Crypto Rain - Making Money from Your Genome in Crypto
Primer: Is it possible to make money from your DNA? Yes, GenomesDAO is enabling individuals to control access to their genomic sequencing by disrupting existing genetic companies. Pharmaceutical companies and research organizations now have to pay users if they want access to their data. Read on to find out more from Aldo De Pape, their CEO, and chuchum00n.
History of GenomesDAO
Aldo De Pape co-founded GenomesDAO with Mark Hahnel in 2018
Mark is a stem cell biologist who has a PhD from Imperial College London. Previously, Mark was a geneticist
4 years ago, they were talking about science and technology and what it means for data in general. Came to the conclusion that DNA data is the most private data in our lives
From a medical standpoint, a person's DNA can be used to tell whether they are susceptible to specific diseases, hereditary diseases, etc.
"But you're only going to have one genomic sequence, there's only one DNA set that is you. Once that is identified that is you, and in your lifetime that is never going to change. And we saw like, listen, if people get their hands on this, then that can unlock a lot of information to who you are." - Aldo De Pape
Direct-to-consumer genetic companies such as 23andMe and Ancestry.com has a lot of genomic data with them
If the data gets into the wrong hands, there will be huge consequences
Thought of combining cryptography with genomic data
Dangers Of Centralizing Control Of Genetic Data
Platforms like Google, Facebook, and Instagram know more about you than you know about yourself. This is terrifying
Imagine if these platforms have access to your genomic data
They would then be able to exploit their users
"I think this could get really, really scary and dystopian, very quickly." - chuchum00n
Example:
Find users who have a predisposition to depression
Feed them depressing content on social media
Show them ads on antidepressant drugs and profit from it
Blackstone, the largest private equity company in the world, have spent billions on genomic data
As we transition to Web3, we need to have decentralized platforms that are owned by the community instead of guys from Wall Street
In 2018, 23andMe sold the DNA data of 5 million customers to GlaxoSmithKline for $300 million
When genetic companies get acquired, the data changes hands and there's no guarantee what happens to the data and what it will be used for
History of Genomic Sequencing
The field has accelerated tremendously
In year 2000, it cost a billion dollars to sequence one genome
Today, it's kind of a consumer product that's priced at $400-500, which is still expensive
The largest genomic sequencing companies have announced that cost will be coming down in the next few years. Expects the price to be under $100 and, eventually, free
How Does It Work?
Process:
Individuals pay to get their gene sequenced —> Data gets locked in a vault that is only accessible with the individual's private key —> The individual can authorize who gets access to their data —> Gets paid when they grant organizations access to their data
Individuals are paid on a query basis
The pharmaceutical organization would describe a certain demographic that they are looking for (e.g. North American males from 35 - 44 years old)
GenomesDAO has the profiles of users
If a particular user fits the profile, GenomesDAO will notify the user that this pharmaceutical/research organization seeks access to their data, the reason for the access, and the remuneration the organization is offering
Users just have to indicate a simple yes or no to the query request
Sometimes, there's no rewards as they work with rare disease charities who are focused on scientific progress
GENE Token Launch
Will be launching GENE on 16 November on Miso by SushiSwap. 30% of the total supply will be sold through a crowd sale
GENE is the native currency of their ecosystem
Researchers who want access to user vaults have to pay users in GENE
Deflationary aspect to GENE tokens
After a certain number of test kits are sold, some of the GENE tokens will be burnt
Want to incentivize pharma companies and research organizations to buy some GENE tokens earlier while it is still more affordable
Has another token in the ecosystem called GNOME. GNOME is used for governance over the DAO, treasury, etc.
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