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Author Topic: New project - Genozar, genetic nft marketplace  (Read 24 times)
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September 06, 2021, 05:40:37 PM
Merited by Black_Scipio (1)

In the course of the last years, the genetics data market has expanded, permitting normal citizens to gain access to DNA sequencing at an accessible price. The genomes, sequenced by specialized agencies, get given to clinics, laboratories, and other medical research facilities with the user’s agreement. With this process, the user has the opportunity to obtain the full sequence of their own DNA at a cheap rate in exchange for the insert of their DNA in various research institutes’ databases. The system describes hereby has two big criticalities: the first one is about the real value of genetics data and who actually profits from them. The sequenced DNAs, in fact, are used to develop important scientific researches and medications worth hundreds of thousands or even millions of dollars. Such profits get cashed in mainly by institutes, forgetting about whoever has contributed to the research putting in their own genetic material. The second criticality to point out is the agreement to the usage of certain data or knowing to which facilities get access to it, rights that aren’t always respected. In order to solve these criticalities, giving the users or one of their representatives the possibility to decide how and who to sell their data to, receive part of the profits obtained by their usage and, on top of all, being sure that they aren’t treated without their own explicit direct consent is fundamental and way fairer. And it is with this purpose that the GENOZAR project has been conceived. The project envisages the development of an online selling platform (marketplace) where the users in possession of an accordingly sequenced and certified genome, partnered to a precise identity can put it for sale through auctions or directly by an established price to the facilities in need. To grant the certification and the data possession, a nonfungible Token (NFT) will be created, denominated Genetic Token (GTK).

The Genozar Project is structured in two parts. One part is about the non-fungibleToken (from now on renamed GTK) that will contain, among all the metadata, an URL including the users genetic data, the certifications, and other potential documentation.  The other part is constituted by the marketplace, the platform though the users’ will be able to buy and sell genetic data with the possession of a GTK. The two parts will be developed contextually because of their reciprocal complementary.

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