About Itheum:
For those of you that don't know Itheum. Itheum is the world's first decentralized data brokerage platform that transforms your data into tradable assets in the Metaverse and is the first project supported by Morningstar Ventures' Elrond Dubai Incubator. Itheum has a suite of tools that enables high-value data to be bridged from Web2 to Web3 and then traded via peer-to-peer sales. Their innovative Data NFTs and Data Coalition Dao's allow for "viral adoption" and accessibility. Itheum's native token is $ITHEUM.
Where is Itheum Today?
Earlier this year, we introduced you to Itheum - the first project supported by our Elrond Dubai Incubator (see the previous article here). Since then, the Itheum team has secured multiple partnerships within the gaming, retail, and healthcare industry and simultaneously launched its Claims Portal on the Elrond Mainnet. In this project review, we will share our thoughts and explain why these developments are essential to the project and its roadmap.
Importance of the Mainnet Release
The Claims Portal is an integral element of Itheum's roadmap, as it is paramount in coordinating indirect data and token ($ITHEUM) distribution. The Mainnet release is a true pillar in the project's development as it will drive growth in both Itheum's ecosystem and community.
For a bit of background, the Claims Portal is a tool within the Data DEX that distributes data and token rewards, community testing rewards, and data trading fees. Without it, only a direct exchange between Data Consumers and Data Creators would be possible, which, as a stand-alone, halts the potential growth of the project's ecosystem. The Claims Portal is responsible for two types of transactions:
- Distributions route for bulk data trading - Exchanging data via $ITHEUM between Data Creators and the Data Coalition DAO requires distributing the token to all participants of the DAO (i.e., Board members, DAO-aligned Data Creators, and Members). This process requires a "multicast" distribution, meaning that data is collected on DAO smart contracts, deposited into the DC Fund Pool, and finally routed via the Claims Portal to be distributed to all recipients.
- Distribution route to community guardians and data-market makers - Of the 4% fee collected from all data trades coordinated by the Data DEX smart contracts, 2% will be indirectly multicast distributed via the Claims Portal. Specifically, 1% goes back to the community of guardians of the Itheum Protocol. The other 1% is allocated for ecosystem growth via distribution to the Data Partners Program.
The Claims Portal has always been an essential component of Itheum's product functionality and offering. It went through multiple iterations on Elrond's testnet and devnet to eventually launch on the Elrond Mainnet, today.
Read more about the Claims Portal: ➡️ here
Partnerships and Developments
Recently, the team moved its Gamer Passports from Pre-Alpha to Alpha phase, whitelisting 100 gamers across a variety of gaming ecosystems. It also added its first Elrond-built game, Knights of Cathena, to be supported by the Gamer Passport. The Gamer Passport is known as the OG (original) "retail product" within the Itheum ecosystem and empowers gamers across the globe to own their game-play data. The Gamer Passport allows both players and games to benefit from on and off-chain data. This allows gamers to monetize their data and build a reputation for themselves. Meanwhile, games can use aggregate and stand-alone data sets to select the best players to test early versions of their games, establish ambassador programs, and more.
With gaming not only being a multi-billion dollar industry but growing at an immense caliber, tackling data ownership within the gaming industry with Gamer Passports is an important topic. For this reason, Morningstar Ventures' powered guild - Egld.gg– developed gamer passports in a collaborative approach to make it an integral part of its members and partner games.
Another development is Itheum's partnership with SanoPass Metaverse, one of Europe's most innovative healthcare platforms that unite traditional healthcare and wellness providers with remote/telemedicine services. Together, the aim is for SanoPass to adopt Itheum's Health Metaverse Passport, powered by its NFMe ID technology.
Contrary to gaming, fashion, and other industries, healthcare is a very particular industry to infiltrate, given the confidentiality and sensitivity of its data. A lot of companies are trying to play around with data transfers using web3, but Itheum is providing bespoke solutions on the infrastructure level. These solutions include - collection via adaptors; storage and trading via DEX; and an app layer where companies can build applications to perform data analysis. Coupled with Itheum's NFMe ID technology - a soulbound NFT that allows for the continuous collection and storage of personal data, the partnership SanoPass-Itheum represents a significant step toward blockchain adoption and underlines the potential of Itheum's technology regarding (personal) data management and ownership.
What's Next for Itheum?
In Q4, a lot is in store, such as creating a decentralized identity and reputation system for their NFMe IDs. This is particularly important as Itheum's NFTs are soulbound and it requires a robust identity and reputation system to hinder people from minting multiple identities and providing community recovery.
These are again, big steps in the project's roadmap, as it means the NFMe ID will be ready for Mainnet Release next year.
Itheum is always looking for partners to build applications and solutions on its tech stack. If you are interested or curious to know more, the Itheum team has a fully transparent roadmap published on its website and hosts regular Tech Town Halls to walk the community through the latest news.
Learn more about Itheum ⬇️
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