FAQs

How does the GENE token have value?

We envision that each query of an individual’s genome would require usage of the GENE token. We are aiming to sequence 1 billion individual’s genome at a market leading rate. Based on grouping queries into packs around certain diseases or phenotypic characteristics, we predict each account to produce >50 queries per year. This amounts to 50 billion transactions per year at between 10c & €1.

The ‘Genomes’ ICO will also allow us to develop a platform so that other apps can query genomes if permission is granted. This should exponentially increases usage of the GENE token. As there are only ever going to be 100 million GENE tokens, the value of each token will represent the market value for the usage.

 

How do I get my genome sequenced by ‘Genomes’?

All ICO investors who invest 10ETH or more will have the opportunity to have their genome sequenced at no cost, in a first come first served basis.

 

What is unique about the ‘Genomes’ technology?

As pointed out by DNAVID here, “An efficient way of querying a large decentralised DNA database, with strict access control, and restrictions to some portion of the data is a big challenge. One could imagine that smart contracts could play a role.”

We play that role.

‘Genomes’ is a blockchain application designed to privately, securely store whole genome sequence data for an individual in a manner that allows questions to be asked of the genetic code without exposing the code to others. ‘Genomes’ uses Ethereum and Rockchain to allow systems to compute a function on private data, without exposing anything about their data besides the result.

All corporate data are held locally and securely, the permissions are finely tuned through ethereum blockchain smart contracts. The only data transferred outside the company is the computation results. The ComputeReduce node can also serve as a connection proxy from the corporate world to the outside world, such as traditional firewalls or internet proxy servers.

 

What is the Personal Genomes Marketplace?

As the need for genomic sequencing increases, the idea of companies, start-ups and even individuals competing on the price offered for such services will drive prices lower. New technologies, such as Nanopore mean that the idea of anonymised peer to peer genomic sequencing is on the horizon. The Personal Genomes Marketplace, will allow end users to choose who sequences their genome, based on a range of criteria, such as:

  • The cheapest
  • The best applications in the genomes store included in the package
  • The most established
  • A company that offers discounts in exchange for privately querying a certain phenotype

All transactions will be powered anonymously using the GENE token

 

What is the Genomes Store?

The Genomes store will allow apps and packages to be built on top of the Genomes’ query layer. This will allow app developers to construct tools that can provide insights into an individual’s genetic make-up, from ancestry to fitness, health and nutrition. The app makers can charge a premium for individuals to make use of the apps. These premiums will be paid in the GENE token.

 

What is the Genomic Blockchain Consortium

Genomes.io is a member of the Genomic Blockchain Consortium, which is being set up to address the following concerns:

  1. Form a Consortium of Genomic Blockchains
  2. Organize as a separate not-for-profit entity this consortium
  3. Create a democratic governance structure
  4. Under the consortium, propose, vote on, and establish technical as well as ethical standards for the purposes of:
    1. ensuring that consumers and their data are portable, safely preserved, and protected
    2. creating some interoperability at some level to better serve the searching for, payment, and use of genomic data by platform customers
    3. devising ethical guidelines to protect privacy of user data across platforms

We believe that we have a great opportunity now, before the wide adoption of any particular genomic blockchain, to create an environment that both fosters competition and helps advance the goals of consumer empowerment and scientific advancements, that we have all stated publicly, motivate our products and services.