As a researcher who has spent countless hours pouring over stacks of papers and submitting my own work for peer review, I find the emergence of decentralized science (DeSci) protocols like ResearchHub truly groundbreaking. Being featured in Nature, a revered journal in our field, is undoubtedly a significant milestone for DeSci and the wider scientific community.
The renowned scientific journal, Nature – often recognized as one of the most influential publications in the field – has recently spotlighted ResearchHub, a decentralized science protocol, which may draw attention from the broader scientific community towards Decentralized Science (DeSci) and cryptocurrencies.
In a December 11th publication, Nature (a magazine with approximately 9 million monthly readers) showcased ResearchHub’s platform, where individuals are compensated around $150 worth of cryptocurrency for conducting an impartial assessment of newly submitted research articles.
In an article, Nature pointed out that it provides a financial advantage for some individuals; this is evident in the case of molecular-biology consultant Pedro Paulo Gattai Gomes from São Paulo. He now earns more money by reviewing for ResearchHub than he did in his previous professorial roles at academic institutions.
The researcher typically evaluates approximately 15 academic articles every month, receiving around $150 in ResearchHub’s ResearchCoin tokens (RSC) for each assessment, informing the publication of this fact.
“Getting paid to review is justice, because in my opinion it is very unfair to work voluntarily and not even receive a thank you.”
Publishing an article in Nature would represent a significant achievement for DeSci, as Nature has an exceptionally high Journal Impact Factor (JIF) of 50.5. This means that on average, articles published in Nature are frequently referenced by other scholarly works.
In the past 24 hours, RSC experienced a significant surge of approximately 20%, reaching $1.01 according to CoinGecko’s data. At present, its total market capitalization stands at around $96.1 million.
As a researcher, I’m currently involved with the DeSci protocol ResearchHub, an initiative that was unveiled in 2020 and supported by Brian Armstrong, the CEO of Coinbase. Just recently, he graced the launch event for the ResearchHub Journal in San Francisco, California.
“It’s a strange oddity of history that peer reviewers don’t get paid. It’s a valuable thing that they do and we should recognize, reward it.”
Nevertheless, ResearchHub, despite addressing certain challenges in scientific research, may find it difficult to gain traction because of its “unconventional character.
Scientists might find it challenging to convert their Research Credits (RSC) into traditional currency since they often have to use decentralized platforms such as Uniswap to swap RSC for more recognized cryptocurrencies like Bitcoin (BTC), Ether (ETH), or USD Coin (USDC). These swapped cryptos can then be sent to a centralized exchange, converted into fiat currency, and withdrawn.
I’ve been fortunate enough to be part of the team that’s making strides in streamlining the process. Recently, ResearchHub (RSC) was officially listed on Gate.io’s centralized exchange on November 29. This listing is a significant step towards making our research token more accessible to the global crypto community.
Since May 2023, ResearchHub Journal, which was officially launched last month, has been compensating referees for their work in reviewing, offering comments, or casting votes on submitted preprints.
Users at ResearchHub have the option to reward each other for quality work or hire others to carry out research tasks, like compiling data for a review.
Authors are required to pay an article-processing fee of $1,000, from which ResearchHub receives a 7% commission. This commission amounts to 1.4% of any transactions made with ResearchCoins on their platform; 0.7% of this amount is then reinvested into the community, as reported by Nature.
Decentralized science is becoming an increasingly popular topic within the industry, scoring a five-year peak on Google Trends only last month in November.
The goal is to tackle difficulties faced in conventional science, including insufficient funding, limited data sharing, and infrequent collaboration. Its potential applications span a broad spectrum, from enhancing research and making affordable genetic testing available, to potentially even finding solutions for hair loss.
The industry’s top DeSci tokens have a marketcap of above $1.2 billion, CoinGecko data shows.
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2024-12-12 04:03