At the turn of the century, digitalization replaced industrialization as the main driver for innovation and value creation. This transformation has been eloquently captured by the phrase “data is the new oil”.
And it holds true, because the centralized nature of the web has made it possible for the companies who have the monopoly on extracting and selling data to replace those extracting and selling oil as the most valuable enterprises in the world.
Now, thanks to Web3 and decentralization, we are about to witness the next massive transformation that will shift value from the centralized data brokers directly to the data producers and consumers.
Platforms such as Itheum will give individuals and businesses the opportunity to truly own their data and be themselves the brokers. This opens the door for data to be not only the building blocks of the Metaverse, but also its currency.
“Itheum can make it so that the only remaining intermediary between producers and consumers of data will be the currency its value is denominated in. And with DeFi primitives and Web3 payments operating at metaverse-scale on the Elrond Network, data and value exchange will soon be indistinguishable from one another.” said Beniamin Mincu, Elrond Network CEO.
You can discover more about Itheum by reviewing the rationale and metrics available on the Maiar Launchpad:
Disclaimer: This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest.
Elrond is a new blockchain architecture, designed from scratch to bring a 1,000-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 (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
About Elrond Research
Elrond Research is the strategic innovation lab of Elrond Network. Its mission is to identify and foster game changing projects building with internet-scale blockchain technology. With research and support provided by the very architects of the Elrond technology and ecosystem, every outstanding team gains a moonshot chance.
Itheum is the world’s first decentralized, multi-chain data brokerage platform. It has been in development for the last two years with a focus to unlock data silos that are created and closely guarded by Web2 organizations. Itheum believes in generating new value for the owners of this data. Itheum's team recognized that data is a highly tradable asset with immense worth for its controllers and hence, they aim to empower users by helping them regain control of their data in the Web3 and metaverse era.