By incorporating blockchain, DeBio Network not only protects privacy but also allows individuals to monetize their genetic information. The project also fosters scientific collaboration by allowing labs worldwide to jointly analyze biomedical data.
DeBio Network, an innovative Decentralized Science (DeSci) startup based in Indonesia, is pioneering the creation of the first appchain dedicated to medical and bioinformatics data. This appchain primarily focuses on genetic testing and related areas.
The rising popularity of genetic testing for disease identification has brought with it ethical concerns regarding privacy and confidentiality. The predictive capabilities of genetic testing also raise the risks of misuse—for example, individuals might be denied healthcare, insurance, or employment based on their genetic predispositions, in what is often referred to as “genetic discrimination.”
DeBio Network addresses these challenges by enabling users to perform anonymous, at-home sampling and testing. It also allows users to monetize their genetic and biomedical data, equips labs of various sizes to collaborate on data analysis, and facilitates the creation of joint biomedical products. The project harnesses the capabilities of blockchain and smart contracts to realize these objectives.
The project has also introduced the $DBIO token, which has been designed to perform several essential roles within its ecosystem, including operating validator nodes and facilitating lab and analyst onboarding.
For example, the token can be used to assist the project in identifying gaps in coverage offerings. Users have the option to request services for various geographical locations by staking their tokens. The nearby labs are incentivized by the staked amounts to join the network.
DeBio Network envisions generating revenue through a range of services, wherein transactions for these services will utilize the $USDT.e stablecoin. These services include genetic testing and analysis, AI-powered wellness insights, and access to consultable personal data.
The revenues accrued in $USDT.e from these services are intended to be reinvested into the ecosystem through the strategic buyback and burning of $DBIO tokens.
Notably, the $DBIO token, native to the NEAR Protocol, is compatible with a Substrate-based chain through the Octopus Network bridge. This bridging mechanism ensures the transfer of value between the NEAR Protocol and the network’s appchains, facilitating interoperability.
DeBio has been awarded Winner for Best IPFS Use for Identity and is a United Nations Sustainable Development Goals (SDG) winner for its innovative approach to fully anonymous DNA testing marketplaces.
While DeBio stands out, it is not alone in the burgeoning DeSci sector. With a current total market cap hovering around $700 million, per CoinGecko, DeSci holds significant potential for growth. Other notable projects include ResearchCoin, launched by Coinbase founder Brian Armstrong, and VitaDAO, which has secured funding from pharmaceutical giant Pfizer.
For those unfamiliar with the DeSci space, now is an opportune time to explore and understand its potential impact before it attracts mainstream attention. Here at Observers, we will continue to monitor this exciting sector and provide updates to keep you informed.