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It’s no shock that the information about FTX has dominated the headlines over current weeks. For the reason that 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 should you’ve been round lengthy sufficient you’ll bear in mind in fact Mt. Gox and BitConnect.
There are numerous explanation why FTX fell from its crypto pedestal. To begin, a persistent lack of transparency with a view 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 worthwhile property. An inexperienced group who have been in over their heads solely made issues worse…the listing goes on. The query subsequently must be requested: how can we keep away from the following FTX and the collateral harm to blockchain’s status that these disastrous occasions trigger? How can we save crypto?
To take action, we should return to the roots of blockchain and founding ideas, the place initiatives are evaluated primarily based on their tangible worth, real-world use instances, and the issues they will resolve utilizing DLT and web3 applied sciences. Bored with scams and vaporware, many within the crypto neighborhood have begun to understand 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 very best of web3 applied sciences to resolve a few of the largest points in science. From funding fusion vitality and area analysis, to discovering cures for ailments by means of information donation, DeSci is a return to the basic core values that gave delivery to blockchain and cryptocurrencies within the first place. Transparency, fairness, and the elimination of the necessity for entities to belief each other.
And that’s precisely what EU-funded begin up Information Lake is aiming to realize. As talked about within the earlier article, Information Lake is making a medical information donation system that goals to resolve a few of the largest points in medical science, with person 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 ailments. By placing all consent and data-related operations on the general public Polygon blockchain – with no private info 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 permits folks to share within the rewards of a knowledge economic 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. Nevertheless, information is more and more more durable to entry because of an increasing number of strong privateness safety rules which are being launched all world wide.” says Dr. Wojciech Sierocki, co-founder and CEO.
“Our Consent-to-Earn system provides the third various to this battle of values. Not solely does it give folks company over their information, however it additionally provides a straightforward method to share within the rewards of the info economic system. It’s a elementary paradigm shift in the best way we entry delicate info whereas abiding by privateness rules 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 identical worth that was provided to Seed and Strategic traders. It additionally implies 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 folks into investing by synthetic and manufactured hype. As an alternative they’ve arrange their method to the launch and tokenomics in order that the ecosystem is sustainable, and aligns the pursuits of all contributors somewhat 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 ideas of decentralization, fairness, and the elimination of belief from the alternate of information. That’s why equity, transparency, and creating sustainable and equitable worth are the core drivers of our selections.” says Dr. Ligia Kornowska, co-founder and Chair of the board of Information Lake.
The contract for his or her LAKE token has been absolutely 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 within the coming weeks.
For the Information Lake group, this honest launch method represents a return to the basic ideas of blockchain and crypto; transparency, equitable entry to digital economies, decentralization, and utilizing blockchain not for speculative monetary funding, however to resolve a few of the elementary points dealing with humanity. Till extra crypto and web3 initiatives return to those ideas, one other FTX will at all times be simply on the horizon.
As for Information Lake, they’re going all in on the concept that returning to a clear and fundamentals-based method represents the way forward for blockchain; with out this shift again in direction of founding ideas, crypto can not 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 folks to present consent to the utilization of their medical information in a protected, straightforward and personal approach, whereas offering giant 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 | Data 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: [email protected]
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