Analyzing the Decentralization Science Project GenomesDAO

GenomesDAO is an intriguing Decentralization science ( DeSci ) project that recently received investment from a well-known venture capital firm. As one of the early projects in the DeSci field, GenomesDAO was established in 2018, issued tokens in 2021, received incubation support from the parent company of the MetaMask wallet, and collaborated with AMD.

Overview of DeSci

Decentralization Science ( DeSci ) is an emerging field aimed at utilizing the Web3 technology stack to build public infrastructure that fairly and justly funds, creates, reviews, certifies, and stores research projects. DeSci mainly has three forms:

1. Reshape the financing and fund allocation methods for research projects
2. Reshaping Collaboration Methods for Research Projects
3. Adopt Decentralization storage to protect intellectual property

Despite gaining attention from some well-known institutions and crypto leaders, DeSci has not yet attracted widespread attention compared to popular Meme coins and AI concept coins. However, considering DeSci's potential to innovate research methods and benefit humanity, this field is likely to perform well in the future.

GenomesDAO Project Introduction

GenomesDAO is a biotechnology DAO that provides a secure, decentralized, incentive-based genomic testing platform. In the current context of frequent data breaches in genetic testing, the importance of GenomesDAO in ensuring the security and privacy of user genomic data has become increasingly prominent.

Unlike the traditional Web2 model, GenomesDAO allows users to manage their data in their "on-chain vault" and profit from it. With the support of the DAO, the platform achieves a combination of privacy protection, data sovereignty, and token incentives.

User Participation Methods

The operational model of GenomesDAO is as follows:

1. Provide genetic testing services for users
2. Upload the detection results to the DNA database, only the user has access rights.
3. Third-party pharmaceutical companies use platform tokens to apply for the use of DNA data.
4. Users can decide whether to agree or not; if they agree, they will receive platform tokens as a reward.

Users can order testing services on the official website, and after receiving the sample collection kit, they can send back the samples. After the testing data is uploaded, users can access their data through the linked NFT and decide whether to allow third-party companies to use the data in exchange for tokens.

Token Economy

GenomesDAO recently completed the chain migration ( to Base chain ) and token swap. The new token $GENOME not only serves as a means of payment for data trading but also functions as a DAO governance token, allowing holders to obtain voting rights and token rewards through staking. Currently, the market cap of $GENOME is approximately $16.5 million, with a unit price of $0.0174.

Future Outlook

From an investment perspective, GenomesDAO has the following advantages:

• Available products and sources of income
• Narrative with development potential
• The development team continues to work hard.
• Recently received support from a well-known venture capital.
• The market capitalization and trading volume have not yet reached high levels.

Although the DeSci field has not yet attracted widespread attention, the GenomesDAO team is still actively advancing:

• Strive to cooperate with the government and pharmaceutical companies to provide more data monetization opportunities for DAO members.
• Targeting large genetic testing companies to launch "vampire attacks" to attract Web2 users

In summary, $GENOME may become a promising investment option, but investors need to be patient and wait for the overall development of the DeSci field. Investors are advised to carefully assess the risks and make investment decisions based on their individual circumstances.