Coin of the week

t its core, Data Lake represents a novel approach to data management and monetization, leveraging blockchain technology to create a decentralized ecosystem for storing, sharing, and trading data assets.

‍Today, we will cover the following topics:
- About Data Lake (LAKE)
- Data Lake Functionalities
- Use Cases
- Technical Analysis
- Why is LAKE The Coin of the Week?

‍About Data Lake (LAKE)

What is Data Lake?

‍Data Lake was founded by Ligia Kornowska and Wojciech Sierocki, both Forbes 30 under 30, with a vision to address the scarcity of high-quality, ethically-sourced medical data.

The initiative began in 2020 with EU funding and focused on developing a consent management system for the Donate Your Data Foundation.

Collaborating with 30+ organizations, Data Lake facilitated a groundbreaking data donation project on breast cancer pathways, engaging 5 institutions and collecting over 30,000 consents.

Key insights from this project led to the development of the Data Lake Application, a platform designed to streamline medical data consent collection and provide access for researchers, startups, and pharmaceutical companies worldwide.

Data Lake's global medical data donation program utilizes blockchain technology to record and verify donor consent, ensuring data integrity and permission-based access. Powered by the $LAKE token, the ecosystem operates on the Polygon chain for efficient transactions and scalability.

‍LAKE token

‍$LAKE, an ERC-20 token on the Ethereum network, serves two main utilities:

‍Access Token

‍With a minimum holding of 10,000 LAKE tokens, researchers gain entry to the platform, enabling them to publish studies and democratizing data access. Over time, accumulating LAKE tokens unlocks additional functionalities, enhancing the platform's utility.

‍Incentive Token

‍Researchers utilize LAKE to incentivize participation from healthcare providers and patients in clinical trials. Additionally, LAKE powers the Benefit Panel, where tokens can be exchanged for a variety of rewards and benefits, further enhancing the attractiveness of research initiatives.

Token demand derives from researchers seeking platform access and incentives, as well as users desiring rewards and benefits. Data Lake retains a portion of rewards, directing tokens to its Treasury and Liquidity Pool.

Key deflationary mechanisms include a capped token supply of 2.5 billion, mandatory token holdings for researchers, and a percentage of platform transactions allocated to Data Lake and the liquidity pool, ensuring sustained token value.

‍Data Lake Functionalities

Patients

‍- View given consents and research projects
- Easily revoke and give consents online
- Claim tokens
- Swap tokens for rewards in the Benefit Panel

‍Researchers

‍- Publish research projects with criteria and rewards
- Define consent forms and surveys
- Track patient enrollment in real-time
- Ensure GDPR-compliance and auditability through blockchain logs

‍Healthcare providers

‍- Browse research projects, view criteria and rewards
- Collect consents from patients on mobile
- Track patient recruitment and compensation
- Communicate with researchers
- Claim benefits via LAKE tokens

‍Use Cases

‍Data Lake's decentralized recruitment solution serves various use cases united by a common theme: patient recruitment and consent acquisition.

‍Sourcing data for AI development

‍Data Lake’s system facilitates patient consent collection for research and AI development, whether on-site or remotely, enabling the inclusion of patient data, such as diagnostic images, in studies validating and training AI algorithms.

‍Patient pathway analysis

‍Gathering patient data from diverse sources into comprehensive records is vital for understanding treatment effects over time. This system streamlines consent and authorization processes, empowering trusted third parties to merge data from multiple healthcare providers for analysis, catering to stakeholders like pharmaceutical companies and government authorities.

‍Patient registries

‍This solution supports the creation and maintenance of patient registries, enabling in-depth examination of specific patient populations, such as those with rare diseases, to drive statistical and epidemiological studies.

‍Preselection for clinical trials

‍Clinical trial organizations can utilize this platform to publish trials, set inclusion and exclusion criteria, and offer incentives to healthcare professionals and patients for participation, streamlining the recruitment process for new drugs and medical devices.

‍Technical Analysis

‍From a technical perspective, LAKE has maintained an overall bullish trend, trading within the flat rising wedge outlined in blue.

Currently, LAKE is in a correction phase, trading within the falling wedge pattern shown in red.

For the bulls to take over and initiate the next upward impulse movement, a break above the last major high marked in red at $0.028 is needed.

Why is LAKE The Coin of the Week?

‍Data Lake stands as a groundbreaking innovation in the realm of medical data management, harnessing the power of blockchain to revolutionize the way healthcare information is collected, shared, and utilized.

With its emphasis on privacy, informed consent, and data integrity, Data Lake provides a secure and transparent platform for researchers, healthcare providers, and patients alike.

Moreover, from a technical perspective, LAKE is currently hovering around the lower bound of its rising range, presenting an opportunity for us to capitalize on the upcoming bullish impulse movement.

Thanks for tuning in to this week's coin of the week! We appreciate your readership and enthusiasm for exploring the crypto landscape with us.

Join us next week as we unveil another exciting project worthy of attention. In the meantime, don't miss out on our Discord community, where you can engage in 24/7 trading calls and immerse yourself in all things crypto alpha.

See you next week for another coin of the week! 🚀