New Star in the DeSci Track: The Innovation and Potential of GenomesDAO

GenomesDAO, as an emerging project in the decentralized science (DeSci) field, has recently attracted industry attention. The project focuses on the decentralized management of genomic testing data, providing users with secure and private data storage and utilization solutions.

Overview of the DeSci Track

Decentralized Science (DeSci) is an emerging field aimed at optimizing research funding allocation, collaboration methods, and intellectual property protection using Web3 technology. Although it currently does not receive much attention domestically, it has gained favor from institutions such as Coinbase and Messari, as well as the attention of Ethereum founder Vitalik Buterin.

DeSci mainly innovates the field of scientific research in three ways:

1. Restructuring project financing and fund allocation mechanisms
2. Innovative Research Collaboration Model
3. Use decentralized storage to protect intellectual property

Although DeSci projects have not yet attracted widespread attention, their potential to innovate research methods cannot be ignored.

Introduction to GenomesDAO

GenomesDAO was established in 2018 and is one of the early projects in the DeSci field. As a decentralized autonomous organization (DAO) in biotechnology, GenomesDAO is committed to building a secure, decentralized genomic testing platform with incentive mechanisms.

In the context of the increasingly prominent issues of genetic data privacy, the emergence of GenomesDAO is particularly important. The core idea of this platform is to return the ownership and control of genomic testing data to users, allowing them to manage their data securely and profit from it.

GenomesDAO Operating Model

The operation process of GenomesDAO is as follows:

1. Provide users with genetic testing services
2. Upload the detection data to the decentralized DNA database, ensuring that only the user has access rights.
3. Third-party organizations (such as pharmaceutical companies) can apply for access to DNA data using platform tokens.
4. Users independently decide whether to agree to data access requests; if they agree, they receive tokens as a reward.

Currently, the service is primarily aimed at users in the UK and Europe. Users need to pay £349 to obtain a sample collection kit and receive an NFT similar to a Soul-Bound Token (SBT) to bind to their personal wallet. After the sample testing is completed, the data will be uploaded to the user's exclusive "on-chain vault".

$GENOME Token

GenomesDAO recently completed a chain migration (moved to Base chain) and token swap. The new platform token $GENOME has multiple functions:

• A means of payment for third-party companies to access data
• Users unlock payment tools for disease testing reports
• DAO governance token, can be staked to obtain voting rights and rewards

The current market value of $GENOME is approximately $16.5 million, with a coin price of $0.0174.

Project Outlook

GenomesDAO has the following advantages:

• Available products and revenue models
• Narrative of potential projects
• The development team continues to work hard
• Recently received investments from institutions such as Pantera Capital.

Although the trading volume and market value are currently low, the project team is still actively promoting it:

• Work hard to cooperate with the government and pharmaceutical companies to expand the application scope of data.
• Conduct user acquisition activities targeting mainstream genetic testing companies

Considering the long-term development potential of the DeSci field and the optimistic outlook of several venture capital institutions towards this area, $GENOME may become a potentially attractive investment option. However, investors should carefully assess the risks and be prepared for a long-term hold.