What is MedCredits (MEDX)
Telemedicine and eHealth are poised for tremendous growth over the next decade.The ubiquity of smartphones now allows people to communicate both in writing and photographically with anyone in the world instantaneously. Telemedicine is beginning to find its place in medical fields heavily dependent on observational exam findings. Dermatology is one such field, whereby the diagnosis can often be confidently ascertained with photographs and a brief description. Despite the progress of telemedicine, it still faces many challenges associated with centralization, such as international payment, middlemen fees, patient anonymity, liability and regulation. For the first time in history, digital currencies with smart contract functionality have been integrated with peer-to-peer (P2P) networks to create decentralized platforms. To date, we do not know of a medical application that uses a decentralized platform for health services. We believe that dermatology is the most readily accessible medical specialty to establish ourselves in blockchain-based telemedicine. Once established in teledermatology, we will strategically add medical specialties to build a thriving platform for patients and doctors.
This will serve as the foundation of a decentralized global electronic health record system. The final product will be both a global electronic health records system and marketplace giving patients instantaneous access to medical care anywhere in the world—that is, a truly free global healthcare market.
MEDX is a cryptoeconomic token used to power the TCR of physicians. The protocol token is used to incentivize nodes to verify physician credentials. The basic incentive game involves three parties:
- Doctors who seek entry into the registry. Before accessing any patient data, physicians must first verify their credentials by uploading images of their medical diploma, license and certification documents. Doctors must stake MEDX to apply for the registry.
- Verifiers who review physician credentials. Any verifier can challenge a physician applicant if he believes the physician to be nefarious. To challenge the physician applicant, the verifier must match the physician’s staked MEDX deposit. Any challenged physician applicant then undergoes a voting round during which other verifiers vote either “Yea” or “Nay” on the applicant in a Partial Lock Commit Reveal (PLCR) contract. If the applicant loses the challenge, his stake is distributed among the challenger and voters. If the challenger loses, his stake is distributed among the applicant and voters. If no challenge is raised against the doctor, his public key will be added to MedCredits’ physician-registry smart contract. Any public key in this registry is privileged with the ability to request and decrypt cases on the Hippocrates dapp. The smart contract can also be called upon by any other 3rd party healthcare dapps that require verified physicians. The contract also has associated metadata including physician name, location, specialty etc.
- Patients who are consumers of the registry. Patients will only use a MEDX-powered application if the registry contains verifiable doctors.
Note that the physician registry is decentrally maintained and is not limited by the efforts of the MedCredits team nor is the MedCredits team legally liable for any actions of the physicians in the registry.
Data generated on the MedCredits app must be stored in a way that gives patients ultimate control of the data. MedCredits uses Swarm for data storage. Swarm is a distributed storage platform and content distribution service that uses the native base layer service of the Ethereum web 3 stack.
When storing healthcare data on the Swarm network there are multiple considerations:
- Data stored on the blockchain is public and immutable.
- Each case should be encrypted with separate keys to minimize risks.
- Patient controls access to case data.
Pre-sale token supply: 35,000,000 MEDX
Token supply: 100,000,000 MEDX
Hard cap: 35,000,000 USD
Blockchain Platform: Ethereum
Office address: 13730 S Point BlvdCharlotte NC 28273-7715
Country limitations: United States
Registration country: United States
Registration year: 2017
Token standard: ERC-20
Token price in USD: 1 MEDX = 0.5 USD
Accepted currencies: ETH
During token sale
First 5000000 MEDX – 0.5$
Next 10000000 MEDX – 0.6$
Next 10000000 MEDX – 0.7$
Next 10000000 MEDX – 0.8$
70% – Token sale
20% – MedCredits team
10% – Marketing funds