Large corporations operating in the Web2 space continue to collect user data to boost profits but do not share most of this value with the users providing the data. However, with the emergence of Web3 technologies, the infrastructure necessary to bring back control to the people has arrived. Through a new Web3 technology built by Itheum, people can own, trade and be rewarded for their data as it transforms into a new high-value asset class that powers the future data economy.
Through Itheum, commercial enterprises and end-users can enjoy various benefits. Platform integrators, which are third-party companies or projects, can utilize the infrastructure provided by Itheum to create data-backed loyalty cards, data passports carrying identity and reputation, and other behavioral data accumulation tools like data stream nonfungible tokens (NFTs), which can be used to collect and store data about a user’s behavior.
On the other hand, marketplace traders, such as businesses, advertisers and users, can mint and list their data stream NFTs. The ultimate model of the platform will allow the trading of the data NFTs in a decentralized and permissionless way, leveraging the best features of NFT technology to license, prove ownership and be rewarded with ongoing royalties for their data.
Cryptox Accelerator was launched in 2023 to assist promising early-stage Web3 projects and aid their growth. Itheum was chosen to join the program due to its innovative data ownership approach, combined with its solid technical foundation and vision for a decentralized data brokerage platform.
Cryptox’s extensive global audience will provide a solid foundation for Itheum to spread its message and drive growth. The partnership will help Itheum broaden its reach and more effectively convey its mission of returning data ownership to users through its groundbreaking data brokerage technology and blockchain-powered tools.
By leveraging the vast global audience of Cryptox and participation in its Accelerator Program, Itheum aims to spread its message and mission to the masses, bringing back data ownership to users through its Web3 data brokerage platform.
The Itheum Web3 data infrastructure lets users take control of their data through its flagship data tokenization technology and peer-to-peer multichain data protocol. In addition, the project’s technology allows users to have provable personal data provenance and lineage — fundamental building blocks that empower data ownership for individuals. With this collaboration, both ecosystems strive to create a more democratized and equitable data landscape where all individuals across the globe can benefit from the value of their personal data.