Project Shivom ICO Review — Your Genome on the Blockchain

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Project Shivom ICO Review — Your Genome on the Blockchain

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Occasionally a new ICO comes along that really stands out and I have one for you today that certainly does that.

The ICO in question is called Project Shivom and it is about bringing the human genome to the blockchain, with huge potential benefits for healthcare around the world.

Whilst a lot of new ICOs have a tenuous case at best as to why they need to use blockchain technology and could just as well do without it, this is a project where this is a clear use-case for it.

I will take a look at what the project is all about, how the system will work, the potential benefits and the ICO itself.

Project Shivom — The Future is Your Genome

The idea behind Project Shivom is to allow people to have their genome sequenced and then placed on the blockchain. Once they have done so, they can then sell the data from their genome to pharmaceutical companies, research organisations, universities and governments if they choose to.

If you contribute your genome to the project, you will completely own the rights to it and only those you authorise will be able to access it.

By creating a huge database of genomic information, this will allow significant developments in healthcare, particularly around personalised medicine and the over 7,000 rare diseases that are out there.

How it Will Work

If you want to participate in the Shivom project as a contributor, firstly you would sign up to the platform.

Then you would receive a kit in the mail where you can upload your own DNA sequence, simply by collecting your saliva and returning it to Shivom.

Then as part of contributing your genomic information, you can learn about your own ancestry and get insights into your personal health from the raw genetic data.

And of course you can choose to donate your genome for research purposes, for free or for profit.

The cost of sequencing a genome has come down exponentially in recent years, from $100m per genome to just a few hundred dollars now — and experts predict it will cost just $100 by 2020.

That means we could now potentially sequence millions of genomes very cheaply, opening up a whole world of potential benefits from this genomic revolution in terms of what we can learn from it.

The Benefits

The potential benefits of this project are immense, both in terms of how it can help expand genomic sequencing and Shivom’s particular approach to it.

In terms of the general benefits of genomic sequencing, it can help to:

  • Identify whether a particular drug will be helpful to a patient or not
  • Preventing disease in healthy individuals through identification of risk and early intervention
  • More accurately diagnosing disease and providing correct prognosis
  • Choose the correct dosage and type of drugs for individuals
  • Reducing healthcare costs through knowing which subsets of patients will benefit from certain drugs and not others
  • Enabling pharmaceutical companies to more accurately develop drugs in clinical trials
  • Generally increasing scientific knowledge about genetic factors influencing disease

So it is not an understatement to say that genomic sequencing will revolutionise medicine in the near-future, with personalised treatments based on genomic information becoming the standard in healthcare in the coming years.

In terms of Shivom’s particular approach to creating a database of genomic information, the potential benefits of this include:-

  • People who donate their genomic information will own the data and access rights
  • Donors can earn money from selling their genomic information to third parties such as research bodies and pharmaceutical companies
  • In turn, pharma companies can use the data to inform their clinical trials and drug development
  • Patients can get information about their ancestry, personal health and lifestyle genetics

So there are clear benefits to all parties involved in the Shivom ecosystem.

Why Blockchain?

Now of course you may be thinking “that all sounds great, but why do Shivom need a blockchain (and an ICO) for this — why can’t they just do this already as a normal company?”

Well, this is a great example of where a blockchain-based solution is actually really useful. All of the data that is collected will need to be stored and distributed in a completely safe and trustless way, such that it cannot be hacked or tampered with. Blockchain is the perfect method for doing this because it can guarantee this trustless authentication through smart contracts.

It will also ensure the overall ecosystem of data ownership, patient rights and data integrity is maintained to the required standards.

If you want to share your genomic information with a third party, you will receive cryptographic keys which will mean only you can access the data, thus providing complete security.

The Token

The Shivom platform will operate using the OmiX token. It will allow access to the full range of services on the system, including:

  • Acquiring genomic sequencing kits
  • Sponsoring sequencing projects
  • Accessing health/fitness apps provided by third parties
  • Accessing the genomic database
  • Pay donors for participation in research studies

So in essence anyone wanting to access the platform whether they be donors, research bodies, pharmaceutical companies and other organisations will need to purchase OmiX tokens.

ICO

Shivom are currently doing a private sale, which is due to run until 9th April and then the public sale is due to commence on 16th April.

Unusually, they have not released details of the token price or the hard cap, but when those are released I will update this page accordingly.

In the meantime, here are the details we do know:

· Token: OmiX token

· Maximum number of tokens: 3,000,000,000 (3 billion)

· Tokens available during ICO: 990,000,000 (990m)

· Token price: not yet known

· Sale starts: 16th April 2018

· Sale ends: 16th May 2018

The remaining tokens will be distributed as follows:

· Community: 90m

· Founders: 420m

· Advisors: 300m

· Incentivizing Growth Pool: 600m

· Company reserve: 600m

In terms of the use of funds, this will be as follows:-

  • Platform development: 20%
  • Operations and business development: 11%
  • Non-profit R&D platform: 10%
  • Marketing and forming partnerships: 21%
  • Legal: 5%
  • Initial Proof of Concept: 2%
  • Data Storage: 6%
  • Laboratories: 25%

So there you have it, that is the Project Shivom ICO.

This ICO is being really well received by the community, with their Telegram group already boasting over 70,000 members and their Twitter account over 45,000 followers.

Such big followings are usually a sign that an ICO will do very well, so I would not be surprised to see this one sell out.

Certainly I think this is one of the most promising ICOs I have seen for some time and is one of the few cryptocurrency-related projects I could see still going strong in five or ten years’ time, if they are able to execute their plans successfully of course.

You can check out the Project Shivom ICO here, join them on Telegram hereand follow their announcements on bitcointalk here.