Dubai, March 9, 2022 — Elrond Network, the company developing internet-scale blockchain technology to onboard the next billion people into Web3 and the metaverse, has announced its strategic support for Web3 data-brokerage platform Itheum, which will debut on its strategic launch platform, Maiar Launchpad.
Itheum is striving to shift the fundamentals of the internet economy away from the one-sided advertising model, where user data is freely gathered and used by tech platforms, toward a collaborative model where incentives between data producers and consumers are fully aligned.
“Some of the brightest minds of our generation and insane amounts of resources are increasingly focused on finding new ways to harvest data from users and selling it further for ads,” said Mark Paul, CEO of Itheum. “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 — a solid foundation for the next territory for human evolution: the metaverse.”
By leveraging Elrond Network’s scalable blockchain technology, Itheum will forge the standard for everyone, everywhere to manage their personal data as assets. Itheum is also using nonfungible token technology to create NFMe IDs — “nonfungible-me” IDs — otherwise described as “soulbound” data avatars for the metaverse.
“The elements are in place for building a compelling environment where adventure, exploration and curiosity are elevated to unprecedented levels of immersiveness and unique relevance,” said Beniamin Mincu, CEO of Elrond Network. “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 of this untapped new economy.”
NFMe ID technology will help users add a metadata layer to their regular avatars, fostering a richer and more customizable experience while converting user data into a naturally recurring income stream for the new metaverse economy.
This technology will be a powerful incentive for end-user adoption while allowing data consumers to acquire more valuable and accurate data assets at competitive prices.
The Itheum platform is enterprise-ready out of the box and has already been pioneered by customers for healthcare, hospitality, labor and other industry niches that acknowledge data assets as the next frontier for significant growth.
Itheum is incubated by Morningstar Ventures in the Elrond Dubai incubator. It will debut in the Elrond ecosystem on Maiar Launchpad in late March or early April.
Elrond is a new blockchain architecture, designed from scratch to bring a thousand-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel adaptive state sharding mechanism and a secure proof-of-stake algorithm, enabling linear scalability with a fast, efficient and secure consensus mechanism. As a result, Elrond can process upwards of 10,000 transactions per second with five-second latency and negligible cost, becoming the backbone of a permissionless, borderless and globally accessible internet economy.
Dan Voicu, head of communications
Itheum is the world’s first decentralized multichain data-brokerage platform powered by the Elrond blockchain. It has been in development for the last three years with a vision to unlock data silos created and closely guarded by Web2 organizations. Itheum’s team recognizes that data is a highly tradable asset with immense worth for its controllers and aims to help users own and trade their data in the Web3 and metaverse era.