The Token Model
The DeBio Network team intends to release three (3) tokens:
- Mainnet Transaction Rewards & Validator Token ($DBIO)
- The Governance Token ($GBIO)
- The Data Token (e.g. $GENE, $MED, and $EMR)
Users will pay for the DeBio services using the $USDT.e stable coin. Stablecoin can be used to buy Testing Products that will be available in the testing marketplace such as Genomic Testing, Biomedical Testing, and Electronic Medical Records (EMR).
For request service, Users are required to stake some $DBIO to prove that they are indeed requesting the service.
Data Staked by Users will be categorized as data tokens, e.g. $GENE, $MED, and $EMR. The data tokens will be kept in the DeBio Network and aggregated to the data marketplace via Ocean Protocol as an ERC20 token. The Genomics, Biomedical or EMR data will not be saved inside the ERC20 token employment-based instead, it will serve as a pointer to the encrypted link of the corresponding data.
Users who stake their data tokens will have a “data provider” role in the data marketplace. All data buyers in the Ocean data marketplace will do the transaction using $OCEAN. Thus, if the transaction is successful, the “data provider” will receive $OCEAN and the data buyer will receive the data token they bought.
If the data buyer wants to access the encrypted information of the data token, they need to send the data token to the data provider. As a result, the data provider will have both the $OCEAN and data tokens and the data buyer will get the decrypted information of the data token.
Data tokens ($GENE or $MED or $EMR) received by DAOGenics Foundation will be converted into $OCEAN. After a certain period, $OCEAN received by DAOGenics Foundation will be converted into $DBIO through a non-permission smart contract.
As a result, DAOGenics Foundation will always buy back the $DBIO token through a non-permission smart contract based on transaction volume conducted in the data marketplace. More transactions in the data marketplace mean more demand for the $DBIO token.
Apart from being a reward, $DBIO can be utilized for another things such as:
Gas fee settlement for services in DeBio ecosystem
Requirement for Request Services