Dubai, United Arab Emirates–(Newsfile Corp. – March 9, 2022) – Elrond, the company developing internet-scale blockchain technology to bring the next billion people into Web3 and the Metaverse, has announced its support to the Web3 data brokerage platform Itheum, which will debut on Elrond’s strategic launch platform, the Maiar Launchpad.
Elrond announced its strategic support for the Web3 data brokerage platform Itheum
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Itheum’s mission is to move the fundamentals of the Internet economy from the unilateral advertising model, where user data is freely collected and used by technology platforms, to a collaborative model where the incentives for data producers and consumers are perfectly aligned.
“Some of the brightest minds of our generation and insane amounts of resources are increasingly focused on finding new ways to harvest user data and resell it for ads,” noted 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 utility and trust, a solid foundation for the next territory of human evolution. : the metaverse.”
By leveraging Elrond Network’s scalable blockchain technology, Itheum will create the premise for everyone, everywhere to manage their personal data as an asset. Going a step further, Itheum is also using NFT technology to create NFMe IDs, “soul-bound” data avatars for the metaverse.
“The elements are in place to create a compelling environment where adventure, exploration and curiosity are elevated to unprecedented levels of immersion and unique relevance,” noted 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 growth potential of this new, untapped economy.”
NFMe ID technology will allow users to add a layer of metadata to their familiar avatar and enjoy richer, more personalized experiences, while converting their data into a naturally recurring revenue stream for the new metaverse economy.
This technology will be a powerful incentive for end-user adoption, while creating the conditions for data consumers to acquire more valuable and accurate data assets at competitive prices.
The Itheum platform is ready to use and is already launched by a number of customers in healthcare, hospitality, labor and other commercial sectors who recognize data assets as the next frontier. for significant growth.
Itheum is incubated by Morningstar Ventures in the strategic incubator Elrond Dubai, and will debut in the Elrond ecosystem on the Maiar launchpad in late March or early April.
Elrond is a new blockchain architecture, designed from the ground up to deliver a cumulative 1,000x improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a new Adaptive State Sharding mechanism and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient and secure consensus mechanism. Thus, Elrond can process over 10,000 transactions per second (TPS), with 5 seconds latency and negligible cost, attempting to become the backbone of a permissionless, borderless and globally accessible Internet economy. .
Itheum is the world’s first decentralized multi-chain data brokerage platform powered by the Elrond blockchain. It has been in development for three years with the goal of unlocking the data silos created and closely guarded by Web2 organizations. The Itheum team recognizes that data is a highly tradable asset with immense value to its controllers, and therefore, they aim to empower users by helping them own and trade their data in the age of Web3 and Metaverse. .
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/116026