Home > Elrond announces the debut of new Web3 Platform Itheum

Elrond announces the debut of new Web3 Platform Itheum

  • Elrond seeks to help users own and trade their data in the Metaverse and Itheum's integration is another step towards reaching that goal via an internet-scale platform.

Elrond, a highly scalable blockchain network that continues to bet big on Web3 and the Metaverse, has announced strategic support for Itheum, with an eye on being the platform that onboard

Itheum is an enterprise-ready platform where users can tap into out of the box. According to Elrond Network, several companies and institutions already leverage the technology, with major use cases in the healthcare, hospitality, and labour industries.

Incubated by Morningstar Ventures in Elrond’s strategic Dubai Incubator, Itheum is set to launch in the Maiar Launchpad later this March, or early April, according to a press statement.

Empowering users and businesses through data incentives

The deal with Itheum brings onboard another key aspect of the mission to have an internet economy that is incentivised for both data producers and consumers. 

Given this need, Itheum wants to create a platform where all users will have control over their personal data, with the power to use it as assets.

"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 CEO Mark Paul said in a statement.

Using data avatars

Itheum also plans to offer an NFT environment where users will benefit from NFMe ID-s, data avatars for the Metaverse that allow users more control over their personal data. Consumers can access these protections via an NFT collectible, while at the same time tapping into the lucrative potential of a new income stream.

"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," said Elrond CEO Beniamin Mincu. 

The strategic support for Itheum is yet another big step for Elrond, which earlier this year signaled its intentions for the Metaverse and Web3 by acquiring leading digital assets payments firm Utrust.

Apart from using the acquisition to integrate near-instant blockchain secure payments, Elrond and Utrust sought to have merchants benefit from a revenue stream via its Merchant Yield.

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