How Web 3.0 will unlock data silos for social good
Social good refers to products or services that promote human well-being on a large scale. As we transcend into the third wave of the internet (Web3.0) — data translates into gold. The value of data ownership is going to touch new horizons and will open doors to a new epoch in the history of humankind. You will now have the power to own your data on the internet.
Itheum empowers people to own and trade data using blockchain technology. We are powered by the Elrond blockchain, one of Europe’s most prominent public and open blockchain platforms.
As we spectate incremental growth of a decentralized economy, alongside we also witness the cavities in this developing ecosystem. The amalgamation of owning and controlling data is also quite complex and is often observed as a complicated and boring topic. We are creating a balance with a hybrid model to ensure responsible governance that generates shared value and ergo, unlocks data silos!
Let’s understand the “building blocks” that are the DNA of any decentralized ecosystem:
- Blockchain: It’s a digital ledger of transactions where trust is proved through cryptography. In short, this technology has created a decentralized trust-less environment governed by cryptography.
- Smart Contracts: These are the codified agreements between parties that make the core transaction layer of the Blockchain “smarter” by adding a logic layer to how transactions execute .
- Fungible tokens: They are the units of value that exist on the blockchain and are used for payment of services, governance or access to data.
- Non-fungible tokens: These are the unique digital assets which exist on the blockchain and are helpful in creating “digital twins” of real world assets. Anything unique can be minted as an NFT, including Data.
- Decentralized Autonomous Organisations(DAO): They are created by groups of people who agree to abide by certain rules for a common purpose whilst promoting open and transparent governance between all parties involved.
- Web 3.0 : Read, Write and Own digital assets on the internet. The creator of the digital asset is the owner. This is the upcoming movement towards greater ownership and decentralization.
As mentioned by the founder, Mark Paul — Itheum is offering the best of both worlds. While we imbibe governance, data security and privacy from the Web 2.0 ecosystem, we also merge it together with data control and transparency, transaction efficiency, equal value generation and participation loyalty along with proof of data provenance, lineage and veracity (core elements that ensure that data is not tampered).
Our “” Soulbound“ NFMe ID NFT avatars abstracts away all the tech complexity and, gamifies data unlocking to transform data ownership into a fun and “sexy” experience Mainstream adoption of any complex technology requires these elements to reach its full potential — think of the mainstream adoption of the iPhone as an example; on the surface it’s a fun and sexy tool, but under the hood — it consists of the most complex electronics technology developed by mankind.
Your data assets are converted into Data NFTs and this ecosystem helps find consumers to trade your data with directly. This is completely autonomous and self-sustainable.
As with anything new, we have certain challenges to surpass during the advent of the blockchain age. These include data regulation, data storage and complexity, DAO governance locks, data re-trading without permission, fiat onramps for the participants and token volatility.
Our team at Itheum is working on all these challenges and we are en route to overcome them and any upcoming future deterrents.
The next step
We will together witness the exponential change in the way we have been creating. Welcome to the new world.
The United Nations Sustainable Development Goals (SDG) describe the pillars needed for a paradigm shift to create the foundation of this new world. Open innovation is enabling sustainable and social good in our universe. It’s a giant leap. This is not science fiction — It’s real, and we are making it happen. Watch here to learn more:
Itheum empowers data ownership in the Web3 and Metaverse ecosystems and creates new market value for your data. It enables this by providing “decentralized data brokerage” technology. It’s a suite of tools that facilitate high-value data to be bridged from web2 to web3 and then be traded via peer-to-peer sales. It allows for “viral adoption” via our creative “Data NFTs” (provide “inner value” to NFTs and enable royalties / limited supply) and “NFMe ID” technology (a living Metaverse avatar representation of you — wrapped as an NFT and backed by personal data) and our innovative Data Coalition DAOs (which bulk trades your data). It also aims to be fully privacy-preserving, regulation-friendly and cross-chain; making it the most comprehensive core blockchain data infrastructure available in the market with use-cases in both the enterprise and retail space.
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This article does not include elements of any contractual relationship. This article shall not be deemed to constitute a prospectus of any sort or a solicitation for investment or investment advice; nor does it in any way pertain to an offering or a solicitation of an offer to buy any securities in any jurisdiction.
For the avoidance of doubt, please note that the protocol has not been fully developed. Any statements made about the protocol are forward-looking statements that merely reflect Itheum’s intention for the functioning of the protocol. There are known and unknown risks that can cause the results to differ from the forward-looking statements.
Itheum does not intend to express investment, financial, legal, tax, or any other advice, and any conclusions drawn from statements in this article or otherwise made by Itheum shall not be deemed to constitute advice in any jurisdiction.