Elrond has announced that Web3 data brokerage platform Itheum will debut on its strategic Launchpad, the Maiar Launchpad. The data brokerage platform will be geared towards building metaverse-scale blockchain infrastructure.
Elrond is renowned for developing internet-scale blockchain technology to help bring about one billion people onboard metaverse and web3.
Itheum will be the world's first decentralized multi-chain data brokerage platform when it is launched. It was incubated by Morningstar Ventures in the strategic Elrond Dubai Incubator and is expected to make its debut late this month (March) or early April this year.
The main objective of Itheum is to shift the fundamentals of the internet economy. Today, the economy is one-sided and user data is freely fetched by tech platforms for advertisement goals. Itheum intends to shift that towards a more collaborative model that will fully align both the data producers and consumers.
Itheum CEO Mark Paul commented saying:
"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."
Itheum is expected to leverage Elrond’s scalable blockchain technology to create a basis for everyone around the globe to manage their data and digital assets. It shall also go a step further and derive NFT technology to build ‘NFMe ID-s, "soulbound" Data Avatars for the Metaverse.’
Elrond Network CEO Beniamin Mincu said:
"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."
The NFMe ID technology shall allow Itheum users to add metadata layer to their avatars thus having a rich and customized experience as they turn their avatars into an income stream within the metaverse space.