myGeNomeCoin (GNC) is marking the 10th anniversary of the launch of the bitcoin system with a special offer. On January 3, 2019 at 0:00 UTC, the snapshot of bitcoin UTXO will be taken. Addresses that contain bitcoins at that point in time can claim redemption of the same number of myGeNomeCoin. In other words, a bitcoin holder can claim one GNC for every bitcoin they hold.
GNC is generated through the uncommon approach of “snapshot” because the bitcoin ecosystem and bitcoin holders have proven value which can act as the underlying asset of the derivative GNC. Bitcoin has more long-term investors than other cryptocurrencies and has many long-term holders who are not easily swayed by price fluctuations. The proven bitcoin ecosystem community is the best place for planting the seeds of a genome-based, shared-economy ecosystem pursuing the utilization of genome data while protecting each user’s genome identifiers.
There are two major difference between GNC generation and an ordinary hard fork.
1. The difference of GNC with any other previous hard fork is that GNC can only be claimed within a given period of time (Feb. 2019 to May 31, 2019).
2. It is estimated that at least 5 million GNC will be unclaimed due to lost keys. These unclaimed GNC will be revived and used topromote the public good of genome data as the basic framework of the GNC project. Immediately after the expiration of the claim period, any unclaimed coins in the wallet of MyGenomeBox (MGB) in excess of 3.3 million will be sent to an irreversible address and burned in order to prevent the issuer from exerting excessive control and to minimize uncertainty.
This will give clarity to the total number of GNC in circulation and enable the GNC ecosystem to have a fresh start in a simple and transparent manner. GNC is therefore differentiated from bitcoin, as the high percentage of coins acquired through unlawful or dubious channels are unlikely to participate.
Bitcoin has more long-term investors than other cryptocurrencies and has many long-term holders who are not easily swayed by price fluctuations. However, it is not clear who is still valid and fair. GNC generation will allow the elimination of lost coins and unlawfully acquired coins – hackers’ wallets – from the total GNC supply and greater predictability than bitcoin. Furthermore, GNC can bring transparency to the bitcoin ecosystem as bitcoin holders’ GNC claim patterns can give insights into the nature of big holder addresses.
GNC is the world’s first coin ecosystem to leverage the bitcoin community. The GNC ecosystem will start with about 80% of GNC redeemed to bitcoin holders. This baseline value is what differentiates the GNC ecosystem from an ICO token. The issuer does not have to presale or airdrop the tokens.
GNC does not follow the typical ICO path. It does not raise funds by selling massive amounts of coins up front. Instead, it creates an ecosystem around a well-established coin because the goal of a token sale is to build an ecosystem.
Three million coins in MGB’s custody will be distributed over a six-year period, in a planned manner, to minimize market disruption. They will also play a vital role in distributing coins to reward those who contribute to myGeNomeCoin’s social goal of promoting the use of genome data for the public interest. For example, patients with certain diseases need to be rewarded if they volunteer to share their genome data.
Now, the attention is on how a cryptographic community will react to provocative ideas of reviving lost bitcoin coins. How many of the big bitcoin holders will claim for GNC and how many wallets will move is also worthy of note.