The idea of sending your DNA test results to large companies is nothing new. It is, however, slightly niche. A lot of people are put off by sharing the most intimate of details. Meanwhile, plenty of people see no need to do so when there is no incentive. The knowledge that they provide valuable genetic information to a company who then makes money by selling it to massive pharmaceutical corporations isn’t exactly encouraging. But Luna Coin is here to change all that.
Blood for Tokens?
The Luna DNA is aiming to set up a huge research database, powered by the blockchain. To do this, they are aiming to corner a market that has been largely unsuccessful. They aim to do this by offering crypto-rewards to those who send in their data. They will then strive to make discoveries based on the data they have received, which they will then provide to the medical industry.
Luna is the brainchild of two key ex-employees at medical research giant, Illumina. CEO Bob Cain was Illumina’s Chief Engineering Officer, and CIO Scott Kahn was also the CIO at Illumina. To raise money for the project, they are preparing a token sale in early 2018, to raise up to $50 million (as this is what comparable projects have raised).
A successful project could certainly lead to some fantastic results; current databases have massively skewed data as there is no balance in demographic. However, a worldwide, incentive-based database could be far more balanced. However, with this being scheduled for 2018, there is some uncertainty. The US Securities and Exchange Commission are already scrutinizing so-called ICOs quite carefully. Now, the SEC will also take a look, as several startups have fallen foul of the fine line between a utility and a security (all ICOs found to be offering securities will be shut down, as these require SEC registration).
Certainly though, if this is approved for 2018, it will be well worth watching.
Do you know about the Luna Project? Would you provide your genetic data in exchange for Luna Coin? Let us know in the comments.