As a seasoned analyst with over two decades of experience in the tech and finance industry, I find myself intrigued by the nascent landscape of Decentralized Science (DeSci). Comparing it to DeFi in 2019, I can see the raw potential that lies within this burgeoning sector.
In 2019, the landscape of decentralized finance (DeFi) resembled today’s decentralized science (DeSci) protocols – still in its early stages, not yet extensively proven in the market, but brimming with enormous potential, as described by an industry leader.
Andrew Kang, from the cryptocurrency-centric venture capital firm Mechanism Capital, pointed out in a recent blog post on November 24th that everything remains in its experimental phase, yet there’s a strong sense that enormous potential lies within,” is one way to paraphrase the original statement.
Kang explained that the Decentralized Science (DeSci) initiatives are currently developing and may soon adapt their structure and offerings in a manner comparable to decentralized finance (DeFi) projects like Maker, Synthetix, and Aave, which underwent significant transformations around 2019, leading up to their substantial growth.
The DeSci projects Kang has found most interesting are BIO Protocol, Pump Science and GLP1.
Through BIO Protocol, users can jointly possess the “drugs of tomorrow”; Pump Science’s system facilitates the exchange of tokens linked with longevity medications, while GLP1 aspires to help America achieve a slimmer physique once more.
Kang disclosed that Mechanism Capital invested in BIO Protocol’s latest funding round.
The idea of DeSci leverages the power of blockchain technology, including tokens, NFTs, and self-governing entities known as Decentralized Autonomous Organizations (DAOs), to stimulate collaborative, community-led scientific research.
It aims at addressing various issues, ranging from refining the peer-review process in science, reducing the cost of genetic testing, to potentially finding a cure for baldness.
DeSci primarily strives to discover facts through the participation of everyday people (i.e., citizen science), shunning the impact of large pharmaceutical institutions.
During the COVID-19 pandemic, businesses within the sector started seeking innovative and enhanced methods to combat infections and illnesses.
Utilizing blockchain technology can enhance data accessibility for researchers, medical professionals, and their patients, offering them improved security and transparency advantages.
It comes as cybersecurity attacks in healthcare have become increasingly common in the digital age.
Over the past 18 months, ransomware attacks targeted at organizations like Kaiser and Welltok have compromised the data of 13.4 million and 8.49 million people respectively, revealing confidential personal and health details in two separate incidents.
At the moment, DeSci has a market capitalization of approximately 1.2 billion dollars. The largest portion of this is held by OriginTrail, valued at around 374.9 million dollars. Following closely behind are Rifampicin and VitaDAO, with market caps of 133.1 million and 124.7 million dollars respectively, as reported by CoinGecko.
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2024-11-25 04:20