Encrypgen (DNA) is a solution for the genomics market based on the Blockchain, which is looking to store everyone’s genetic information (DNA) in a database that is securely stored on the Blockchain.
This database is called GeneChain and would store the DNA information of people who are involved in a safe, secure way. It is a private network that relies on nodes which provide security and privacy of all the data on the network.
At the moment, your genomic data is not stored securely unless you have been pro-active about it. Anyone could have access to your DNA information, and this issue is tackled by Encrypgen. By relying on the blockchain technology to store the genomic data, the issues of privacy and security are solved. If you decide to use the GeneChain network (which is free), you would upload your genetic information on the network and you would be issued with a private key that is accessible only by you, which makes it impossible for anyone else to have access to your DNA unless you allow them to.
Additionally, if you decide to store your genetic information on the GeneChain database, you could grant access to doctors, healthcare professionals or scientists who are interested in using your genetic information for research and in exchange you would be rewarded with payment tokens (DNA token). You would also be able to see how your information has been used and by whom.
The GeneChain network is a very innovative project and unique in its proposition, as it’s the first application of Blockchain technology to genomic science. You can find an overview of the GeneChain network here.
What is the DNA token used for?
The DNA token is a utility token, and it would be used solely as the medium of exchange of genomic data on the GeneChain network. So if you decide to offer your genomic information for a research project to a research group interested in it, you would be paid with DNA tokens as a reward.
Encrypgen have signed partnerships with about 900 companies so far and they are releasing a lite application of their platform on Friday, 15th December.
The star of the team is Vanessa Gonzalez Covarrubias, who is a genomic science advisor and a highly experienced researcher in the field of genomics. The rest of the team can be found on their website. Notably, there are 4 advisors in the team and all of them have PhDs in genetics or informatics.
Supply and market cap
The team confirmed on their Discord channel that there is a coin burn happening next week. At the moment, the circulating supply is 38 million with a total supply of 100 million tokens and a market cap of $20 million USD.
Currently, the price is $0.50 after it has been pumped so a correction might be happening. However, it is still a good time to get in as the token is only available on Cryptopia and EtherDelta and it has not been released yet on any major platforms. Additionally, the lite app is released on Friday and there is a token burn taking place next week too.
At the moment, Encrypgene has 2 competitors – Genecoin and Zenome. However, I am not sure how to buy these coins as I could not find them on Coinmarketcap or any other exchange platforms.
At the moment, Encrypgen has reached all the milestones that have been set. They have obtained a supercomputer and version 1 of the network is coming out in December, with the customer portal available to upload your genomic information in March 2018.
This is a project with great potential and it is relatively under the radar at the point, despite the fact that it has been pumped in the last few hours. The fact that it hasn’t been released on major exchange platforms yet and that there is a token burn coming up and the lite app released on Friday 15th December, could make this a potentially good investment once the hype settles, especially if you’re looking to buy for long-term.