$LAKE Token
The $LAKE Token and Why web3.
Secure, transparent, scalable and incredible fast. The Data Lake consent system is powered by the Polygon blockchain. The $LAKE token allows for cross-border incentivization and stakeholder rewarding.
Why web3 and a token?
The primary reason for why we chose a web3 token to power our consent-to-earn medical data economy, is that it’s the best legal way of rewarding data donors internationally for participating in a data altruism program. That’s what makes a web3 utility token perfect for a system like the one we’re creating, as we are not paying one person for their medical data, but spreading rewards evenly among ecosystem participants.
It’s also a way of aligning the interests of the various stakeholders in our ecosystem, including data donors who are typically excluded from the proceeds of their data. Instead of incentivising only the large market players like data buyers, we can use the flexibility of web3 smart contracts to create a system that rewards everyone fairly. This would be incredibly difficult – or impossible – to achieve using traditional business and finance approaches to generating value.
In addition, a utility token allows us to provide the benefits and features shown below to help bring sustainable and tangible value to the ecosystem.
7.500.000.000
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Donor Consents
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$LAKE Token
Token Panel
This one-stop shop for the LAKE token allows you to view and claim your LAKE tokens, buy and swap LAKE directly, view your vesting periods, and much more!
Token Utility
Governance
Possession of the $LAKE token will allow ecosystem participants to vote on certain decisions regarding the system, e.g. the value of the ecosystem tax, supporting chosen research on non-profit basis, disbursing research and charity grants in $LAKE, and more. The classification of the $LAKE token including its utility may change depending on the regulatory landscape.
Benefits Panel
$LAKE storage for a given time in the Data Donor’s panel will allow the token holders to access the benefits in the panel, such as healthcare & wellness products and services discounts, educational materials and more.
Participation Staking
$LAKE storage will be required by business players such as Data Buyers, Consent Gatherers, Integrators and Trust Entities as a form of entry ticket to earn from participation in the new medical data economy. This will be introduced only when not detrimental to the growth of the business.
Liquidity Pool Staking
$LAKE tokens can be used for Liquidity Pool staking. 8% of the total $LAKE supply is allocated for LP staker incentives.
LAKE Token
Frequently Asked Questions
$LAKE is a utility token that fuels the Data Lake Consent-to-Earn ecosystem. It uses Distributed Ledger Technology (also known as blockchain) to track and distribute rewards to those contributing their medical data to scientific research. It’s also used as a “ticket of entry” for those performing legitimate research and development, who need large anonymous datasets to advance medical science and save lives. It also has a number of other utilities, explained further on this page!
The data market is worth trillions every year, but users are still excluded from it. C2E, short for Consent to Earn, is a new model of earning that allows anyone to participate in the data economy by giving consent to the use of their data, and being rewarded for doing so
The term IDO means ‘Initial Decentralized Exchange Offering’, and it can involve various methods of launching a token on an exchange for people to acquire. In our case, $LAKE token will be simply added to Uniswap and a liquidity pool created, and we will notify our community that they can now add $LAKE to their wallets. This also relates to our Fair Launch, which means we are not using any expensive launchpads, marketmakers, “shilling” groups or social media campaigns, as well as extensive cliff and vesting periods on non-community tokens. So when you see us referring to our IDO, it simply means the event of us first making $LAKE available on Uniswap.
TokenDistribution
Token Value Accrual Mechanisms
LP Lock & Growth
6% in total from each transaction will be allocated and redistributed back into the liquidity pool (which will be locked for at least 2 years). This ensures a constantly-growing liquidity pool, with a long-term lock to inspire investor and market participant confidence.
Ecosystem Tax
Each data purchase transaction will be subject to the Ecosystem Tax, with a portion of each transaction locked up for 5 years in the Data Lake Treasury. The Ecosystem Tax will stimulate price-building, if too high though it could hamper the growth of the business. Setting the value of the tax will be subject to dynamic governance mechanisms.
Data Donors Benefits
The benefits for Data Donors will be available only for those who don’t decide to withdraw the $LAKE tokens to an external wallet.
Buy and Sell Tax
Depending on the market sentiment and project needs, Data Lake may temporarily impose a Buy and Sell Tax up to 8%. All funds will be allocated to the marketing of the Data Lake system or the Liquidity Pool. The fee will be waived before entering the first Centralized Exchange (CEX). These measures will likely help to significantly strengthen the popularity and credibility of the token.