Elrond Wiki - Itheum: Creating an Open Decentralized Metaverse
  Itheum: Creating an Open Decentralized Metaverse
Written by Itheum | The 09/19/2022  |  Category: Elrond Library > Ecosystem

In the modern world, data is an invaluable asset that has transformed the global economy over the last few decades. It’s become an integral component of the business world and one that’s undoubtedly expected to keep driving value in the long run.

Some of the largest global corporations, such as Google and Facebook, have been able to build multibillion dollar enterprises by leveraging the value of data and integrating it in their products and service delivery. In doing so, they’ve sidelined their users who own this data, leaving them with little to no benefit in regards to leveraging their personal information.

The centralization of data has been the bane of these organizations thriving in the Web2 era. However, the onset of Web3 and the rise of more user-centric decentralized platforms are causing a paradigm shift, both aimed at generating new value for personal data.

Ushering in the Web3 and Metaverse Era

Web3 and Metaverse are the new frontiers of technological development. Web3 is the next-gen iteration of the internet focused on decentralizing the world wide web. The Metaverse is an emergent virtual reality space through which users can interact in a computer generated environment. Both inventions are still in their infancy but are fast gaining traction driven by the development of new protocols, applications and platforms coupled with groaning adoption.

Web3 and the Metaverse are among the key drivers of the digital revolution as we march towards an open internet where users have greater control over their data, interactions, and outcomes.

Blockchain technology is a core pillar of this revolution with numerous novel web3 and Metaverse projects building on decentralized protocols. This ongoing transformation has opened up opportunities for the development of platforms that are compatible with web3 and Metaverse applications.

Itheum is leading this transition by accelerating the development and adoption of an open decentralized Metaverse.

Itheum is providing an avenue for decentralizing and democratizing data to ensure the actual owners derive real value from their personal information, while also paving the way for applying personal data within the Metaverse.

What is Itheum?

Itheum is the world’s first decentralized, cross-chain data brokerage platform. We focus on unlocking data silos, created and closely guarded by Web2 organizations, to generate new value for the owners of this data. At Itheum, we recognize that data is a highly tradable asset with immense worth for those who control it — in this sense, we aim to empower users by letting them regain control of their data to the users as we enter the Web3 and Metaverse era.

In Web2, data brokers and major corporations typically harvest, package, and sell user data on separate markets, meaning they leverage your information to influence and advertise to you while also generating immense profits in the process. Luckily, Itheum has a novel solution to change the pernicious behavior of these Web2 enterprises, finally enabling users to truly own and benefit from their respective data.

Our platform will enable users to enter their verifiable personal data into the Web3 world and Metaverse, where they will have greater control over how their information is used — as such, our decentralized personal data repository and data brokerage platform will enable multiple use cases within the blockchain space. Users on our platform will be able to determine how their data is used in the DeFi (decentralized finance), social media, insurance, health, gaming, and Metaverse spaces, among others — we’re truly extending our reach to as many areas as possible.

Unlike most projects in the crypto space in their development stages, Itheum is already a step ahead of the game with a working product that’s been tested by users. Our platform also has cross-chain compatibility, meaning it can be used across multiple blockchains and decentralized protocols.

Comparing Itheum & Meta

Facebook has recently started building their much-hyped Metaverse, rebranding to Meta to help tailor to this new Web3 audience — however, it’s still a centralized platform where the company will retain huge control over all aspects of personal user data. This is anything but decentralization but rather an extension of the social media giant’s operations and transition from Web2 to Web3. Meta is a closed Metaverse that still retains the status quo, meaning they’re retaining the same data silos and will therefore benefit from the value generated by user information.

At Itheum, we’re flipping the script by building a decentralized open Metaverse that’s accessible to anyone. Our blockchain-based platform allows for the software to be publicly available, which can be viewed and verified by anyone with an interest in our operations. More importantly, our platform will be controlled by users and DAO (Decentralized Autonomous Organization) communities where they’ll have full decision making capacity — in comparison, Meta is a closed platform running from private servers where a few individuals make decisions on behalf of the overall user community.

We’re also building a suite of unique products and features that will allow users to take their personal data and disperse it across the Metaverse in the form of NFTs, giving their information a far more personal touch. This means they’ll be able to explore our own internal Metaverse, in addition to those existing on external platforms, with their unique NFT representation of their data to engage with other like-minded communities across Web3.

Looking Forward

At Itheum, we’re adding the building blocks needed to lay the foundation of revitalizing data usage in the Web3 era. As more Metaverse platforms continue to emerge, the management of user data will be critical, as it will greatly determine how people interact and socialize across the digital and real worlds.

Itheum is providing an avenue for unlocking value in this new dispensation and will be a crucial element in the development and adoption of Web3 and data in the Metaverse. With greater value accruing to the users, Itheum is aiming to change the outlook on personal data and associated user outcomes in the new blockchain era.

Itheum
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