Earning Cryptocurrency By Allowing Pharma Companies To Use Your DNA

in health •  10 months ago

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.

The reason that they are interested in doing this? Well, according to their white paper, they see a growing need for large genomic data sets to be available so that biotech companies and pharma companies can try to develop new drugs for the market.

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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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.

Who pays the thousand bucks?

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People who want to get their genomes sequenced through Nebula will pay with Nebula tokens, which will also be used by researchers and companies wanting to acquire that data. https://www.technologyreview.com/s/610221/this-new-company-wants-to-sequence-your-genome-and-let-you-share-it-on-a-blockchain/

You pay. It's an investment you make until you have a taker who pays.

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I give them my DNA sequence and also pay $1000 for it? Get outta here.

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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.

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the person who is interested in doing it has to pay them $1k in Nebula tokens👍

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My biological instructions for less than $1k? They're going to have to pay me more than that.

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High hopes @atherz! You are not getting paid $1k my friend. You are paying that much to get your genome sequenced. LOL

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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.

Technology is really changing alot of things well let's see how it will work out

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

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

Will it be as simple as getting a strand of my hair from the root? Or taking a swab off of my mouth?

I´ll do research. If I go in perhaps in the future I meet my clone in a coffee store. Good info. Thanks.

I'm cool with this. My genetic instructions aren't me after all.

Is there an ICO?

I would prefer an job as an extra in "Black Mirror" ;)

That reminds me of that guy getting his DNA trapped in a keychain in the show black mirror, I'm not paying anyone to have my DNA it has value! Followed and upvoted.

Wow i didnt believe this could happen not until you share it. Thanks

The world is truly changing. Eliminating the middle man they say can help them save millions. A lot of people will key into this idea and when they official start collecting data, a huge number of persons will show interest

Impressive news sit Keep it up ................................ @upvoted .................. :):):)

This is worthy of much study. Very interesting concept.

Brings new meaning to the concept of selling yourself...

Can't tell if my unease comes from all the sci fi movies I've watched where corporations or one-world governments exploit people in huge DNA imperialist schemes...or if it's actually a bad idea.

Your post is very interesting

thanks for informing us
@abirhasan63

Thanks for giving a good news. And if you get sick, you will have to take good medication

Thanks for this cryptocurrency news update....

Wow this is a really interesting concept. If it picks up steam and people are willing to pay the fee for providing their data, they could grow a rather impressive database. It may be a hard sell at
First though. That’s a big chunk of change for a service many probably won’t understand.

Nebula tokens would naturally increase in value and more people would jump on board, repeating the cycle.

I will be watching this one, really interesting.

Thanks for sharing.

At first, when I read the title, I thought "get out of here". But then I began reading and I thought, "this is interesting".

If I had the money laying around, I'd probably do it. I don't really see why not, I'm sure that information could be sold by someone without permission at some point in my life anyways

Things are getting very strange here on planet earth! I love this eye opening post my Friend! All the best! Positive Energy! Great Karma! Your Friend @extraterrestrial :)

This post has been deemed resteem & upvote worthy by your friendly @eastcoaststeem ran by Steemian @chelsea88

I like your post.. Good luck...