Social good refers to products or services that promote human well-being on a large scale. As we transcend into the third wave of the internet (Web3.0) — data translates into gold. The value of data ownership is going to touch new horizons and will open doors to a new epoch in the history of humankind. You will now have the power to own your data on the internet.

Itheum empowers people to own and trade data using blockchain technology. We are powered by the Elrond blockchain, one of Europe’s most prominent public and open blockchain platforms.

As we spectate incremental growth of a decentralized economy, alongside we also witness the cavities in this developing ecosystem. The amalgamation of owning and controlling data is also quite complex and is often observed as a complicated and boring topic. We are creating a balance with a hybrid model to ensure responsible governance that generates shared value and ergo, unlocks data silos!

Let’s understand the “building blocks” that are the DNA of any decentralized ecosystem:

• Blockchain: It’s a digital ledger of transactions where trust is proved through cryptography. In short, this technology has created a decentralized trust-less environment governed by cryptography.
• Smart Contracts: These are the codified agreements between parties that make the core transaction layer of the Blockchain “smarter” by adding a logic layer to how transactions execute .
• Fungible tokens: They are the units of value that exist on the blockchain and are used for payment of services, governance or access to data.
• Non-fungible tokens: These are the unique digital assets which exist on the blockchain and are helpful in creating “digital twins” of real world assets. Anything unique can be minted as an NFT, including Data.
• Decentralized Autonomous Organisations(DAO): They are created by groups of people who agree to abide by certain rules for a common purpose whilst promoting open and transparent governance between all parties involved.
• Web 3.0 : Read, Write and Own digital assets on the internet. The creator of the digital asset is the owner. This is the upcoming movement towards greater ownership and decentralization.

Itheum’s offering

As mentioned by the founder, Mark Paul — Itheum is offering the best of both worlds. While we imbibe governance, data security and privacy from the Web 2.0 ecosystem, we also merge it together with data control and transparency, transaction efficiency, equal value generation and participation loyalty along with proof of data provenance, lineage and veracity (core elements that ensure that data is not tampered).

Our “” Soulbound“ NFMe ID NFT avatars abstracts away all the tech complexity and, gamifies data unlocking to transform data ownership into a fun and “sexy” experience Mainstream adoption of any complex technology requires these elements to reach its full potential — think of the mainstream adoption of the iPhone as an example; on the surface it’s a fun and sexy tool, but under the hood — it consists of the most complex electronics technology developed by mankind.

Your data assets are converted into Data NFTs and this ecosystem helps find consumers to trade your data with directly. This is completely autonomous and self-sustainable.

Few challenges

As with anything new, we have certain challenges to surpass during the advent of the blockchain age. These include data regulation, data storage and complexity, DAO governance locks, data re-trading without permission, fiat onramps for the participants and token volatility.

Our team at Itheum is working on all these challenges and we are en route to overcome them and any upcoming future deterrents.

The next step

We will together witness the exponential change in the way we have been creating. Welcome to the new world.

The United Nations Sustainable Development Goals (SDG) describe the pillars needed for a paradigm shift to create the foundation of this new world. Open innovation is enabling sustainable and social good in our universe. It’s a giant leap. This is not science fiction — It’s real, and we are making it happen.

Itheum

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