Through a social messaging service, I spoke with a friend a few weeks ago about getting glasses. Guess what? Later that day, I came across advertisements online for inexpensive glasses in every single article.
Billions of users register every day for a variety of goods, websites, or services that ask for personal information. In fact, businesses looking to make money practically everywhere need your personal information. These businesses gather your information, store it in data silos, and develop goods and services that will entice you to come back for more. The modern digital economy is heavily reliant on the collection and sale of data. User data is utilized for everything related to sales, marketing, product development, user experience, and more — by everyone from small-business online retailers to tech giants like Google and Facebook.
What comes to mind when you think about Data? Data simply means “Information,”
Your personal information is now taken and used in a centralized data center.
This narrative will be different thanks to blockchain technology as Itheum will make it possible to own your data in the Web3 and Metaverse ecosystems and to generate new market value for it.
Before moving on, let’s define a few terminologies:
- Blockchain: A blockchain is a digital ledger of transactions where trust is established using encryption. In other words, this technology has produced a distributed, trust-less, and cryptographically protected ecosystem.
- Web 3: 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. Due to the intrinsic decentralization of Web3 and the use of blockchain technology, it is significantly more secure than earlier iterations of the internet.
In what ways can I profit from my Data
The Web2 platform had made it possible for tech giants to access and profit from your data.
The Web3 standard, on the other hand, gives users back control over their data and the option to decide where they want it to be housed. High-value data can be bridged from web 2 to web 3 and then traded via peer-to-peer sales thanks to the Itheum toolkit. Individuals are also free to determine the value of their data and treat it as an asset. If an institution or third party wants access to your data, they will have to compensate you according to the value of your data.
Itheum’s mission is to empower you to take control of your valuable information and profit from it.
Additionally, with the use of itheum’s data vaults, you will have more control over your data and be able to decide with whom to share it, greatly lowering the likelihood of data breaches.
Web3 is still in its early stages, yet it has the potential to dramatically transform the internet as we know it. The concept of Web3 is realized by Itheum, which also enables users to create value from their data. Users maintain full control over their data and can secure it, manage who has access to it, and decide how it will be traded.
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.