The use of cryptocurrencies continues to evolve, with the announcement last week by the initial coin offering adviser DigitalX that it has been appointed adviser for the ICO of genomics company Shivom.

Shivom is developing what it calls “the largest genomic data hub on the planet”. Its aim is to create the world’s largest sequenced genetic database.

The business has been set up as a resource for collaborators in the healthcare, pharmaceutical, scientific, insurance and government sectors.

Shivom will run its data on the blockchain. It aims to monetise its “genomic ecosystem” using cryptocurrency.

The company’s revenue model is based on the sale of its OmiX tokens to parties interested in obtaining genomic data.

The company describes its OmiX tokens as “functional utility tokens that can be used in the Shivom ecosystem.”

Individuals are being invited to contribute their genomic data. They will control the right to access it and will receive rewards, in the form of tokens, if they share it.

DigitalX chief executive Leigh Travers says: “Shivom’s medical genomic ecosystem will offer an open web marketplace for contributors and health providers to add their services, alongside genomic data analytics.”

DigitalX says it will be paid for services rendered in Ether and OmiX tokens.

“Demand for high quality ICOs is growing,” Travers says.