GeneOS, a startup that aims to tokenize the genetic code to facilitate the study of the human genome won the Grand Final of the EOS Global Hackathon, held in Cape Town, winning a prize of half a million dollars.
The 4-member team competed against 18 other projects that participated in the final event after winning regional competitions promoted by the EOS Foundation in recent months.
The last stage of the competition gave the participants the opportunity to “incubate” their projects, improving aspects related to the business model, legal compliance, KYC policies, investment strategies, token coding, etc.
The GeneOS project was developed by Benjamin Tse, Jens Elster, Albert Chen, and Jay Bowles. The team hopes to promote a safe and economical way to study the human genome allowing to improve new medical and pharmacological developments, splitting the cost between and sharing the revenues of its use for research purposes:
Ninety-nine percent of our DNA is still not well understood, so our goal is to help humanity to understand it in order to cure diseases. The first obstacle is that people aren’t incentivized to have their genome sequenced – it’s too expensive, and also there are privacy concerns around the data. We address those concerns using blockchain, with our Genome Equity Model, or GEM for short.”
The team qualified after winning a “Best Social Impact Prize” and US$3,000 at the London hackathon in September. Jay Bowles commented that the award was highly motivating for the team, resulting in increased standards of quality and a willingness to work:
“It was great to win the Social Impact prize, but we also felt there was a really strong business case for what we were doing,” reflected Jay. “So went spent our time between London and the finale working on that and getting a really good understanding of the industry. Eventually, we ended up really deepening the blockchain use-case as well as the business model.”
EOS has behaved exceptionally over the past 24 hours. Its growth of more than 20% positioned the token as the cryptocurrency with the fastest growth of all the tokens listed on coinmarketcap. EOS currently ranks 4th in the global ranking, behind Bitcoin, XRP, and Ethereum.