Here we will take a look at the OmiX Token which will be used on the Project Shivom platform, how it will work, what its utility is and whether its design is likely to prove effective.
Firstly, let’s just summarise briefly what Project Shivom is all about —the idea behind it 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.
Shivom is aiming to become the largest genomic datahub in the world within a few years, an ambitious goal but one which they are determined to achieve.
Project Shivom’s token will be the Omix Token and it will essentially be used for all transactions on the platform, for all users whether they be members of the public providing their genome, research organisations, app providers, pharmaceutical companies and so on.
Users of the platform will have their own OmiX wallet which they can use to access (or provide) various services.
For users (i.e. individuals), this could include:
For organisations such as research bodies and pharmaceutical companies, this could include:
As times goes on there are likely to be other services and use-cases on the Shivom Platform. What they are aiming to do is provide a structure that will benefit the world of medicine and healthcare overall, as well as provide rewards for participants who contribute.
Rewards to participants will be made for things such as:
Shivom will also provide rewards (in the form of tokens, discounts, free health apps or other cryptocurrencies) for people who promote the platform via social media and articles, blogs, videos and so on.
The price of the token is not yet known, but once released will be updated here.
In terms of numbers, there will be 3 billion tokens created in total, 990 million of which will be available during the ICO.
The remaining tokens will be distributed/held as follows:
· Community: 90m
· Founders: 420m
· Advisors: 300m
· Incentivizing Growth Pool: 600m
· Company reserve: 600m
Information is also not yet available on how much each part of the Shivom ecosystem will cost. It will be crucial these are set appropriately to ensure there is good take-up of the platform, so details are awaited eagerly.
The token economics are interesting and a little different to most cryptocurrencies. In most cases, everyone involved simply wants the token to increase in price as much as possible and the company aims to drive as much demand as possible whilst limiting supply.
However, with Shivom this could end up being counterproductive if it meant that it become too expensive for people to participate in the platform.
If for example the token started out at $1 and it cost 100 tokens to have your genome sequenced, a good number of people might sign up and decide to do so. But if the token then went up to $10 for example and it was still 100 tokens for genome sequencing, then at $1,000 a lot less people would be likely to participate. This could go for companies wanting to purchase data as well as people wanting to contribute it.
It will be important that Shivom intervenes in such circumstances to adjust the product costs to ensure the sustainability of the platform — or builds such adjustments into the model to start with. It may be that they set a fixed fiat price for services so fluctuations in the token price don’t affect the platform’s viability.
To this end they state Shivom “plans to employ effective strategies to manage its token holdings and those in circulation,” which is welcome, but whilst they aim to achieve a “virtuous supply and demand cycle” this may not occur in practice and as I say will require close monitoring.
Shivom has also stated that it intends to subsidise those who can’t afford to participate, although details of the criteria used for this have not yet been provided.
It is stated in the Whitepaper that companies and individuals will be allowed to convert fiat currency to OmiX tokens on the platform, and they have set aside a large portion of tokens to facilitate that. Of course people will still be open to buy OmiX tokens on the exchanges and use them on the platform, so again OmiX will have to ensure there are mechanisms to enable synchronicity between the price on their platform and exchanges.
Project Shivom is a very exciting idea and as I wrote in my review of the ICO, I believe this is a great example of how blockchain can be used to enhance a project and make it run more smoothly, efficiently, anonymously and transparently.
The overall ecosystem and the products and services on it are well-thought out and should stimulate considerable interest in the project.
There are still a number of important details about the OmiX token which are awaited however, such as the token price and the cost/rewards of various services and it will be interesting to see what these will be.
At the same time, Shivom will have to be careful that the token model is closely monitored so that is does not become uneconomical for people to use. It might be that they set a fixed fiat price for the services/rewards, so that potentially wild fluctuations in the token price don’t affect the platform’s viability.
Anyway, overall I don’t see any reason they can’t overcome these questions and have an effective, widely-used platform that benefits all stakeholders.
So what do you think — will this project be a success? Will you be buying some tokens? Let us know in the comments below and thanks for reading!