First Project supported by Elrond Dubai Incubator
Itheum is the first project launched out of Elrond Dubai Incubator that was announced in October. MorningStar venture is leading Itheum’s $1.5M seed round and will be helping the team build their project on the Elrond blockchain.
What is Itheum?
1st Party data brokers (Global tech giants like Google & Facebook) and 3rd party data brokers like Equifax hold over 3000 data points on each one of us
They trade this data in shadow data markets in an industry valued at over 200 billion dollars – and you (The Data Creator) have no way to opt-out or equally participate.
Itheum aims to reboot this system, Itheum is the world’s 1st Decentralized, Cross-Chain Data Brokerage technology platform
In this context, for the last two years the Itheum team has worked hard to develop a SaaS toolkit to build data collection and analytics apps based on “personal data.”
Their goal is building a cross-chain protocol to give the ownership and monetization of personal data back to the users under the form of NFTs. It empowers users by helping them to regain control of their data in the Web3 and Metaverse era.
Itheum enables data to be easily transitioned from the Web2 world of traditional websites to the Web3 internet based on blockchains, where it can be traded in a peer-to-peer manner. It also focus heavily on allowing this data to be traded across different blockchains, interconnecting the different crypto ecosystems into one convenient place for efficiency and diversification purposes.
Itheum will include three interconnected core products in their ecosystem
1. Data collection and Analytics Toolkit
The Data collection and Analytics Toolkit allows anyone to create applications or programs that can collect structured and valuable personal user data from users, turning it into a more visual representation or pattern
2. Data DEX
The Data DEX (decentralized exchange) allows users to truly own the data collected by organizations that built their applications using our toolkit. This means users can access their personal data and generate income streams by trading or exchanging it with other organizations through peer-to-peer channels.
3. Data Metaverse
The platform has specifically been built to suit the Data Metaverse, consisting of several products specifically tailored to NFTs and virtual blockchain worlds.
- N.F.Me (Non-Fungible Me): Every person is unique, as we all have customized data sets. N.F.Me builds on this concept where we create a digital avatar identity in the form of an NFT backed by your very own personal data. Anyone can mint and own an N.F.Me, which can evolve as you collect more data and become interoperable for use across other external Metaverse platforms.
- Data NFTs: These are essentially subsets of data that the N.F.Me host creates. These can be independently traded on secondary marketplaces or our own Data NFT marketplace — they will be linked to the base N.F.Me.
- Data Coalition DAOs: These DAOs are communities that trade datasets in bulk on behalf of individuals or a group of users. When trading large amounts of data, it is recommended to align with a Data Coalition DAO as it will ensure the user’s best interests during any data trade.
- Greenroom Protocol: Our very own Metaverse interoperability “waiting-room” portal, is known as the Greenroom and can be explored using your N.F.Me. You can use it to visually view and organize your Data NFTs and NFT accessories that are backed by your personal data. 3rd-party Metaverse interoperability integrations will be added to the Greenroom; enabling you to teleport your N.F.Me and NFT assets to other Metaverse platforms (The Sandbox, Decentraland, etc)