Healthcare is a top candidate for 10x plus gains in efficiency from Blockchain Technology. If you don’t know why blockchain is important, skip the buzz and read a brilliant summary by Naval Ravikant.
I’ve argued for creating an open DNA network with its own currency that would vastly improve the health and well-being economy.
The goal is simple and clear: to live healthier, longer, and economically, as well as more broadly speaking, richer lives.
I started building the network, called DNA ID, that has its own currency, called DNAcoin that represents the value in our personal DNA.
Achieving the goal is defined when DNAcoin increases in value because it proves that the network we’ve built is useful. We win health and money, but more importantly, we earn quality time for new endeavours and to spend with loved ones.
There’s been many ICOs recently, but many fall short of expectations. Many cryptos have a lower return on investment than just holding bitcoin, and the risk can be higher.
If the network is not yet built, the price can go down for a long time and may never recover. Even if the network is finally built, it may not need the token. It’s still satisfying that it’s been built, but why not get a share of the profits?
Yet, crypto potential is unquestionably huge and lets us dream bigger things. If regulations permitted, it would be safer for practically anyone to hold bitcoin and other crypto, than not to. Sophisticated high-net-worth individuals are being helped to invest in more diversified crypto portfolios and the fund managers explain the potential way better than I can. Why be left out when a world of opportunity is unfolding before our eyes? There must be a better way to invest in crypto?
DNACoin and DNAInvest ICO
Reflections within the crypto community after the recent wave of ICOs made me realise that we needed to think way more broadly about building a successful network with a successful token economy.
The solution proposed: we will issue two different coins, one that rewards risk of the investor network, and the other that rewards the personal DNA value in the user network. The investors coin is temporary while the app coin reaches traction.
How it works
All users, including investors will register at DNA ID.
Every hour, a small percentage of DNAcoin is added to the balance of all registered users of the app equally in proportion to their DNAcoin stake, so that the early subscribers get compound benefits.
The investors receive at each period an extra percentage in DNAcoin in proportion to their stake in DNAinvest.
In practice, the investor network buys at any time DNAinvest coins 1/1 with Bitcoin at market price. This gives the investor a percentage stake among other investors calculated in Bitcoin at spot market prices for the portfolio of the Foundation, tracked in real time and displayed on the app (module to build).
The Foundation will keep a substantial amount of the funds in bitcoin but will occasionally invest in tokens that it needs, or will need, for operations. For example, the execution of smart contracts costs Ethereum. This will allow to diversify risk and to hedge against a rise in the price of digital commodities (encrypted data storage, certified id tokens, etc).
The Foundation sets a low rate of monthly withdrawals, say 1–5% from the total invested to pay for operations ($500 month currently, so we would need 10–50k$ to sustain them) and to outsource coding, design and legal work, among others. Third parties are given payment choice in cash, DNAinvest tokens, or DNAcoin (once traded openly).
DNACoin will be held in escrow by the Foundation until it achieves economic value, either through in-app sales or a derivative instrument traded on public markets that predicts value for the token with reasonable liquidity.
Once DNAcoin becomes traded openly, the Foundation may buy the stake of the investors by selling new DNAcoins until the Foundation becomes independent and issues only DNAcoin.
At this time we are operating with minimum costs. Despite this, the highly secure and scalable (React, MongoDB, serverless, containers) cloud based open source software is deployed and there are tools to expand it by accepting new third-party modules.
Other modules in development
Use of funds
- Develop a browse interface for R&D, clinical, or medical use
- Smart contracts development
- Finish implementation upload to GridFS
- Portfolio tracking module
- Legal advice
- Nanopore and Raspberry Pi based mobile sequencing station pilot
Code
Blog and forum
Timeline
End of year looks like an attainable goal but it could take longer until we get it right. It is our personal and family’s DNA after all so I want to make sure we think it through enough. The general ideas seem to be in place and I’ll be working on giving it more detail.
I already put out this material to gather feedback, update members in real time, and in case it can be useful for others. Also because I want to focus on the release of the software in the following (turbulent kiddoe-wise) weeks and wanted to write down the progress with the economic model. The screenshots are from the test server http://dev.dnavid.com.
