Itheum Partner with Elrond Network
Itheum announced that the Elrond Mainnet release of the Claims Portal has been completed and is now ready for use.
Token Distributions within the Itheum Ecosystem
The $ITHEUM utility token forms the underlying mechanism for data access to be sharing between Data Creator and Data Consumer. Simply put, if a Data Consumer wants access to high-value datasets from the Data Pack, Data NFT Marketplace. Itheum Partner with Elrond Network, Data Coalition DAO instruments, they need to transfer $ITHEUM which then unlocks access to the Data Creator’s data.
Data and tokens can be exchanging between a Data Consumer and Data Creator either directly or indirectly. They are exchanging directly in the event the Data Consumer barters their data directly via a Data Pack or a Data NFT. Itheum Partner with Elrond Network, they are exchanging indirectly via a Data Coalition DAO in the event the Data Creator has delegated oversight of their data to a particular DAO.
Direct and Indirect Token Distribution Schemes
As detailed above, $ITHEUM is distributing directly and indirectly between various parties that make up the Itheum ecosystem. Let’s now explore how these distributions will work and understand the important role the Claims Portal plays in coordinating indirect distributions.
Direct token distribution scheme — Does not require Claims Portal:
For each consented exchange of data via $ITHEUM tokens directly between Data Creator and Data Consumer. The exchange of data and tokens is orchestrating by the Smart Contracts that power the Data DEX. In simple terms, tokens are moving by the Smart Contract directly from the Data Consumer’s wallet to the Data Creator’s wallet. And the transfer of data access rights is bartering. For each data trade listing, 96% of the request token amount is moving from the Data Consumer to the Data Creator, this is a fully automatic direct movement of tokens between the counterparties and the Claims Portal is not using in this instance. The remaining 4% makes up the Data Marketplace Fee which then needs to be indirectly distributed.
Itheum empowers data ownership in the Web3 and Metaverse ecosystems and creates new market value for your data. It enables this by providing “decentralized data brokerage” technology. It’s a suite of tools that enables high-value data to be bridging from web2 to web3. Then be trading via peer-to-peer sales. It allows for “viral adoption” via creative “Data NFTs” (provide “inner value” to NFTs and enable royalties / limited supply). And “NFMe ID” technology (a living Metaverse avatar representation of you — wrapped as an NFT and backed by personal data) and innovative Data Coalition DAOs (which bulk trades your data). It also aims to be fully privacy-preserving, regulation-friendly, and cross-chain, making it the most comprehensive core blockchain data infrastructure. It’s available in the market with use-cases in both the enterprise and retail space.
About Elrond Network
Elrond is highly scalable, fast and secure blockchain platform for distributed apps, enterprise use cases and the new internet economy.