It’s no surprise that the news about FTX has dominated the headlines over recent weeks. Since the debacle was made public, several other dominoes have started to fall including the announcement that BlockFi has filed for bankruptcy. Before all of this there was the LUNA/Terra implosion, and if you’ve been around long enough you’ll remember of course Mt. Gox and BitConnect.
There are many reasons why FTX fell from its crypto pedestal. To start, a persistent lack of transparency in order to obscure what at best can be described as mismanagement. Next, using their own token for valuation when it had no foundation in tangible or valuable assets. An inexperienced team who were in over their heads only made things worse…the list goes on. The question therefore has to be asked: how can we avoid the next FTX and the collateral damage to blockchain’s reputation that these disastrous events cause? How can we save crypto?
To do so, we must return to the roots of blockchain and founding principles, where projects are evaluated based on their tangible value, real-world use cases, and the problems they can solve using DLT and web3 technologies. Tired of scams and vaporware, many in the crypto community have begun to realize the importance of such fundamentals. One of the movements that best represents this shift in mentality is DeSci. Decentralized Science is a growing area of blockchain that seeks to apply the best of web3 technologies to solve some of the biggest issues in science. From funding fusion energy and space research, to finding cures for diseases through data donation, DeSci is a return to the fundamental core values that gave birth to blockchain and cryptocurrencies in the first place. Transparency, equity, and the removal of the need for entities to trust one another.
And that’s exactly what EU-funded start up Data Lake is aiming to achieve. As mentioned in the previous article, Data Lake is creating a medical data donation system that aims to solve some of the biggest issues in medical science, with user consent, transparency, and equitable rewards as core pillars. The system allows anyone to share their medical data with scientists, providing researchers with data that is desperately needed to help find cures and new treatments for diseases. By putting all consent and data-related operations on the public Polygon blockchain – with no personal information ever included – Data Lake has built a transparent and trust-less data sharing system that is open to inspection from anyone at any time. To ensure the system is both sustainable and fair, they’re launching it with a new “Consent-to-Earn” mechanism that allows people to share in the rewards of a data economy worth hundreds of billions of dollars worldwide.
“With the advent of GPT3 and evolving AI, the need for quality data sets is at an all time high. However, data is increasingly harder to access due to more and more robust privacy protection regulations that are being introduced all around the world.” says Dr. Wojciech Sierocki, co-founder and CEO.
“Our Consent-to-Earn system offers the third alternative to this conflict of values. Not only does it give people agency over their data, but it also offers an easy way to share in the rewards of the data economy. It’s a fundamental paradigm shift in the way we access sensitive information while abiding by privacy regulations and respecting patients’ rights.”
Data Lake is conducting a fair launch of the LAKE token by simply making the token available on Uniswap to the general public, at the same price that was offered to Seed and Strategic investors. It also means that they aren’t using launchpads or incubators that request a large portion of tokens. They’re not using shilling groups or bots that manipulate public opinion and trick people into investing by artificial and manufactured hype. Instead they have set up their approach to the launch and tokenomics so that the ecosystem is sustainable, and aligns the interests of all participants rather than just favoring the big players.
“While not a panacea for all of our crypto-woes, for blockchain to have a future we must return to the founding principles of decentralization, equity, and the removal of trust from the exchange of data. That’s why fairness, transparency, and creating sustainable and equitable value are the core drivers of our decisions.” says Dr. Ligia Kornowska, co-founder and Chair of the board of Data Lake.
The contract for their LAKE token has been fully audited, and provides the technological foundation for the “earn” portion of their Consent-to-Earn system. Their data donation system is already on Polygon mainnet, the startup has already collected hundreds of consents, and they have orders for data lined up from more than twenty research entities in preparation for the first data transfer and full launch of their system in the coming weeks.
For the Data Lake team, this fair launch approach represents a return to the fundamental principles of blockchain and crypto; transparency, equitable access to digital economies, decentralization, and using blockchain not for speculative financial investment, but to solve some of the fundamental issues facing humanity. Until more crypto and web3 projects return to these principles, another FTX will always be just on the horizon.
As for Data Lake, they are going all in on the idea that returning to a transparent and fundamentals-based approach represents the future of blockchain; without this shift back towards founding principles, crypto cannot and will not survive.
About Data Lake:
Data Lake is building a global medical data donation system based on blockchain technology and with a Consent-to-Earn incentives mechanism using the LAKE token. They’re empowering people to give consent to the usage of their medical data in a safe, easy and private way, while providing large data sets that revolutionize scientific research and medical studies. Their token launch will happen on Uniswap on December 7th, at 15:00 CET.
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