Topic: [ANN] [ICO] ENCRYPGEN *GENE-CHAIN COIN* 1M$ RAISED, 3 DAYS LEFT [CLOSED] - page 5. (Read 5010 times)

That is huge investment, someone trust the team with such fund, then the team must be doing something right

Waiting for social bounty.

Update: now up to 40% of ICO goal, had a big buyer this evening

Link to Reddit AMA : https://nr.reddit.com/r/IAmA/comments/6kwijp/i_am_dr_david_koepsell_ceo_of_encrypgen_llc_a/?st=j4nvw8hk&sh=b36a5590

@jacafbiz: I'll get the market forecast for you.

Thanks for your answers, but can you forecast the growth in this market for the next 5 years, we all know the landscape is changing very fast

Reddit AMA with CEO Dr Koepsell tomorrow between 8:30 and 9 pm EST! Link will follow

http://www.livebitcoinnews.com/encrypgen-bonus-ico-structure/

Encrypgen Dr Koepsell will be doing a Reddit AMA tomorrow somewhere between 8:30 and 9:30 PM EST. Link will follow!

World premier for this information, you heard it here first, folks!

Healthcare productivity has not increased with the rest of the economy. As we live longer, with more chronic disease, this is wreaking havoc on family, and even national, budgets worldwide.
DNA-based medicine allows for more targeted spending on health according to each individual’s risk assessment or treatment, while improving benefits, which is much more efficient.
Unfortunately, the open sharing of our personal data is unsafe, for example, leading to discrimination for insurance or employment. Even for very ill patients willing to forego privacy concerns, data is close to impossible to use because it is fragmented and out of our hands with doctors, researchers, and personal DNA companies.
Until now...
Two software companies that are currently defining the new field of Cryptogenomics, Encrypgen and DNAVID, share a vision of an efficient health economy centered around each one of us, safely and fairly.

DNAVID is developing a social network that the user owns and benefits from. The network issues its own money — DNACoin — to reward those that help improve it. For example, users are paid DNACoin to enter their DNA and medical information for anonymous use. Then, they decide how their data can be used and how to spend their DNACoin. For example, anyone can sponsor research with their DNACoin, or they can earn DNACoin by allowing the use of their info by drug companies. A set amount will be sold to drug companies wishing to use the network for their research with consenting individuals. Eventually, DNACoin can be sold in exchange for money.

“Because we all are genetically connected, we all benefit from the information in each other’s genome. So it is in the interest of every one of us to have a universal pooled DNA resource, the bigger the (much) better. With user-friendly software that is trusted and safe, we will start to see the parabolic network effects as more people start joining and sharing. This then will translate into higher value of the network which will cause the appreciation of DNACoin. This in turn generates a virtuous economic cycle contrary to the current downward spiral in healthcare.”
said David Weiss, Founder of DNA\/ID, the EU-based startup that develops the open source DNA social network https://dnavid.com and mints the DNACoin cryptocurrency that is the basis of its economy. A former PhD bioinformatician, bioengineer by training, big data scientist and programmer, Weiss founded InSilico Genomics SA, creator of one of the largest repositories of genetic information for biologists InSilico DB https://www.insilicodb.com, and the personal DNA service GenePlaza https://geneplaza.com.
“This partnership affords the opportunity to accelerate the path-to-market for our complementary offerings if we can guarantee the security and the traceability of transactions, and the easy query of our user’s data with Encrypgen’s unique blockchain solutions. We have a shot at helping to solve this big problem rather quickly.” he added.
Encrypgen provides the other half of the solution, which is to keep DNA data safe and private using an un-hackable registry of transactions (a "blockchain"). The technology enforces user’s wishes, by allowing access only according to specific permissions, or to record every access, etc.  The software's specialization in DNA results in efficient query and transmission of DNA or chunks of DNA in a compliant manner. Encrypgen has its own economic token Gene-Chain Coin which is the currency for transactions of data over their Gene-Chain. Gene-Chain Coin is currently conducting a successful token sale to help fund expansion of their Gene-Chain network . “We share a vision of improving the role of genomic data in improving personal health, and in empowering each of us in the curation of our own data. It will be an interesting experiment to see how the DNACoin and Gene-Chain Coin economies interact and we expect that the synergies between these currencies will benefit both individuals and the market for scientific data, as well as help us achieve the promises of personalized medicine.” concludes David Koepsell, Encrypgen’s CEO and Founder.
Together, these technologies promise to provide a safe and productive fresh start for human health.

The revenue stream comes from research institutes that can buy a license to access the data, from the playersmoney article:

As for research data market demand, the amount of genomic research papers (and thus by extension demand for data) has been skyrocketing since the price for sequencing genomes is fallen rapidly too: http://imgur.com/a/fq03G

The reason why the blockchain is the ultimate solution in this case is because of the laws surrounding genomics: it is still unclear who the "owner" is of this data. With Encrypgen it brings the ownership back to the donor who supplied the data because it's decentralized, which makes it a legal non-issue and gives donors the opportunity to take full control over their data

I don't see how this will provide value to those that invest into the ICO, what is the market demand for these data, because asking for more than $2,5 million  and can't explain how to generate revenue for investors is worrisome. I personally believes more than 90% of the current ICO won't be able to generate any revennue becuase building something on blockchain doesn't make it better than the centralised apps

And in ftreporter: http://ftreporter.com/blockchain-brings-privacy-to-genomic-data/

Encrypgen in cointelegraph: https://cointelegraph.com/news/encrypgen-uses-blockchain-to-usher-in-new-era-of-genetic-privacy

If you are a donor, you can get paid by research institutes or scientists who want to access your genomic data for their studies. You will need an initial fee to have your data stored in the blockchain as a donor, but after that you recoup costs by selling access to it. Seeing the exploding interest in genomics the last few years, the demand for genomic data research will only increase.

That being said, the system doesn't need donors to sign up in order to function, that is just a diversification of this model. Most genetic data that is already available for the public has already been assimilated, and private groups with data sign on because the node benefits.  



Roadmap is here: (n00b account, so can't insert pics) http://i.imgur.com/yJFNNaT.png. You can also find it on the website: https://www.encrypgen.com/ico/ if you scroll all the way down

for  bounty: I'll post in the thread and contact per pm if we do a bounty

The project seems real based on what they already accomplished and the individuals behind this research.
But my question is - being an ordinary person, what benefits can we get from this project?
Where will we need to access this genomic database? Or the researchers/scientists are the main beneficiaries of this project?

Just like what frankkkkkkk stated -

Just let me know if you need some assistance once your bounty campaign is available. I will you with your project because it seems promising to me. Where is the roadmap for your plans?

Encrypgen CEO Dr Koepsell doing a live Q&A on facebook in about an hour: https://www.facebook.com/events/315647638885595

Dude, you're very fast. Let me translate something, too.

any airdrop or bounties will be held soon??

It's more a long term investment thing, they are looking into additional applications afterwards, but for now let's get this one started.