Earning Cryptocurrency By Allowing Pharma Companies To Use Your DNA
According to a recently released white paper by a group of geneticists, a new company known as Nebula Genomics, wants to create the opportunity for people to put their DNA onto the blockchain. Not only that, but they are going to pay people in cryptocurrency, those who are interested in doing it.
The company is hoping to sequence your genome for less than $1,000 and then the data will be stored on the blockchain, which will give pharma companies an opportunity to use it.
At the moment, it's alleged that these companies are usually paying a heavy price (millions of dollars) in order to purchase the information from academic institutions as well as from genetic testing companies.
They want to get rid of the middle man with their operation, helping people to monetize their genetic data. They want people to be able to take the initiative upon themselves to sell their DNA to various interested buyers.
Those behind the idea insist that the pharma companies won't be able to download the data that is shared by owners, but they will be able to borrow it. As well, the owners of the data are going to remain anonymous, but the same cannot be said for the buyers who will need to be transparent about their identity.
Their business model helps to create the Nebula economy, and this means that people will be able to utilize the platform—selling their data to interested research parties—for Nebula tokens. Both the user who is interested in initiating the process, as well as the biotech or other company that is looking to purchase that data, both need to first start by using Nebula tokens to make the exchange.
They hope that a lot of people are going to be interested in getting their DNA onto the blockchain. They eventually want to be able to enable as many parties as possible to get sequenced. As well as creating an opportunity and market for researchers to use that data.
Right now, they say that people don't get the opportunity to own their own data, and they see their effort as helping to bring about value where right now there isn't any.
Pics:
pixabay
Sources:
https://www.technologyreview.com/s/610221/this-new-company-wants-to-sequence-your-genome-and-let-you-share-it-on-a-blockchain/
https://www.motherjones.com/environment/2018/02/george-church-nebula-genomics-turn-dna-sequence-into-cryptocurrency-1/
http://fortune.com/2018/02/09/blockchain-genetic-testing-nebula/
https://www.cnbc.com/2018/02/08/harvard-genetics-pioneer-will-monetize-dna-with-digital-currency.html
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Who pays the thousand bucks?
You pay. It's an investment you make until you have a taker who pays.
I give them my DNA sequence and also pay $1000 for it? Get outta here.
Tokenomics is witnessing all kinds of crazy business models. This one conflicts with the "incentivized sharing" norm of sharonomics and less likely to receive adequate community traction.
the person who is interested in doing it has to pay them $1k in Nebula tokens👍
My biological instructions for less than $1k? They're going to have to pay me more than that.
High hopes @atherz! You are not getting paid $1k my friend. You are paying that much to get your genome sequenced. LOL
That is exactly what I was thinking
The only logical thing would be to pay you enormous amounts of money for such informations. It's under the question if it could be priced at all.
I just started a discussion on topic that could be one of possible use cases for DNA storage. Take a look, I would appreciate your opinion: https://steemit.com/medicine/@crt/bigdata-blockchain-and-bioinformatic-or-just-mulder-and-scully
Thanks,
S.
Thanks for this cryptocurrency news update providing.... i appreciate this post. resteemit
As long as anonymity could be enforced, but I'm hesitant about the idea. Authority is building a digital panopticon with direct use of biometrics of which DNA is one of the proposed metrics. If that data is compromised, then there's no way to uncompromise it. This is why I don't think direct use of biometrics is a good idea.
Instead, in the few cases where it might be needed, biocryptics should take the place of biometrics. The difference is that biocryptics would use biometrics as an input to a hashing algorithm such as SHA256. Then if it was compromised, you'd be able to use a SALT to change the hash of the compromised identity.
Identity really isn't as necessary as everyone seems to think. It's part of the failed KYC banking paradigm that has been proven not to work.
Very good and awesome idea for now. I will try and make more research about this Earning cryptocurrency by allowing pharma company use our DNA.awesome post.with cryptocurrency I believe our future is secured
Thank you @doitvoluntarily for you visiting my last post and support me I'm following now .
Very useful indeed because people can take advantage of the platform it sells its data to interested research parties to nebula token ..
A very useful innovation @doitvoluntarily let me share it yes .. thank you for success always
yes you are right i'm agree to your post my dear friend
Will it be as simple as getting a strand of my hair from the root? Or taking a swab off of my mouth?