Dec, 10 | source: cointelegraph.com
Breakthroughs in genetic medicine means that there are technologies available to match the right cure to the right patient. Today, It is possible to foretell what disease your unborn children will suffer from when they grow up. Advances in genetics will help us tackle difficult to treat ailments like Alzheimer’s disease.
However, the key issue at the center of genetics is who owns your genes? As technology advances and we near a time when our very building blocks are at stake, this is a relevant question to ask.
If we think about the amount of work that is being done in the fields of genetics today, the day is not far when ownership of your genes is something that you would like to protect.
Now Encrypgen has come up with a ‘gene-chain’ that seeks to redefine the way gene-related information is shared and they are holding an Initial Coin Offering (ICO) or a crowd sale to raise funds.
Gene-Chain coin at the center
The way Encrypgen has envisioned the process is that there would be a ‘Gene-Chain Economy’ and the stakeholders would be able to barter and transact using the Gene-Chain coin for the use of their genetic information.
Encrypgen is currently holding an ICO at which 80 percent of the 100 mln tokens are being offered to the public. They are retaining 20 percent of the tokens for purposes of marketing and the use of their team.
Five million each of tokens are being reserved for marketing and giving out bonuses. As of the week starting June 22, one BTC buys 68,000 Gene-Chain coins. For the period of the ICO, which ends July 18, the amount of Gene-Chain coins that each BTC will get will diminish by five percent so early investors stand to benefit.
Additionally, investors that put in more than one BTC will get a bonus of three percent of Gene-Coins and investors that put in more than five BTC will get five percent extra. The biggest investor in the project will get one mln extra Gene-Chain Coins. According to the website of Encrypgen, the current leader is an investor who has put in 39.5 BTC.
The investment process
It is possible to buy in the Gene-Chain coins by sending BTC, ETH, DASH, LTC or ETC to relevant addresses mentioned on the Encrypgen website. After Encrypgen receives the amount, the investors will get a signed SAFT agreement.
Gene-Chain coins will be made available after the token sale ends. A milestone chart has been released by Encrypgen that charts out the course they plan to take in the future.
Why Encrypgen matters today
The problem that we face today is missing safeguards when it comes to gene privacy. There are several ethical issues surrounding genetics that remain unresolved. As an example who should have access to genetic information of a person, do relatives who share genetic matter with you qualify?
By creating a Blockchain enabled system Encrypgen can work with all the stakeholders like individuals, laboratories, universities, research centers, etc to have a verifiable audit trail of genetic information that is being shared.
Encrypgen will also ensure that there are built-in consent processes that will allow individuals to give the necessary permission for their data to be shared and they may even be able to profit from this sharing.
The data sharing will be enabled by Encrypgen’s Gene-Chain token, which is now being offered in an ICO.
The road ahead for Encrypgen
There are still features that Encrypgen has to begin working on and they are going to have to recruit people who will submit their data to the Gene-Chain for studies. Online consent procedures specific to the locations of these individuals will also have to be deployed through the Gene-Chain.
The company also plans to add social media and community dimension to their project. This will help hobbyists get more information about their DNA as well.
More information about future developments surrounding Encrypgen can be found on their Facebook and Twitter accounts.