypto industry. Considering its game-changing potential, we believe that the barrier between the virtual world and real world will finally be broken, and the IOTA network may finally be the best infrastructure for a real metaverse. And TanglePay is ready to become one of the most important components in the journey.
Links:
Website: https://tanglepay.com/
NFTs: https://nft.tanglepay.com
Discord: https://discord.com/invite/5yMCwbdjZ3
Twitter: https://twitter.com/tanglepaycom
Wallet download links: https://linktr.ee/tanglepay
