Tomorrow — on December 7th, 2022 at 15:00 CET- the Data Lake team will add liquidity for the $LAKE token on Uniswap, Ethereum.&#x1f449; If you haven’t already, sign up to our IDO newsletter and get notified of when it’s listed by clicking here <a href="https://data-lake.co/idosignup" rel="noopener noreferrer nofollow">https://data-lake.co/idosignup</a>!In this article we will give you an in-depth tour of how $LAKE works, and why it represents a fundamental element for the Data Lake ecosystem. We will be focusing on its use cases, tokenomics, distribution and much more. There is much to say, so let’s get right into it!<h3 id="what-is-data-lake">What is Data Lake?</h3>Data Lake has created a global medical data donation program where — like giving blood — people can donate their medical data to science. Our program is based on user consent and privacy, and uses Distributed Ledger Technology to verify donor consent, ensuring their data is only used with permission. Data Lake empowers people to give consent to the usage of their medical data in a safe, easy and private way while providing large data sets that revolutionize scientific research and medical studies.<h3 id="why-do-we-need-to-issue-the-lake-token">Why do we need to issue the $LAKE token?</h3>Data Lake is creating a system that enables the collaboration and exchange between data donors, researchers, healthcare providers and other key stakeholders. To align the interest of all stakeholders, rather than just the big players, a token with particular utility is needed, one whose flow can be directed to serve as incentive for all the parties involved to act in everyone’s interest.$LAKE serves as a bridge to fill the gap between Web3 stakeholders and traditional healthcare market players, lowering the initial entrance barriers for both.<h3 id="what-does-lake-exactly-do">What does $LAKE exactly do?</h3>The LAKE token has 5 main utilities:1. A medium to purchase medical data for Data Buyers2. A way to legally reward patients across borders3. A way of securing better access to medical data by the Data Buyers (Preference Staking)4. A way to ensure participation in the health data mining ecosystem (Participation Staking)5. Allows the exercise of governance decisions in the systemNow, let’s break down each utility.1. LAKE as a medium to purchase medical data$LAKE is the token that fuels the Data Lake ecosystem, but how? Once Data Lake registers a data purchase from an entity performing legitimate research and development, the value of the purchase is registered on the blockchain. Between 40 to 97% of the purchase value is used to buy $LAKE tokens from the market which in turn are distributed — with a vesting period — to data donors, consent collectors, trust entities and the Data Lake treasury. They are also partially added to increase the liquidity pool. The remaining percentage is kept in fiat currencies to allow more traditional institutions — even those which do not accept on-chain transactions — to join the ecosystem, allowing real mass adoption to take place.In 2023 Data Lake will create a smart contract that registers the value of the data purchases on-chain so to make it transparent to all ecosystem participants. Data donors will be informed about data transfers on their Consent App.That way, data economy participants will be able to see for how much data was purchased and later — how much LAKE we bought from the market.2. Preference StakingData Lake has already collected several orders for medical data — which ones should be served first? Should dedicated campaigns for some of the buyers be launched? Better, faster access to a strategic resource of medical data often gives competitive advantage in the highly-competitive space of drug discovery and AI.A decision-making framework for accessing data is here needed, and it will be mediated by the $LAKE token.Data Buyers will be buying $LAKE and staking them to get better access to medical data, including:<ul><li>Dedicated consents for personal data processing</li><li>Higher level of data processing (raw data vs. cleansed data)</li><li>Discount for accessing medical data</li><li>Faster and longer access</li><li>Targeted campaigns</li><li>Unlocking selected functionalities of the Data as a Service platform</li><li>As well as other Service Level Agreement arrangements, giving a preferential (better then competition) access to medical data to token holders/stakers</li></ul>3. Participation StakingAt the later stage of the ecosystem development, purchasing &amp; staking $LAKE will be required by business players such as Data Buyers, Consent Gatherers, Integrators and Trust Entities as a form of entry ticket to earn from participation in the new medical data economy.Think about it as a franchise fee for plugging into the Data Lake system to generate revenue. LAKE token will therefore be an entrance ticket to the health data economy. It further enhances the trust towards the ecosystem and ensures every participant is invested. Staking level requirement will be dependent on the market conditions and later subject to governance mechanisms (described below).This will be introduced only when not detrimental to the growth of the business.4. LAKE as a way to access benefits$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 &amp; wellness products and services discounts, educational materials and more.What’s more, $LAKE token is a way of offering tangible rewards for Data Donors for participating in the system. We reward all active Data Donors evenly, regardless if they are young or old, healthy or with a number of medical conditions. $LAKE token is therefore an incentive to participate and a tangible reward for Data Donors and not remuneration for making data available, which allows us to motivate Data Donors in a legal and compliant way.5. Governance tokenOnce the system is more mature and the participation staking requirements are introduced, we will be looking at introducing governance mechanisms in order to:<ul><li>decide on the value of Ecosystem Tax and Liquidity Pool tax</li><li>decide on the participation staking requirements</li><li>decide on the way Data Lake Tresury is managed</li><li>decide to support different non-profit initiatives</li><li>decide on the development roadmap and backlog priorities</li></ul><h3 id="token-value-accrual-mechanisms">Token Value Accrual Mechanisms</h3>Other token value accrual mechanisms include the following:LP Lock &amp; Growth6% in total from each data purchase on-chain will be allocated and redistributed back into the liquidity pool. This ensures a constantly-growing liquidity pool, with a long-term lock to inspire investor and market participant confidence.Data Donors BenefitsThe benefits for Data Donors will be available only for those who decide not to withdraw the $LAKE tokens to an external wallet. It is therefore a positive incentive of holding $LAKE tokens by Data Donors.Ecosystem TaxDepending on the market sentiment and the project needs, Data Lake may introduce up to 8% of Ecosystem Tax on each data purchase transaction. Ecosystem Tax in the $LAKE tokens will be locked for 5 years in the Data Lake Treasury, further decreasing circulating supply of the token.<h3 id="some-useful-numbers-to-know-before-the-ido">Some useful numbers to know before the IDO</h3>Total supply: 7,500,000,000 $LAKECirculating Supply at TGE: 120,000,000 tokens (1.60% of the total supply)IDO price: 0.002$Initial Marketcap: $240,000<h4>Allocation</h4><img src="https://cdn-images-1.medium.com/max/1000/1*iyoccxeCkEisr69JzSYZWA.png" />The circulating supply at TGE will be of 120M LAKE tokens, accounting for the 1.60% of the total supply.<h3 id="about-the-ido">About the IDO</h3>The $LAKE token IDO will be happening tomorrow Wednesday December 7th 2022 at 15:00 CET!We have chosen to make things as easy and smooth as possible: on December 7th 2022 at 15:00 CET, Data Lake will provide liquidity for $LAKE on Uniswap, Ethereum, and $LAKE will become publicly tradable.For more information, check out our article on the topic: <a href="https://datalaketoken.medium.com/announcement-the-lake-ido-e73ffb3ec185" rel="noopener noreferrer nofollow">https://datalaketoken.medium.com/announcement-the-lake-ido-e73ffb3ec185</a>.

Everything you need to know about $LAKE

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