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This Company Is Helping You Get Paid For Your Genetic Data

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EncrypGen

Back at the start of 2015, California based genomics company 23andMe struck a deal with healthcare and biotechnology behemoth Genentech, owned by Roche Holding Ltd. (SWX: RO), that would see the former sell genetic access to its database of genetic data to the latter for research purposes.

The deal, reported to be worth up to $60 million for 23andMe, saw Genentech pay $10 million upfront for access to data from around 3,000 individuals, each of which had paid 23andMe to conduct a personalized DNA analysis, with the promise of the remaining $50 million over time, as and when certain milestones are hit.

Customers are able to request that their individual data not be shared with any third parties, but the vast majority don’t make this request.

On the face of it, submitting the results of a genetic analysis to a pool that can be used to potentially find new treatments for diseases such as Parkinson’s and Alzheimer’s is a noble and worthy action. Indeed, to opt out of this sort of submission seems selfish, similar in tone to opting out of donating body parts after death.

That’s a valid statement – but there’s another, perhaps more important, question that very few people asking: should 23andMe (and other companies) be the ones drawing financial gain from DNA submitted by individuals?

Surely, the individual should have the option to monetize their own genetic makeup?

And we’re not talking small numbers. Using the figures above, Genentech is valuing each individual’s genetic data in the 23andMe database at more than $3,300 at the upfront rate alone (the $10 million initial payment) and six times that based on the paid-in-full deal size.

One company has recognized this issue and has, over the last twelve months, developed a solution.

The company is called EncrypGen.

EncrypGen has developed what it calls the Gene-Chain, which is a blockchain based platform that allows for the storage, searching, buying and selling of genomic data. Individuals can store their data on Gene-Chain completely free of charge and can then control it how and when they see fit – by sharing access to it with doctors, for example, or (and as is more in line with what we’ve discussed above) by selling access to it to biotechnology companies for research purposes.

This sort of database type storage and manipulation has, in the past, been incredibly risky for an individual. Databases (in their legacy format) are prone to security risks and there’s practically no guarantee that an individual that stores their genetic data on a centralized storage system will be able to keep that data from falling into the hands of malicious operators.

With blockchain technology, however, this has all changed. Individuals that submit their data are de-identified, through cryptography, to ensure anonymity, and only they can gain access to the data that’s stored on Gene-Chain (that is, of course, unless they want to share it, which they can do through the company’s application).

The important thing to recognize here is that this is the next logical step in the rapid rise of genome data harvesting and research applications. This sort of data is incredibly valuable and companies like 23andMe recognized this ahead of the curve, setting out to collect it in large numbers and subsequently repackaging it for resale to interested buyers.

With Gene-Chain, however, EncrypGen gives individuals a way to leverage the value of their own DNA and benefit directly, not just financially but also in terms of potentially improved medical outcomes based on physician access.

Find out more about EncrypGen and Gene-Chain here.


Image courtesy of University of Michigan School for Environment and Sustainability via Flickr

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My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

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Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

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