Itheum is a decentralized data platform that aims to harness the power of blockchain technology for personal privacy and property. The Elrond-based company plans to create an alternative to Facebook, Google and other social media giants with their own ‘open metaverse’.
Elrond is a decentralized, open-source metavers data platform that enables the creation of virtual worlds and provides a unified API for all major VR platforms. The company has now raised $1.5 million in seed funding to further develop its platform.
January 11, 2022, Dubai, United Arab Emirates
Itheum has received a $1.5 million seed capital investment from Morningstar Ventures, which will also fund further incubation for the Elrond-based Itheum initiative to ensure proper development from the early stages, enabling it to realize its full potential.
Itheum is the first initiative to emerge from Morningstar Ventures’ Elrond Dubai Incubator, which opened in October 2021. Morningstar Ventures has invested $15 million in the incubator to attract additional developers and ideas for the Elrond ecosystem. Elrond’s state-sharding technique allows transactions to be processed at previously unheard of speeds, opening the way for more advanced goods and services based on blockchain technology and smart contracts.
Itheum sees the UAE market as the first stop on the road to establishing the world’s first decentralized multi-chain data brokerage platform, with exciting and innovative use cases ranging from enterprise-level data sharing to personal data-enabled Metaverse identity technology, thanks to the strong presence of the team and investors in the region.
“Itheum offers a suite of technologies that allow high-value data to be bridged from web2 to web3 and then exchanged peer-to-peer without centralized intermediaries,” said Mark Paul, founder of Itheum. Users can take ownership of their data and participate in the Web3 and Metaverse data economies thanks to the deployment of blockchain technology.
“Having received interest from hundreds of projects in the past three months since our announcement of our Dubai Elrond Incubator, and after an in-depth dive into a dozen quality projects, we couldn’t be more excited to unveil Itheum to our community,” said Danilo , CIO at Morningstar Ventures, who led the starting lap. By developing consumer data products in the NFT, Gaming and Metaverse sectors, the Itheum team has made the complicated (and important) technology problem of decentralized data ownership and commerce “sexy and relevant.”
After the fundraising round, Itheum will continue to expand its infrastructure to become the foundational data platform for the Web3 ecosystem and the “Open Metaverse”. Users can use the Data DEX to conduct peer-to-peer data trading, build their own virtual avatar identity from their own data, create personal datasets as NFTs, communicate with other data avatars, cross-metaverse conduct data trading, and join Data Coalition DAOs.
The Itheum core platform is now available on Ethereum, Polygon and Binance Smart Chain, with plans to bring the main core deployment to Elrond in the near future, paving the way for a data-driven, multi-chain Metaverse.
The background of Itheum
Itheum is the world’s first multi-chain data brokerage platform that is decentralized. It has been in development for the past two years with the goal of breaking down data silos that Web2 companies have built and carefully monitored. Itheum believes in bringing new value to the owners of the data. The team at Itheum understands that data is a highly transferable asset with tremendous value to its owners, so they want to empower people by helping them regain ownership of their data in the Web3 and Metaverse era.
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Morningstar Ventures is a startup investing company.
Morningstar Ventures is a digital asset and blockchain technology investment company focused on early stage token and stock rounds. The company is very excited to assist the Elrond environment.
https://morningstar.ventures/
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The “morningstar capital” is a company created to build the Elrond-based “Open Metaverse” Data Platform. The platform will be used for future decentralized applications on the blockchain.
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