Technology we use

Building Drugs is very expensive,

but lucrative the same time.

 

Cryptocurrency

There are a lot of definitions of cryptocurrency. From our point of view this is a completely digital and in most cases decentralized form of representing assets. It does not have to be bound to any form of physical good but it can be. It depends on the convention by which it was created. For example Bitcoin is cryptocurrency without any physical equivalent, but Tether is supposed to be backed by US Dollar in 1:1 ratio. 

Main goal of typical cryptocurrency is to completely digitally, anonymously (a bit controversial in today’s world), trustlessly (without need to hope for anybody to do their work properly), in an encrypted way, maintain the history of transactions and store information about balances of its users.

CRYPTOCURRENCY

What knowledge contains simplest form of single transaction?

  • Who sent the asset
  • Who received the asset
  • How much of the asset was transferred

Blockchain

Blockchain is distributed ledger technology behind cryptocurrency and provides a secure method to move and validate the transaction enabling cryptocurrencies to exist. The growing list of records called blocks are linked together using cryptography.   

BLOCKCHAIN

A distributed ledger

01

Distributed Ledger allows secured, permanent record of transaction between non-trusting parities without any intermediary.

02

A network of nodes – computers connected in the blockchain network –validate transactions and distribute to other nodes. 

03

A protocol for enabling a transaction and  implementing a distributed ledger involves:

  • Recording of digital records and transactions
  • Exchange of assets and ownership
  • Smart contracts to automate process

BLOCKCHAIN

Decentralization

Decentralization provides a means to transfer the decision making from the centralized entity to a distributed network of nodes.   Decentralization solves trust issues, system failure and malicious attacks etc  as multiple nodes are responsible to validate any transaction/research results. The clinical trial’s outcome can be validated by multiple stakeholders. 

BLOCKCHAIN

Consensus algorithms

 The Blockchain consensus protocol involves coming to an agreement, equal rights to every node, participation of each node in the consensus process.  

01

Proof of work

The probability of mining is determined by the amount of computational work done by the miner. Computational work is in the form a complex puzzle. Block reward is given to the first miner. 

02

Proof of stake

The probability of validating a transaction is determined by the amount of stake (investment) held by node (How many coins the node has). Work is validation of transaction. Reward is in the form of gas fees used for validation of transaction. 

Smart contracts

Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met and smart contracts are like normal contracts written as code that define rules. Automated execution when conditions are met between parties (seller and buyer). With smart contracts, transactions are transparent, traceable and irreversible.  

Decentralized exchange

A decentralized exchange (or DEX) is a peer-to-peer marketplace where transactions occur directly between crypto traders without any intermediary handling the management of their funds. The transactions are facilitated through use of self executing agreements called smart-contracts. DEXs transactions are settled directly on blockchain rather than recording on the exchange’s internal database as in centralized exchanges.  

Fungible tokens

Fungible tokens are crypto assets that are fungible i.e. they are divisible and non-unique. These tokens can be traded or exchanged, one for another. Fungible tokens are associated with some value and they are interchangeable.  e.g. bitcoin that can serve as a medium for commercial transactions.  

Non-fungible tokens

NFTS are crypto assets on blockchain with unique identification codes and metadata. NFT’s are not mutually interchangeable unlike cryptocurrencies such as Bitcoin or Ethereum which are fungible. (Non-fungible means can’t be traded at equivalency one for another). NFTs can represent items like artwork, real estate, individual identities, property rights etc. “Tokenizing” of these tangible assets provides an efficient means to buy, sell and trade them. 

DECENTRALIZED EXCHANGE

NFT's use in DioMEDe

  • Fundraising commercially for the drug development even at the starting phase of the project.
  • Create a marketplace to engage stakeholders, researchers, patients to collaborate and work towards drug development. 
  • Create a fundraising strategy and tokenomics according to the drug development plan. 
  • Researchers and Laboratory previous success, drug development plan, drug benefits will play a major role in getting funds. 

Cryptography

Cryptography is the study of techniques used for securing communication using enciphering and deciphering of messages. Cryptography is using math to design algorithms which makes it easy for people with certain information (key, pin number, passphrase, fingerprint, facial features, etc.) to access other information (passwords in password managers, sensitive information, access to making transactions on websites, etc).

Hash Function

It is a function that takes any parameter (number, phrase, text file, music, movie, etc.) and converts it to number in some range – typically from 0 to 2^256-1 (115792089237316195423570985008687907853269984665640564039457 584007913129639935 or around 10^77). This function works one way only. If you want to break this algorithm with the current state of technology it will take many times more time than the estimated age of the universe. On the Ethereum blockchain we use keccak256 also based on Elliptic Curve Cryptography (ECC).

Here one of the content creators on youtube made an awesome video about this topic for rough estimates done with absurd assumptions in favor of attackers: 

Asymmetric cryptography

Briefly it is cryptography where we use 2 separate values to encrypt and decrypt data. One of them acts as “lock”, and another one acts as “key”. We call first the “public key” (because it is used by the public to “lock” the data) and  another one we named “private key” (because it is used to “open” the data). On the Ethereum blockchain we use Elliptic Curve Digital Signature Algorithm (ECDSA) based on the keccak256 hash function. 

IP TOKENIZATION

Med-Project model on blockchain

This is a set of smart contracts that will contain data about specific Med-Projects. It will work as a blockchain version of “visiting card”. Here we will start to interact with any particular Med-Project.

Providing Token Dealer

If you want to access shares of this project you can find the address of Shares Dealer Contract in this model.  

Getting data about a Med-Project

If you want to do more research about a particular project then you can start here. 

Transferring ownership

If you (as the researcher) want to give governance over the project to some different party – you can delegate authority over the Med-Project also on the blockchain. 

IP TOKENIZATION

What do you gain?

You gain one place where you can have access to any information and interaction with the Med-Project you need. 

Shares Dealer

This is a set of smart contracts that will be written in harmony with Med-Projects shares policy. It will work as a blockchain version of “exchange”. Here we will start to interact with any Med-Project.

Keeping track of shares balances

You can access the balance of any blockchain addresses you can do it here (for free).  

Getting data about a Med-Project Shares Policy

You can read a document which declares a shares distribution policy you can do it right here. 

Transferring shares

You can transfer shares from your address to another. 

Declaring shares policy

As the researcher you can use presets of shares policy or write your own one based on our blockchain interfaces.

SHARES DEALER

What do you gain?

Thanks to the Shares Dealer you can make sure all shares supply is in line with the declared policy by looking at the transfer history. All of his data is stored in the ethereum ecosystem therefore they are publically available. The Shares Dealer lets everybody transfer their stocks to anybody else. This creates a completely decentralized market with no need for any “trusted” authority to trade your stocks. Shares are based on the same ERC20 methodology which secures cryptocurrencies worth billions of dollars.  

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