Encrypgen Completes ERC20 Integration – DNA Token Likely to Appreciate
With Bitcoin (BTC) surging above 5,000 in recent weeks, traders might be wondering whether now is the time to get back into altcoins. I’ve written in the past that the market will likely be more critical of blockchain-based projects in the future. There are two reasons for this. The first reason is that many traders have suffered large losses during the past 16 months. Going forward, traders are only going to hold tokens of projects that they have a very high confidence level in. The second reason is that many projects have failed to live up to expectations. Companies and projects are going to face much more scrutiny as the cryptocurrency market matures. One company that continues to surpass expectations is Encrypgen (DNA).
Birth of the Gene-Chain
Back in November, Encrypgen launched the world’s first genomic data marketplace, known as the Gene-Chain. Since then, the platform has seen more than 100 transactions take place. Transactions occur when researchers and scientists purchase data directly from data owners. In this way, consumers can profit from simply selling information that they wanted anyway. And researchers will be able to use the purchased data to help study and find cures from some of the world’s most dangerous illnesses. It’s a win-win-win for everyone (Encrypgen, Data Sellers, and the Scientific Community).
ERC20 Integration Announcement
Encrypgen reached a major milestone last week after announcing that anyone could use their ERC20 DNA tokens to buy and sell data. Users can import DNA tokens into their wallet which can be used for buying genomic data. Additionally, users can export the tokens back to their preferred personal ERC20 DNA wallet. As always, I strongly recommend cold storage, preferably the Ledger Nano S.
This milestone announcement will almost certainly result in more data transactions taking place on the platform which should help to drive demand of the DNA token. It’s important to remember that DNA is a utility token, so its value will be determined by actual usage on the platform (i.e. supply and demand).
Although the ERC20 integration completes the Gene-Chain, it certainly doesn’t mean that the company is done improving the platform. By the end of May, the company expects to unveil an exciting new tool for researchers: custom surveys. This tool will allow Encrypgen to gather data from researchers in an effort to make their Gene-Chain experience as user friendly as possible. In an effort to generate as many transactions as possible, keeping researchers satisfied will always be a top priority for the Encrypgen team.
Encrypgen has put out a goal of onboarding 10,000 users by 2020. I personally believe that is a conservative estimate. The company has already demonstrated a strong track record of establishing partnerships that will prove fruitful as time goes on. If this continues, it’s entirely possible that the company could generate 5-10x as many users as estimated.
DNA got off to a strong start in 2019. During the first few weeks of January, the token was being heavily accumulated which resulted in substantial gains. Unfortunately, since Cryptopia was the token’s primary exchange, things have been fairly quiet since mid-January. Since then, Cryptopia has made solid progress by re-opening many of its trading pairs and enabling deposits and withdrawals. Although DNA still hasn’t been re-listed yet, it’s only a matter of time before this happens. The exchange has assured me that the token is in its queue to be added.
As Encrypgen continues to achieve its goals and surpass expectations, it’s only a matter of time before transactions really start to take off on the Gene-Chain. Encrypgen’s competitors are years behind which means that the Gene-Chain has a strangle hold on the market which will almost certainly drive demand of the DNA token.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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