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It’s no shock that the information about FTX has dominated the headlines over latest 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 in the event you’ve been round lengthy sufficient you’ll keep in mind after all Mt. Gox and BitConnect.
There are various explanation why FTX fell from its crypto pedestal. To begin, a persistent lack of transparency with the intention to obscure what at greatest could be described as mismanagement. Subsequent, utilizing their very own token for valuation when it had no basis in tangible or helpful property. An inexperienced crew who have been in over their heads solely made issues worse…the record goes on. The query subsequently must be requested: how can we keep away from the subsequent FTX and the collateral injury to blockchain’s popularity that these disastrous occasions trigger? How can we save crypto?
To take action, we should return to the roots of blockchain and founding rules, the place tasks are evaluated primarily based on their tangible worth, real-world use circumstances, and the issues they’ll resolve utilizing DLT and web3 applied sciences. Bored with scams and vaporware, many within the crypto group have begun to comprehend 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 one of the best of web3 applied sciences to unravel among the largest points in science. From funding fusion power and house analysis, to discovering cures for illnesses by means of knowledge donation, DeSci is a return to the elemental core values that gave delivery to blockchain and cryptocurrencies within the first place. Transparency, fairness, and the removing of the necessity for entities to belief each other.
And that’s precisely what EU-funded begin up Data Lake is aiming to attain. As talked about in the previous article, Information Lake is making a medical knowledge donation system that goals to unravel among the largest points in medical science, with person consent, transparency, and equitable rewards as core pillars. The system permits anybody to share their medical knowledge with scientists, offering researchers with knowledge that’s desperately wanted to assist discover cures and new remedies for illnesses. 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 knowledge sharing system that’s open to inspection from anybody at any time. To make sure the system is each sustainable and truthful, they’re launching it with a brand new “Consent-to-Earn” mechanism that permits individuals to share within the rewards of an information financial system value lots of of billions of {dollars} worldwide.
“With the arrival of GPT3 and evolving AI, the necessity for high quality knowledge units is at an all time excessive. Nevertheless, knowledge is more and more more durable to entry as a consequence of increasingly strong privateness safety rules which might be being launched all around the globe.” says Dr. Wojciech Sierocki, co-founder and CEO.
“Our Consent-to-Earn system presents the third different to this battle of values. Not solely does it give individuals company over their knowledge, however it additionally presents a simple approach to share within the rewards of the information financial 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 available on Uniswap to most of the people, on the identical worth that was supplied to Seed and Strategic buyers. It additionally signifies 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 individuals into investing by synthetic and manufactured hype. As a substitute they’ve arrange their method to the launch and tokenomics in order that the ecosystem is sustainable, and aligns the pursuits of all contributors relatively 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 rules of decentralization, fairness, and the removing 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 supplies the technological basis for the “earn” portion of their Consent-to-Earn system. Their knowledge donation system is already on Polygon mainnet, the startup has already collected lots of of consents, they usually have orders for knowledge lined up from greater than twenty analysis entities in preparation for the primary knowledge switch and full launch of their system within the coming weeks.
For the Information Lake crew, this truthful launch method represents a return to the elemental rules of blockchain and crypto; transparency, equitable entry to digital economies, decentralization, and utilizing blockchain not for speculative monetary funding, however to unravel among the elementary points going through humanity. Till extra crypto and web3 tasks return to those rules, one other FTX will all the time be simply on the horizon.
As for Data Lake, they’re going all in on the concept returning to a clear and fundamentals-based method represents the way forward for blockchain; with out this shift again in the direction of founding rules, crypto can’t and won’t survive.
About Information Lake:
Information Lake is constructing a world medical knowledge donation system primarily based on blockchain expertise and with a Consent-to-Earn incentives mechanism using the LAKE token. They’re empowering individuals to present consent to the utilization of their medical knowledge in a secure, straightforward and personal manner, whereas offering giant knowledge units that revolutionize scientific analysis and medical research. Their token launch will occur on Uniswap on December seventh, at 15:00 CET.
Data Lake Website | Data Lake Twitter | Data Lake Telegram | Data Lake Medium | Data Lake LinkedIn
Press Contact: Dinidh O’Brien
Contact Title: International Head of Public Relations
Contact E-mail: dinidh.obrien@data-lake.co
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Disclaimer: This text is for informational functions solely. It’s not a direct supply or solicitation of a suggestion to purchase or promote, or a suggestion or endorsement of any merchandise, companies, or corporations. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the writer is accountable, straight or not directly, for any injury or loss precipitated or alleged to be brought on by or in reference to using or reliance on any content material, items or companies talked about on this article.
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