Answers from JennyCo to some of the various questions asked on multiple platforms
My initial questions revolve around the dynamics of the investment - particularly the NFTs. While they are transferable, some of the benefits (like the DNA test) are hard for me to wrap my head around, like how we would utilize or transfer the test to the next owner. I can’t imagine Wonderland would actually want them or have an equitable way to distribute them if we did want to keep them. What were your thoughts on this? And is there additional info about the transferable nature of the test kits that I might’ve missed?
The DNA tests are non-transferable so this would be almost a pure $JCO token play.
As far as I can tell, we’re aiming to capture the JCO tokens that come with the NFTs, vested in tranches over 12 months. Would we need to hold those NFTs for 12 months to capture the full stream?
Yes they will be released in batches with completion at 12 months.
I have another question but this one is about staking in Datapools. In the white paper, under datapools, it mentions that staked JCO tokens need to be associated with individual variables; how would it work for the DAO to stake the JCO tokens in a datapool without providing any data? From my understanding, I can stake 40 JCO tokens into a datapool, as long as I have 40 variables uploaded and available to the datapool. Are there staking pools for circulation management or liquidity providers?
The JCO token per variable only applies to data buyers not the user. This provides a floor price for users to achieve in phase 1. This model is likely to evolve once there have been sufficient transactions on JCOX to provide more dynamic pricing and pricing recommendations to data buyers and sellers.
What makes this (JennyCo) better/different from similar projects already out there? I.e what actually gives this value, or is it just one of many competing healthcare dapps?
JennyCo is actually building 2 parts of an ecosystem. Primarily the JCOX. This will be the first health data exchange built on blockchain and will benefit from auditability, transparency, security and all the other benefits of blockchain. We aim to make JCOX the largest health data exchange in the world bringing data buyers and sellers together, most of whom will be institutions. Think hospital groups and insurance companies exchanging data with each other as they do now but with transparent pricing. This leads me to the second thing we are building which is the JennyCo app. A way for INDIVIDUAL users to participate in this exchange by grouping together in cohorts thereby enhancing their value. The sum is greater than the parts. One of the superpowers of the app will be the way it enriches users data without them even knowing. For instance by presenting users with questionnaires or seeking their data in order of highest impact to their profile. Optimising the value of their dataset and in turn optimising their rewards. Finally JennyCo Inc itself will be a data buyer - we will also offer every user the option of leasing their data to us in return for JCO rewards and personalized insights. This is what we refer to as the JCO DAO pool.
*I’m interested to know people’s thoughts about this. As far as I can tell this is being pretty heavily oversold here. Considering the performance of Betswap and the problems it faced with the general public’s inability to navigate Web 3.0, i.e how turned-off they were to even set up a wallet, nevermind depositing funds, (albeit for gambling) how is JennyCo proposing to circumvent this, given where we are as a society with our integration of blockchain tech en masse?
I agree people are not ready for web3 en masse and even crypto wallets and seed phrases would put many off. Because of this we take the view that blockchain needs to be very much back end and we will be marketing accordingly. We know users understand rewards programmes like airmiles though so $JCO will bring users on very much like these programmes with an easy to navigate app and clearly defined rewards with one additional advantage over airmile programmes - we will be able to offer instant off ramp at the best rates in the market (partnership already agreed)
Has any backlash from the medical/pharma/big data lobbies been considered also?
Not at all - in fact we have had several approaches from medical and pharma wishing to partner with us already. Transparent marketplaces always win out in the end and at the moment the health data market is fragmented and opaque. Opening it up will accelerate this exponential market even further.
“JennyCo does not need “mass” adoption” → Maybe I’m misunderstanding, but I would have thought that JennyCo’s very existence and utilisation depends on industry-wide adoption of blockchain technology, something that I believe personally we are a long way off from, definitely not until the end of the bear market and confidence from FTX saga etc. returns, hence the 1+ year timeframe for investment return.
A: Mass adoption would be ideal of course but to put some user numbers here we believe the tipping point for institutional buyer interest is 10,000 users. Hence this is our first target.Once we cross this threshold of active users with full health data profile then JCO comes into its own as a utility token and becomes an ever increasing circle of more data purchases at higher prices.
JennyCo is part of the Constellation Network ecosystem which has a circle of investors who soak up all of the ICO tokens and get easy 2-5x’s dumping on investors upon public sale.Their token unlocks have been timed with exchange listings to allow the team to dump tokens on a pump.This proposal is aimed to pump JennyCo investor’s bags with Olympus DAO as exit liquidity.
JennyCo is almost entirely funded by smaller retail investors. We have only 1 vc investor. I agree most projects try to tie token unlocks with events like exchange listings because there will always be those wishing to sell. I think this is healthy. Presale and team tokens are locked as per the whitepaper so there will be no dumping.
I’m not a VC expert but as an investor in the fund, I’d like to know what are the potential risks involved for Wonderland. Also, I’d like to know if we might encounter the same scenario as our situation with Betswap, i.e. not enough liquidity to offload tokens + unable to OTC.
The main risk is missing the user number acquisition targets. (We already have many buy side institutions interested so less of a concern). In a bear market liquidity is lower and can be problematic. JennyCo is here for the long term and will keep building through macro cycles to counter this. We also believe liquidity will be driven by the utility of the JCO token, the huge amounts of tokens being bought by institutions to pay rewards for data and the need to stake JCO to participate in the JCOX (data exchange)
Why the labs will buy their health data from JennyCo and not the other already established sources? If the other data source companies try to get their market share back (like lower their prices), does JennyCo have a strategy to keep it?
- Better data: The data from the jennyco app users will be curated, standardised and enriched.
- The buyer will be able to interact with the users selling their data (anonymised via the data pool) in case they wish to find out something extra - or even do studies.
- Because JCOX prices will be published data buyers will know they are getting a fair price
- JCOX fees will start at 20% but move to zero as the build is completed. Significantly less than brokerage fees
Healthcare is a very complex, highly regulated industry and this is a specialised niche within that. I doubt that Wonderland investment team has the specific industry experience to assess the chances for success. That is not a criticism. In traditional VC, firms build around sector knowledge because that is necessary for any consistent success.
This is a start-up, which means that it will take years for it to grow and exit only comes if another private investor comes along. I would not consider buying tokens an investment into a company as much as a purely speculative play.
This probably applies to most of cryptocurrencies at this point but i would challenge this going forward. Following DeFi the next wave is likely to be real utility and real world income being transferred into and through a tokens ecosystem!
The premise of the business has a lot of dependencies on external factors to succeed, including: counting on a motivated and knowledgeable user base to materialize who want to spend time managing and selling their healthcare data, the users providing data with sufficient consistency and integrity such that it is usable, pharma and labs finding this a more reliable and cost effective source than current services, etc… I’m skeptical, particularly since it doesn’t (to my view) take a real world need which people already use and improve on it in some way. You could say “get paid for data”, but then you have to pay enough to make it worth peoples’ time to adopt a new habit and routine.
Very valid points. Our biggest strengths are our team and that we already have the data buy-side lined up. We are laser focused on making the app as easy to navigate as possible and many of the transactions will have the option of automation. Set and forget. Even the data buyers will only deal with fiat initially to minimise friction.
Concern that this will be an illiquid investment and hard to exit.
In a bear market liquidity is lower and can be problematic. JennyCo is here for the long term and will keep building through macro cycles to counter this. We also believe liquidity will be driven by the utility of the JCO token, the huge amounts of tokens being bought by institutions to pay rewards for data and the need to stake JCO to participate in the JCOX (data exchange).
Utility token for my health data sounds dystopian and no fun.
Its not going to be for everyone. Remember the health data is anonymised before being shared.
We shouldn’t even get involved with the pharma industry, and whatever income we would be disrupting, we have our own crypto problems.
One of the problems with crypto has been the lack of funds flowing into token ecosystems for actual utility. DeFi was a start but many of the high yields were either unsustainable or built off TerraLuna and doomed. My belief is we need strong utility tokens to bring the next bull market on.
What is JennyCo’s goto market?
Once the app is in beta (next quarter) we want to bring in US university students and people who have had or are interested in having their DNA tested. Hence our first partnership with sequencing.com opening up a database of 660,000 users with a dna test already done. Our initial target being 10,000 users with complete profile including DNA.
Do they have any LOIs?
Yes and other partnerships already announced.
They gonna create soul bound tokens to link genomics data to an addy?
Probably not unless we can solve for anonymity.
Also why would someone pay for maybe 10k pieces of data?
Because it enhances research, drives insurance decisions and helps sell products.
Is there actually someone called Jenny at JennyCo?
Yes but it is also a play on the word gene.
“From what I gather they are trying to create a new market, preventing big pharma from using our data without our consent or paying us… That’s a big ask.”-> This already exists!
The UK biobank is a fantastic initiative but it is for medical research purposes. Users don’t get paid or have ongoing control. Data buyers cannot interact with them or reward them for answering ongoing specific questions about outcomes.
“JennyCo is initially focused on the Wellness and Consumer Product Sector/large Consumer Brands as targets to access consumer data. Rather than solely enter the market (initially) in the pharma sector, we will focus on an equally large and diverse Consumer Product segment (wellness, nutrition, skincare, cannabis, etc.)”-> I must be honest, this seems too broad and not very targeted
This needs to be broad as it refers to bringing the data buy side to JCOX (data exchange). The more data buyers from different markets we can entice to the exchange the more likely it is to flourish - with better prices for data sellers and the net positive effect of this in word of mouth marketing bring more users and in turn bringing more data buyers.