Elrond announces strategic support for Web3 data brokerage system Itheum

Elrond has announced its strategic support for Web3 data brokerage platform Itheum, which will debut on Elrond’s strategic launch platform, the Maiar Launchpad, CoinText learned from a press release.

Itheum will allow everyone to manage their personal data

By taking advantage of Elrond Network’s scalable blockchain technology, Itheum will give everyone everywhere a chance to manage their personal data as assets. Itheum is also working on NFT technology to create NFMe IDs, data avatars for the Metaverse.

Beniamin Mincu, CEO of Elrond Network commented:

The elements are in place for building a compelling environment where adventure, exploration, and curiosity are elevated to unprecedented levels of immersion and unique relevance. 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.

Collaboration between data consumers and producers

Itheum is on a mission to introduce a collaborative model where the incentives for data producers and consumers are fully aligned, rather than a one-sided advertising model, where tech platforms gather and use data freely.

Mark Paul, Itheum CEO added:

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. 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.

Adding personalization  

Itheum’s NFMe ID technology will make it possible for users to add a metadata layer to their regular avatar. They will have a more personalized experiences, while their data will become a recurring stream of revenue for the new metaverse economy.

It will give end users a powerful incentive for adoption and make it possible for data consumers to acquire more accurate and reliable data assets at competitive prices.

Morningstar Ventures incubated Itheum in the Elrond Dubai Incubator. It will debut in the Elrond ecosystem on the Maiar Launchpad at the end of March or the beginning of April.

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