Web3 Data Brokerage Platform is listing on Elrond’s Maiar Platform - A new Web3 Metaverse Ecosystem
Elrond, the enterprise working on web-scale blockchain technology to bring the future generation into Web3 and the Metaverse, has announced its strategic backing for Itheum, a Web3 data brokerage platform that will debut on Elrond’s strategic launch platform, the Maiar Launchpad.
Itheum is altering the web economy’s foundations away from the one-sided advertising paradigm, in which technology platforms freely harvest and utilize user data, and on to a collaborative approach in which data producers and consumers have completely matched objectives.
The web3 platform shall provide the groundwork for everyone to control their personal data as assets by utilizing Elrond Network’s scalable blockchain technology. It uses NFT technology to generate NFMe ID-s, “soulbound” Data Avatars for Metaverse.
Beniamin Mincu, Elrond Network CEO, said:
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.”
Users will add a metadata layer to their usual avatar, allowing them to have more rich and tailored experiences while transforming their data into a naturally recurring revenue stream for the new Metaverse economy because of NFMe ID technology. This technology will provide a strong incentive for end-user adoption while allowing data consumers to get more valuable and accurate data assets at lower pricing.
The Elrond blockchain powers Itheum, the world’s first decentralized multi-chain data brokerage platform. For the last three years, it has been under development to break down data silos that Web2 companies have constructed and carefully guarded. Data is a highly transferable asset with enormous value for its owners. Thus, they want to empower people by owning and trading their data in the Web3 and Metaverse age.
What is Elrond?
Elrond is an entirely new layer one distributed ledger architecture that promises a 1,000-fold increase in throughput and execution speed compared to the current blockchain. Elrond does this by introducing two major innovations: a unique Adaptive State Sharding mechanism and a Secure Proof of Stake (PoS) algorithm, enabling linear scaling while providing a quick, efficient, and secure consensus process. With the rise of DeFi and NFTs, the Web3 ecosystem is expanding where developers are exploring new layer one blockchain.
Elrond is becoming the backbone of a permissionless, borderless, globally accessible internet economy by processing upwards of 10,000 transactions per second (TPS) with a 5-second latency and minimal cost.
The block time is divided between 24-hour epochs and 5-second rounds. The validators in Elrond’s network are spread among numerous shards, with each validator just having to synchronize the state and execute transactions for their shard. After each epoch, up to 13 validators in a shard will be rearranged to other shards to avoid collusion among validators. This has no effect on liveness since the newly reshuffled validators’’ fast state synchronization only synchronizes the state for the current epoch (24-hour period). In contrast, the remaining 23% of unshuffled validators in the shard may still process transactions.
Smart-contract royalties are available in Elrond, with up to 30% of the fees going to the smart contract author. Elrond’s native asset, EGLD, is used to pay for transaction fees and the cost of launching dApps on the network, as well as prizes for other network contributions.
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Image credits: Viviana Rishe and Rafael Pol.
Disclaimer: The purpose of this article is to remove informational asymmetry existing today in our digital markets by performing due diligence, asking the right questions, and equipping readers with better opinions to make informed decisions. The writer holds Bitcoin, Ethereum, Cardano, Solana and Cosmos. The writer has been commissioned to write this story and thus has a vested interest in the companies/products mentioned above.