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Satoshi Nakamoto introduced the world’s first ever block of blockchain on January 3rd, 2009. He brought “Financial Freedom” to the worlds and people were genuinely excited by the power of blockchain. Some argue bitcoin cannot work, but as everyone knows by this time, bitcoin has survived despite over 330 death sentences and marks its 10th year anniversary on January 3rd, 2019. Nobel prize-winning economist, heads of large financial corporations, and representatives of international organizations all expected the failure of bitcoin, but they were wrong.
A global genome-based platform company MyGenomeBox has announced the generation of myGeNomeCoin (GNC) to celebrate the bitcoin’s 10th year anniversary. On January 3rd, 2019, at 00:00 UTC, MyGenomeBox will take a snapshot of bitcoin UTXO; bitcoin’s 10th-year ledger will be used to establish DNA-blockchain based GNC ecosystem. People who hold bitcoins on January 3rd, 2019 at 00:00 UTC can claim redemption of the number of GNC matching the number of bitcoins they hold in the wallet. MyGenomeBox will divide 3 million GNC it holds into six lots in the unit of 500,000 GNC and distributes one lot of GNC every year to those who contribute in establishing genome-sharing ecosystem, for 6 consecutive years. Most importantly, MyGenomeBox will reward more coins to people who contribute to medical advancements, such as patients with rare diseases.
The GNC project combines the characteristics of genetic information that gain value as they gather and the attributes of coin ecosystem that grows value as it spread. Also, GNC does not follow the typical ICO path. It does not raise funds by selling massive amounts of coins up front. Instead, it bypasses security-related regulations and creates an ecosystem around a well-established coin because the goal of GNC generation is to build an ecosystem, not to raise funds. Distributing coins or tokens that carry a certain value in a structured manner will add vigor to the ecosystem and rewarding behaviors benefitting the entire ecosystem will induce desired behaviors, which will, in turn, raise the value of the coins.
Using bitcoin network can stabilize the ecosystem prematurely. In the meantime, this method has not been practiced because the desire for making quick money must be eliminated in the first place. This method is an attempt only a competitive company having a long-term business opportunity in the development of the ecosystem can think of. However, if this method proves to be a useful solution for building a blockchain ecosystem, many market-leading companies will adopt it. Regulators will consequently abandon ICO regulations when they realize that they cannot stop companies from building a blockchain ecosystem like GNC, which builds an ecosystem without selling coins.
There are limits to regulate blockchain with traditional ideas and regulations because it is a new technology. And as we know already, it is important to stop any fraudulent activity to protect investors. Those who deceive others must be punished by the law. However, it is neither possible nor desirable to restrict people who are interested in the ecosystem itself – this is the true power of the new technology – Bitcoin’s 10 year-long history proves it.
“you cannot uninvent Bitcoin”
Last modified (UTC): September 24, 2019 2:56 PM