It’s no shock that the information about FTX has dominated the headlines over latest weeks. Because the debacle was made public, a number of different dominoes have began to fall together with the announcement that BlockFi has filed for chapter. Earlier than all of this there was the LUNA/Terra implosion, and in the event you’ve been round lengthy sufficient you’ll bear in mind in fact Mt. Gox and BitConnect.
There are lots of the reason why FTX fell from its crypto pedestal. To start out, a persistent lack of transparency in order to obscure what at greatest might be described as mismanagement. Subsequent, utilizing their very own token for valuation when it had no basis in tangible or helpful property. An inexperienced crew who have been in over their heads solely made issues worse…the checklist goes on. The query due to this fact needs to be requested: how can we keep away from the following FTX and the collateral harm to blockchain’s popularity that these disastrous occasions trigger? How can we save crypto?
To take action, we should return to the roots of blockchain and founding rules, the place tasks are evaluated primarily based on their tangible worth, real-world use instances, and the issues they’ll resolve utilizing DLT and web3 applied sciences. Bored with scams and vaporware, many in the crypto neighborhood have begun to comprehend the significance of such fundamentals. One of many actions that greatest represents this shift in mentality is DeSci. Decentralized Science is a rising space of blockchain that seeks to use the perfect of web3 applied sciences to resolve a number of the largest points in science. From funding fusion vitality and house analysis, to discovering cures for illnesses by information donation, DeSci is a return to the elemental core values that gave beginning to blockchain and cryptocurrencies in the primary place. Transparency, fairness, and the removing of the necessity for entities to belief each other.
And that’s precisely what EU-funded begin up Information Lake is aiming to attain. As talked about in the earlier article, Information Lake is making a medical information donation system that goals to resolve a number of the largest points in medical science, with consumer consent, transparency, and equitable rewards as core pillars. The system permits anybody to share their medical information with scientists, offering researchers with information that’s desperately wanted to assist discover cures and new therapies for illnesses. By placing all consent and data-related operations on the general public Polygon blockchain – with no private data ever included – Information Lake has constructed a clear and trust-less information sharing system that’s open to inspection from anybody at any time. To make sure the system is each sustainable and honest, they’re launching it with a brand new “Consent-to-Earn” mechanism that enables individuals to share in the rewards of a knowledge financial system price lots of of billions of {dollars} worldwide.
“With the arrival of GPT3 and evolving AI, the necessity for high quality information units is at an all time excessive. Nonetheless, information is more and more tougher to entry as a result of increasingly more sturdy privateness safety laws which might be being launched all world wide.” says Dr. Wojciech Sierocki, co-founder and CEO.
“Our Consent-to-Earn system presents the third various to this battle of values. Not solely does it give individuals company over their information, however it additionally presents a simple method to share in the rewards of the information financial system. It’s a basic paradigm shift in the way in which we entry delicate data whereas abiding by privateness laws and respecting sufferers’ rights.”
Information Lake is conducting a good launch of the LAKE token by merely making the token accessible on Uniswap to most people, on the similar value that was supplied to Seed and Strategic traders. It additionally signifies that they aren’t utilizing launchpads or incubators that request a big portion of tokens. They’re not utilizing shilling teams or bots that manipulate public opinion and trick individuals into investing by synthetic and manufactured hype. As a substitute they’ve arrange their method to the launch and tokenomics in order that the ecosystem is sustainable, and aligns the pursuits of all members fairly than simply favoring the large gamers.
“Whereas not a panacea for all of our crypto-woes, for blockchain to have a future we should return to the founding rules of decentralization, fairness, and the removing of belief from the trade of information. That’s why equity, transparency, and creating sustainable and equitable worth are the core drivers of our choices.” says Dr. Ligia Kornowska, co-founder and Chair of the board of Information Lake.
The contract for his or her LAKE token has been totally audited, and offers the technological basis for the “earn” portion of their Consent-to-Earn system. Their information donation system is already on Polygon mainnet, the startup has already collected lots of of consents, and so they have orders for information lined up from greater than twenty analysis entities in preparation for the primary information switch and full launch of their system in the approaching weeks.
For the Information Lake crew, this honest launch method represents a return to the elemental rules of blockchain and crypto; transparency, equitable entry to digital economies, decentralization, and utilizing blockchain not for speculative monetary funding, however to resolve a number of the basic points dealing with humanity. Till extra crypto and web3 tasks return to those rules, one other FTX will at all times be simply on the horizon.
As for Information Lake, they’re going all in on the concept returning to a clear and fundamentals-based method represents the way forward for blockchain; with out this shift again in direction of founding rules, crypto can’t and won’t survive.
About Information Lake:
Information Lake is constructing a world medical information donation system primarily based on blockchain expertise and with a Consent-to-Earn incentives mechanism utilizing the LAKE token. They’re empowering individuals to provide consent to the utilization of their medical information in a secure, straightforward and personal manner, whereas offering massive information units that revolutionize scientific analysis and medical research. Their token launch will occur on Uniswap on December seventh, at 15:00 CET.
Information Lake Web site | Information Lake Twitter | Information Lake Telegram | Information Lake Medium | Information Lake LinkedIn
Press Contact: Dinidh O’Brien
Contact Title: International Head of Public Relations
Contact E mail: dinidh.obrien@data-lake.co
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