Building tokens with intrinsic value
For those new to the genomic sequencing world. Your genome is the biological blueprint that makes you, you. It is the most comprehensive and sensitive piece of personal information you will ever have. It is uniquely yours. We believe you should own your DNA. So we built Genomes.io — a private and secure DNA data bank that puts you in full control of your genome.
Within our DNA data bank, we provide you with your very own virtual DNA Vault to securely store your genomic data. These DNA Vaults harness next-generation security technologies (SEV-ES), which means ONLY YOU hold the ‘private keys’ to your DNA Vault. Only you have full access to your data. Even Genomes.io, as a technology provider, can’t access your data. But what we do support is the ability for you to grant access to query your genome — what we call repeat consent genomic querying.
As in — I consent for you to ask a question of my anonymous genome.
This could be:
- Consenting for an ancestry test to be run on your genome, for your own interests
- Allowing a doctor to see if you are at risk of eg Breast Cancer
- Allowing a pharmaceutical company to ask a research question, in exchange for financial compensation.
The last one is what we’ll be talking about today. We think of Genomic queries as the next level of personalised medicine, akin to blood tests today, but much more powerful.
For this reason there is a lot of ‘value’ in genomic querying. This can include but is not limited to
- The price big pharma would pay for snippets of your data, that usually are obtained via expensive clinical trials
- The price you as an individual would pay for faster results/diagnostics
- The price you as an individual would pay for better results/diagnostics
The market for genomic querying is being driven by global genomics trends
- Rapid use of genome analysis for the treatment and early diagnosis of diseases
- Increasing R&D investment by pharmaceutical giants for developing novel gene therapies to cure cancer and immunological diseases
- The rising prevalence of chronic diseases and decreasing cost of sequencing
- Increasing research funding by the government and strong government support
- Increasing number of nutrigenomics services providers that provide diet plans for disease conditions based on the unique genes of the patients
The marketcap for genomic diagnostics is predicted to hit $100 billion in 2028 and is currently worth more than 30 billion. It is a market that is backed by exponential market demand.
Currently, big genetic testing companies are in control of your DNA data and it is unlikely they will give up any form of ownership in the future.
Previously these companies, such as 23andMe or Ancestry.com, cross-sold your data to further develop medicine — better known as ‘precision medicine’ in the pharmaceutical industry’. These deals were known to be highly lucrative for these organisations and revealed their true business models allowing them to grow revenues from the cautious millions into the billions.
We want to level the playing field and distribute the wealth to value creators, the owners of those genomes. The $GENE token is a utility token that enables the querying of the DNA vaults within the GenomesDAO ecosystem. If pharma/researchers/3rd parties want to query a small part of your genome, they need to pay you in $GENE (thereby creating “buy” pressure/increasing demand for $GENE).
As such $GENE is basically pegged to the Genomic Querying marketcap, with a variable of how much the Genomes.io team can capture of said marketcap.
If you have any questions about this or anything else — jump in the discord — Discord.gg/genomes