A new company has created a health platform called LunaDNA that stores genetic data that they sell to non-profit organizations for research. We tell you how this startup gives money to its users for sharing DNA data.
The startup health LunaDNA allows its users to share their genetic data in exchange for money. LunaDNA offers shares of the company with which dividends will be paid to users who share their genetic data on the platform created for it.
This health platform has the approval of the SEC (US Securities and Exchange Commission) to recognize health data as a bargaining chip.
“What we’re finding is that our early adopters are very excited about the transparency of this model, that when we all come together and create value, that value flows to the people who shared their data,” said Dawn Barry, President, and Co-founder. from LunaPBC, the corporation that manages the LunaDNA platform.
Thus, the startup shares anonymous data with numerous non-profit organizations, such as organizations that study rare diseases.
LunaDNA does not offer DNA analysis but manages DNA data in exchange for providing actions to people who choose to share their genetic data.
“We look at a number of different models to allow people to own property, including cryptocurrency, which is also a proxy for the property,” explained Bob Kain, CEO, and co-founder of LunaPBC.
“Cryptocurrency is difficult for most people to understand, and right now, the regulatory landscape is blurry. So we thought, to move forward, we would go with something much more traditional and easy to understand, and that are actions, basically ”, explains Kain in relation to the actions that are the change that the startup is currently giving due to this genetic data.
So if you share a series of targeted genes, you can get 10 shares, and if you share your entire genome you get 300 shares. Although stocks are not very valuable today, as the company grows they can acquire considerable value.
As people contribute more data to the startup base, the research value of this data will increase and therefore the dividends of the company will increase.
In order to protect the privacy of users, data is removed from personal identifiers, and health and DNA data is encrypted. The data never leaves the company’s platform, that is, the researchers who use it will do so within the platform.
Users can delete their data whenever they want. “By engaging people through our platform to continually contribute their health data, aggregated data becomes more valuable for advancing scientific and medical research than retrospective moment-to-time snapshots,” explained Barry. .
Thus, this startup provides actions to its users in exchange for sharing their DNA data with organizations that study rare diseases and other research.