Metaverse Pioneer Elrond to Debut Itheum, Set to Empower Users through Data

Elrond, one of the forerunners in internet-scale blockchain technology development, has announced the upcoming debut of Web3 brokerage Itheum in its ecosystem.

While focusing on bringing the next billion people into Web3 and the metaverse, Elrond will be supporting Itheum in its goal to shift the fundamentals of the internet economy towards a collaborative model.

The brokerage platform acknowledges the disadvantages of having a one-sided advertising model, wherein user data are freely gathered and used by tech platforms. By adopting a collaborative approach, the incentives for data producers and consumers will be fully aligned.

Itheum CEO Mark Paul stated:

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.

By utilizing the scalable blockchain technology of Elrond, Itheum will create the premise for anyone to manage their personal data as assets, regardless of location. In addition, Itheum is deriving NFT technology to create NFMe ID-s, the “soulbound” Data Avatars for the metaverse.

Elrond Network CEO Beniamin Mincu expounded on this, saying:

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. 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.

While converting data into a naturally recurring income stream for the new metaverse economy, users gain an additional metadata layer to their usual avatar to have a richer and more personalized experience

This technology will be a powerful incentive for end-user adoption. At the same time, this creates the premises for data consumers to get more valuable and accurate data assets at competitive prices.

The Itheum platform is business-ready and out of the box, already being used by different clients from across industries, including ventures from healthcare, hospitality, labor, and other enterprises that value data assets as the next frontier for significant growth.

Itheum will be incubated byMorningstar Ventures whilst in the Elrond Dubai Incubator and is set to launch in the Elrond ecosystem and will debut in Elrond’s launch platform, Maiar Launchpad, between March to April.

About Elrond

Elrond is an internet-scale blockchain designed to bring a 1000-fold cumulative improvement in throughput and execution speed. Elrond will make this possible by utilizing its two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, allowing linear scalability with a reliable consensus mechanism.

Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency and negligible cost. Elrond strives to become a pillar in a permissionless, borderless, and globally accessible internet economy.

About Itheum

Itheum is the first decentralized multi-chain data brokerage platform in the world. For over three years since its inception, Itheum strived to unlock data silos created and managed by Web2 organizations.

The team behind the platform recognizes that data is a highly tradable asset with immense worth for its controllers. Hence, they aim to empower users by helping them own and trade their data in the Web3 and Metaverse era.