Itheum continues to attract much attention from investors and onlookers; The project aims to establish an open metaverse data platform on the Elrond ecosystem. A recent $1.5 million seed round led by Morningstar Ventures confirms the project has a significant appeal.
Itheum Is Firing On All Cylinders
The Itheum project is a prominent offering to take Elrond's technology into the mainstream. Itheum is the first project coming out of the Elrond Dubai indicator was launched by Morningstar Ventures in October 2021. That incubator represents a part of the $15 million initiative funded b the VC firm to attract more developer activity and projects to Elrond's ecosystem.
Morningstar Ventures sees much potential in Elrond due to its state-sharding to process transactions at much higher speeds. Moreover, this technology allows for more complex products and services relying on blockchain and smart contracts, including projects like Itheum. A decentralized multi-chain data brokerage platform supporting many potential use cases has tremendous potential and requires a potent technology stack to provide an optimal experience.
Itheum sees potential in the United Arab Emirates, a region where blockchain technology has made inroads in recent years. Moreover, Itheum aims to bring enterprise-level data sharing and personal data-backed Metaverse identity technology to the mainstream audience. Transitioning high-value data from the current Web2 siloes to Web3 and bringing decentralization into the picture will change the landscape forever.
Morningstar Ventures continues to pay close attention to Itheum and how the project aims to achieve its goals. The seed round funding of $1.5 million is the latest show of support by the firm for this project. Moreover, Morningstar will provide further incubation for the Elrond-based project to ensure the team can sustain initial growth to help it achieve its full potential.
Becoming Web3's Core Data Platform
The $1.5 million seed funding round allows itheum to develop its infrastructure to become the core data platform for Web3 and an Open Metaverse. Through its data DEX, users can trade data in a peer-to-peer manner, create virtual avatar identities backed by personal data, mint personal datasets as NFTs, align themselves to Data Coalition DAOs, and much more.
Morning Ventures CIO Danilo adds:
“After receiving interest from 100s of projects over the last three months since our announcement of our Dubai Elrond Incubator, and deep-diving on a dozen of quality projects, we couldn't be more excited to reveal Itheum to our community. The Itheum team has taken the complex (and serious) technological challenge of decentralized data ownership and trading and made it "sexy and relevant" by building consumer data products in the NFT, Gaming, and Metaverse domains.”
Itheum currently runs across Ethereum, Binance Smart Chain, and Polygon to provide its cross-chain and cross-metaverse solution. The developers are developing their primary core implementation on Elrond to enhance the interconnected data-driven metaverse experience.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.