Personal Data Ownership With Itheum: Why You Should Care
Web2 was characterized by two main points: better content and connectivity. These represent two tech behemoths that have made a significant fortune from tracking and monetizing user data.
According to earnings reports from 2021, the combined annual revenue of Microsoft, Apple, Alphabet, Amazon, and Meta (Facebook) stood at around a combined $1.2 trillion. Here at Itheum, we’re looking to change this by transforming your personal data into highly tradable assets, providing the core, cross-chain protocol that enables personal data ownership, data sovereignty, and the ability to gain fair compensation for the use of personal data.
Learn more about why personal data ownership is important as we transition into the Web3 world.
The Importance Of Personal Data Ownership
Each day, billions of users sign up for a host of products, websites, or services where personal details are required. In fact, your personal information is required essentially everywhere by profit-seeking commercial organizations. These companies collect your information, lock it in data silos, and create products and services designed to keep you coming back for more.
Below is a list of key reasons why personal data ownership is critical in today’s world and what lies ahead.
Your data is shared with various organizations when you sign up for services, websites, social networking platforms, etc. These organizations store data in silos on centralized storage systems which become a treasure trove of user data, thereby increasing the risk of data breaches — this means the data could find its way to scammers and hackers.
Web3 is far more secure than previous iterations of the internet thanks to blockchain technology and its inherent decentralized nature. Through our Data DEX, Itheum allows you to secure any sensitive data tied to you in secure data vaults. You will be able to control your data better and choose who to share it with, significantly reducing the chances of data breaches.
Ability To Trade
In Web2, tech giants have been able to gain access to and monetize your data for their personal benefit. However, Web3 allows users to regain control of their data and decide where they want it to be housed.
Individuals are also free to determine the value of their data and treat it as an asset. If an institution or third party wants access to your data, they will have to compensate you according to the value of your data. Users can also use our Data DEX and trade their data via peer-to-peer, the direct trade method, or use our Data Coalition technology and align with a decentralized entity that trades your data on your behalf, and compensate you accordingly once the trade of the data is successfully completed.
Users can also wrap their data as an NFT and obtain royalties on potential future transactions of your data.
Enhanced Data Control
Across the current version of the internet, companies have created data silos that store you personal data in massive databases. This leads to users having no control of the data that they share with organizations. In Web3, data can be classed as an asset that you can trade to verified institutions for use in specific cases, keeping in mind that the data and access is always owned by you.
Your data can be traded through a DEX (decentralized exchange), making the entire process completely transparent. Itheum facilitates data control through our NFMe (Non-Fungible Me) ID technology and its integration into the Greenroom Protocol. The NFMe ID is an NFT-based ID that is “soulbound,” which means that each individual has the ability to mint one that is unique to them and can’t be traded or sold.
In addition, you can use the Greenroom Interoperability protocol and share or trade your data across metaverses, while also retaining complete control of your data.
Major players in the Web2 landscape have controlled the internet for too long using our data, which we willingly offer, which results in significant revenue generation. For users, Web3 makes it possible to gain more control over their data and be compensated for it.
Although Web3 is still in its infancy, it has limitless potential that could completely upend the current version of the internet. Itheum realizes Web3’s vision and allows users to generate value for their data. Users can secure their data, and choose who can access it and how it can be traded while remaining in complete control of their data.
Bring on the next era of personal data on the internet — we’re ready to change the game.
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