Significance of Data in the Crypto Space

Significance of Data in the Crypto Space

Data has emerged as the world's most valuable commodity in today's digital era, surpassing even oil, according to The Economist. As we approach the advent of web3, our reliance on data has grown exponentially, shaping how we interact with technology and the digital world. Data has emerged as a critical factor in the crypto space. With the rise of digital assets and their impact on various industries, data-driven insights have become invaluable. 

In this article, we delve into the significance of data in the crypto space – with an in-depth focus on Itheum, an innovative company spearheading the use of data in the Web3 domain.

The Underlying Issue

Collecting and utilizing personal data have given rise to significant concerns and controversies. Much of the data collected is stored in centralized servers without users' explicit consent, making it vulnerable to data breaches. This creates a challenging situation, as our modern world relies heavily on data while users rightfully raise concerns about its usage. Navigating this dilemma can be complex. However, the emergence of various projects like Itheum and the decentralization of web3 technology offers a promising solution.

Itheum - “Your Data Belongs to You”

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 ensures that data is stored in a transparent and immutable manner, reducing the risk of unauthorized access and data breaches.

With Itheum, users regain sovereignty over their data, determining how it is shared, utilized, and monetized. This empowers individuals to participate actively in the data economy, as they can choose to share their data with trusted entities in exchange for rewards or incentives. By placing the control back in the hands of users, Itheum aims to establish a new paradigm where data becomes a tool for individuals to benefit from its usage rather than being exploited by centralized entities.

For example, Itheum’s Claims Portal is an integral part of distributing data and token rewards, community testing rewards, and data trading fees. Without it, direct exchange between Data Consumers and Creators would halt the ecosystem's potential growth. The Claims Portal handles two types of transactions:

  1. Data Trading Distribution: Data Creators and the Data Coalition DAO exchange data using $ITHEUM tokens. The tokens are 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
  2. 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. 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 Utilizes The Power of Data in Crypto

Crypto operates on the principles of decentralization and transparency, resulting in vast amounts of data being recorded and analyzed. Unfortunately, some organizations take advantage of their data and sell it to third-party brokers. These shadowy entities thrive in the personal data trade, generating millions of dollars in profit by packaging and selling your data to other organizations. With over 4,000 data brokers worldwide, each gathering around 3,000 data points per individual, the data brokerage industry rakes in a staggering $200 billion annually. 

The situation becomes even more unsettling as our increasingly digitized world gives rise to the hyper-digitized "Metaverse," where data generation will soar exponentially. This new data will be harvested from us, intensifying the need for a solution that empowers individuals and respects their data ownership.

Itheum's focus on privacy protection ensures that users' personal information remains confidential and secure. Through encryption and other advanced security measures, Itheum safeguards sensitive data from unauthorized access, mitigating the risks associated with centralized data storage. Recently, Itheum announced a partnership with Bware Labs, a leading decentralized infrastructure service provider, to integrate resilient and high-speed infrastructure services into the Itheum protocol. This collaboration aims to enhance data ownership and identity in the Web3 and Open Metaverse ecosystems by incorporating Bware Labs' innovative technologies.

As part of the partnership, Itheum will integrate Blast API, Bware Labs' flagship product, into its multi-chain protocol platform. The integration enables Itheum to provide a seamless lookup and aggregation of on-chain user data, empowering web3 users active on multiple blockchains to take ownership of their data and identity through the Itheum protocol. Users can participate in products like the Web3 Passport, share data and identity with consent, and earn rewards.

This partnership between Itheum and Bware Labs represents a significant step towards enhancing data ownership and identity in the Web3 and Open Metaverse ecosystems. 

Final thoughts

While data plays a pivotal role in our modern society, concerns about its misuse and lack of user consent have led to a complex dilemma. Itheum emerges as a promising project that addresses these concerns by providing users with control over their data and the opportunity to benefit from sharing it. Through projects like the Itheum platform, we recognize the importance of empowering individuals in the data economy and fostering a more secure and user-centric digital landscape.