As we approach the advent of web3, our reliance on data has grown exponentially, shaping our interactions with technology and the digital world. Data has emerged as a critical factor within the crypto space, particularly with the rise of digital assets and their impact on various industries, making data-driven insights invaluable.
This article explores the significance of data in the crypto space, focusing on Itheum, an innovative company at the forefront of utilizing data in the Web3 domain.
The Underlying Issue
The collection and use of personal data have raised significant concerns and controversies. Much of this data is stored in centralized servers without users' explicit consent, making it vulnerable to data breaches. This presents a challenging situation since our modern world heavily relies on data while users rightfully raise concerns about its usage. Navigating this dilemma is complex, but projects like Itheum and the decentralization of web3 technology offer a promising solution.
What is Itheum
Itheum addresses the growing demand for data privacy and ownership, providing users a secure and decentralized platform to manage their personal information. By leveraging blockchain technology, Itheum stores data transparently and immutably, reducing the risk of unauthorized access and data breaches. By placing control back into users' hands, Itheum aims to establish a new paradigm where data becomes a tool for individuals to benefit from rather than being exploited by centralized entities.
Example: Itheum's Claims Portal
The Claims Portal is integral to Itheum's ecosystem, facilitating data and token rewards distribution, community testing rewards, and data trading fees. It enables direct exchanges between Data Consumers and Creators, fostering the ecosystem's potential growth. The portal handles two types of transactions:
- Data Trading Distribution: Data Creators and the Data Coalition DAO exchange data using $ITHEUM tokens, distributed to all participants (Board members, DAO-aligned Data Creators, and Members) through a multicast process. Data is collected on DAO smart contracts, deposited into the DC Fund Pool, and distributed via the Claims Portal to all recipients.
- Community Guardians and Data-Market Makers Distribution: Out of the 4% fee collected from data trades coordinated by Data DEX smart contracts, 2% is indirectly multicast distributed through the Claims Portal. Of this, 1% goes to the community of guardians of the Itheum Protocol, and the other 1% is allocated for ecosystem growth through the Data Partners Program.
Itheum Harnessing Data Power in Crypto
The crypto world operates on principles of decentralization and transparency, leading to vast amounts of data being recorded and analyzed. Unfortunately, some organizations exploit this data, selling it to third-party brokers who profit immensely from the personal data trade.
Itheum's focus on privacy protection ensures that users' personal information remains confidential and secure. Through encryption and advanced security measures, Itheum safeguards sensitive data from unauthorized access, mitigating the risks associated with centralized data storage. A recent partnership with Bware Labs, a leading decentralized infrastructure service provider, further enhances data ownership and identity in the Web3 and Open Metaverse ecosystems.
Conclusion
Data plays a pivotal role in our modern society, but concerns about its misuse and lack of user consent have led to a complex dilemma. Itheum offers a promising solution by giving users control over their data and the opportunity to benefit from sharing it. Projects like Itheum emphasize the importance of empowering individuals in the data economy and fostering a more secure and user-centric digital landscape in the crypto space.
