X Genomics Unlocks Life Sciences Putting Big Human Genetic Data on the Blockchain
SINGAPORE, May 24, 2018 (Newswire.com) - X Genomics, a startup bringing some of the world’s most experienced genome specialists to build the world's largest genetic data chain powered by the blockchain, announces the X Genomics Human Variant Genome Project. The project will enable human genome data to be publicly accessible and ready for sharing while protecting the security and privacy of the data owner by using a blockchain-based decentralized genome data storage.
Human genome sequencing is a key element in our understanding of the evolution of humanity and the human body composition, allowing researchers to understand diseases including viruses, mutations and various forms of cancer better, and design medication with more accurate prediction of their effects.
As the gene industry is developing, X Genomics aims to solve many of its pain points through efficient and secure blockchain services, under the premise of secure and reliable transaction interconnection through visualized data management tools. With this focus, the comprehensive cost of the gene technology industry can be effectively reduced, operational efficiency can be improved, and the application of traditional gene technologies can be solved.
X Genomics is breaking the silos of industry information and integrates the human genome data on a blockchain by building a global genetic data hub and opening a transparent service platform for anyone to share human genome data, while not relinquishing ownership of the data. The X Genomics blockchain is designed to provide genetic research industry partners with enterprise-level blockchain infrastructure, industry solutions, and secure, reliable, and flexible blockchain services.
X Genomics plans to integrate and attract various gene technologies and scientific research institutions to participate in genetic data analysis and mining, while maximizing the value of genetic data, and providing comprehensive, customized health management and life guidance for gene donors. The project will also focus efforts and resources on developing application scenarios for analyzing and using the genetic data collected, enabling the data to be used by parties for the open advancement of Life Sciences for Humanity.
“Our mission is to create a global human genome data hub, mine the huge genetic database and maximize the value of genetic data,” said Shine Lam, CEO of X Genomics. “By enabling decentralized genome data storage, X Genomics will enable human genome data to be publicly accessible and ready for sharing while protecting the security and privacy of the data owner.”
The team of researchers and genome experts supporting the program is based in Singapore, Canada and China, and include two Nobel prize winners, Professor Randy Schekman 2013 Nobel Prize in Physiology or Medicine and Eric Maskin, Harvard Professor and 2007 Nobel Prize in Economy. This makes X Genomics the first of its kind to be supported by Nobel Prize laureates.
The original focus of the Human Variant Genome Project, or X Genomics, is not on the 99.9 percent similarity in the genome of each human, but on the 0.1 percent difference, with a long-term approach that we aim to continue forever, or until humanity is extinct.
To power its blockchain, The X Genomics project will issue an ERC-20 token, the X Genomics Chain Token, (symbol: GSX) under the Human Genomic Research Foundation LTD, founded in Singapore.
The GSX token’s main role is to provide liquidity for digital asset transactions on applications built on the X Genomics platform, and to serve as a payment mechanism for transactions on the X Genomics ecosystem. Users uploading their genome data to the X Genomics blockchain will be compensated with tokens when their data is used. Similarly, researchers will be able to value their research using big genetic data and sharing it on the platform against tokens with medical institutions or individuals wanting to use the research.
About X Genomics
X Genomics is a project combining gene technology with blockchain technology. It will break the silos of industry information and integrate the human genome data on a blockchain by building a global genetic data hub and opening a transparent service platform for sharing human genome data. The project will integrate and attract various gene technologies and scientific research institutions to participate in genetic data analysis and mining. X Genomics will maximize the value of genetic data, and provide comprehensive, customized health management and life guidance for gene donors. Meanwhile, it will develop various application scenarios for genetic data, enabling the genetic data to be widely used in human economic and social activities.
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Source: X Genomics