Elrond has announced that it will be providing strategic support for Web3 data brokerage platform Itheum. Following the move, Itheum will debut on Elrond’s strategic launch platform, the Maiar Launchpad, in late March or Early April. Also, the development aligns with Elrond’s mission of building an internet-scale blockchain network for a billion people.
An important element of Itheum’s operation model is handling and monetizing user data. Specifically, Itheum aims to revolutionize how users manage their private data and benefit from it. Notably, Itheum has adopted NFMe ID, which will enable users to create a metadata layer linked to their avatar. Consequently, they will be able to get more relevant and customized data-driven experiences.
In the current model, tech companies harvest vast amounts of user data, often without their consent, and monetize it in the form of advertisements. Additionally, this model is skewed against users, who don’t earn a cent from their data. Therefore, Itheum has developed a model that enables users to control their data. Importantly, they have a stake in the revenue streaming from their data.
Essentially, Itheum packages personal data as assets through the Elrond blockchain. As users convert their data to a revenue stream, the data consumers will get greater value for their money. Notably, Itheum’s data flow places more emphasis on relevance to consumer needs and feeds the data consumers with more accurate data. This means that the resulting adverts achieve greater results in product purchase, service subscriptions, etc. Many customers in healthcare, labor, hospitality and other sectors have already boarded the Itheum train.
Elrond Network CEO Beniamin Mincu stated that data is a critical pillar in building the Metaverse. According to him, Itheum has adopted a strategic approach to the Metaverse and will likely reap great benefits as a data powerhouse.
Data will be the building blocks of the Metaverse, and Itheum is creating the premise for everyone everywhere to share in the significant upside potential.”
Elrond Network CEO Beniamin Mincu
Itheum CEO Mark Paul stated, “If we empower users and businesses to own their data and derive value from it, the internet can progress to a new level of usefulness and trust”.
Elrond is the internet-scale blockchain designed to deliver cumulative improvements in throughput and execution speed. To achieve this, Elrond employs a unique Adaptive State Sharding mechanism and a Secure Proof of Stake (PoS) algorithm. These provide linear scaling with a quick, efficient, and secure consensus process.
Because of this infrastructure, Elrond can execute upwards of 10,000 transactions per second (TPS), with latency lasting only 5 seconds. Additionally, it does this at an extremely low cost. These factors have set the network on the path to becoming a market leader in a permissionless, borderless, global internet economy.
Powered by the Elrond blockchain, Itheum is the world’s first decentralized multi-chain data brokering platform. It packages data into tradeable assets in the open marketplace, with benefits to both users and consumers. Ultimately, it targets to break down the data barriers that Web2 enterprises have built and are so protective about. Data is a transferable and highly valuable asset. Therefore Itheum will enable Web3 and Metaverse users to own and sell their data.
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