As a seasoned analyst with over two decades of experience in various tech and finance sectors, I find the concept of Decentralized Science (DeSci) intriguing, to say the least. Having witnessed the evolution of technology from dial-up internet to the current Web3 era, I can appreciate the potential this movement holds for the future of scientific research.
A fresh discipline called “Decentralized Science,” or DeSci, leverages blockchain and cryptocurrency technology, could potentially redefine the future of scientific exploration. By establishing innovative blockchain-driven financing approaches and enhancing accessibility to research, it may pave the way for a groundbreaking transformation.
In conversation with CryptoMoon, Joshua Bate, founder of DeSci World, expressed that DeSci serves as a necessary evolution or upgrade for the flawed system of traditional science. He believes that this system has been hindered by unnecessary incentives such as restricted data access, regulatory control, and corporate exploitation.
In simpler terms, Bate describes DeSci as a continuation or expansion of the “open science movement,” which is a practice started in the 1600s by researchers who openly share data and publish their research findings. This movement encourages collaboration and transparency in scientific research.
One way to rephrase the given text could be: Open science has traditionally not been financially sustainable, but DeSci addresses this issue by enabling researchers to develop novel funding methods, make research more accessible, reduce expenses, and stimulate excitement in previously neglected or stagnant areas of science.
One significant advancement that emerged from DeSci, according to Bate, is the Intellectual Property Non-Fungible Token (IP NFT). This innovative concept has predominantly been driven by the company known as Molecule.
As an analyst, I’d rephrase Bate’s statement like this: “I’ve learned that IP NFT (Intellectual Property Non-Fungible Token) is a method for transforming a research project into a financially viable endeavor by pooling resources through crowdsourcing and crowdfunding, which essentially forms a research grant. In return, the researcher consents to sharing their intellectual property rights with everyone who contributed funds.
“If the research becomes something productive, then there’s an IP which is split amongst all of the initial funding providers.”
This novel financing method may lead to an increase in the repetition of research in fields considered financially unattractive by traditional science, as well as exploring uncharted territories with no current funding.
Molecule, one of the leading incubators in the decentralized science (DeSci) sector, has invested heavily in the latest field, distributing $30 million among 29 innovative projects that tackle unconventional areas of research, such as extending human lifespan and discovering a cure for baldness.
DeSci: A cure for baldness?
As a crypto investor, I’m excited about the innovative work being done by HairDAO – a DeSci organization that’s venturing into uncharted territories of “fringe” science with their pursuit of an elusive solution to hair loss.
In conversation with CryptoMoon, the co-founder of HairDAO, Andrew Bakst, stated that due to government agencies categorizing hair loss as a “non-essential or cosmetic issue,” it is largely neglected when it comes to financial support.
Consequently, existing hair loss research laboratories face challenges in expanding their operations, leading to difficulties in recruiting top-tier researchers in this field.
According to both Bate and Bakst, the key advantage that DeSci has over traditional science lies in its potential to make research more accessible and attractive to a diverse range of researchers.
“The best hair loss researchers are anons in our Discord server,” said Bakst.
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In our new setup, we’re able to create intellectual property more swiftly compared to the previous system, which was segmented and lacked progress. Already, we’ve secured two patents, and anticipate a rapid increase in this count.
This type of structure, facilitating anyone’s involvement in rigorous research, mirrors a key aspect of the DeSci movement as Bate put it – accessibility.
“The thing that I’m most excited about is access, which is how can we use decentralized systems, permissionless systems to allow people to contribute to science that typically was left on the outside.”
Bakst mentioned that HairDAO recently opened a lab in the Soho district of New York City and intends to release their initial patented treatment as early as December.
HairDAO, financially supported by Molecule, currently holds a total of $3.3 million in its reserves. Most recently, it introduced its own HAIR token aimed at providing additional avenues for investment and decision-making control for stakeholders.
Blockchains make science better
But DeSci isn’t just about using crypto to bootstrap potentially profitable funding.
According to Bate, blockchain technology has the potential to revolutionize various scientific domains that are currently lacking in terms of fostering genuine innovation. This includes proposing novel methods for publishing research and addressing the flaws in the existing peer-review process, which he describes as “broken.
A fundamental aspect of DeSci is the feature of decentralized, permission-free publishing. This means you can write an academic paper and share it without having to pay thousands of dollars, as traditional journals like Nature do. In simpler terms, with DeSci, you can publish your research in platforms where others can read it for free.
This contributes to a fresh, motivational peer-review system, which as per Bate, is currently being pioneered by a project known as ResearchCoin.
“So ResearchCoin already does this does the incentivizing of peer review and publishing by attaching novel reputation mechanisms to publishing and funding data.”
“This could be structured as a set of questions like: ‘Have you ever financed a project, written a paper, or contributed to this field? Have you shared any relevant data?’ A log of these inquiries can serve as the foundation for a revised reputation system.
Memecoins for science?
One intriguing aspect of the DeSci movement involves leveraging the popular fad of memecoins to finance fresh initiatives by creating a self-sustaining trend.
On the innovative DeSci memecoin hub, Pump.science, DeSci initiatives can conduct “stability tests” linked to particular medications and chemical substances.
According to the Pump.science whitepaper, developers of the specific intervention’s drug create a token, symbolizing partial ownership of the treatment mixture. These tokens are then purchased to finance the necessary experiments for this treatment.
DeSci is just getting started
However, according to Bate, DeSci’s expansion faces substantial hurdles, primarily due to the sector’s current standing and the peripheral status of blockchain technology within the broader scientific world.
The majority of scientists are unaware of Web3 and show little interest in creating a digital wallet or trading assets associated with it.
If we can make it engaging, they’re likely to participate, but currently, the ease of use and user experience in Web3 is a challenge for newcomers. However, this hurdle applies equally to the entire cryptocurrency sphere.
Additionally, he pointed out that investing in experimental resources for scientific studies can sometimes be both beneficial and risky, much like wielding a two-sided weapon.
Our setting encourages speculation, which while beneficial for certain scientific fields, may not appeal to many other researchers. Such an environment could potentially harm one’s professional reputation.
Bate hammered home the point that DeSci is still very much in its early stages. He said that while speculative initiatives like Pump.science are all good fun for now, it’s not a true reflection of what is rapidly becoming a truly legitimate industry of high-level research and inquiry.
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In the future, it seems that all scientific research will be verified using blockchain technology. This means that each piece of data will be time-stamped, and any contributions to the scientific record will be linked to a unique identity. Additionally, various crypto assets may be used for trading intellectual property rights, funding research, or accessing data.
Essentially, Bate emphasizes the objective is to transition from theoretical discussions and usher in a novel epoch of community facilities, where science becomes more approachable and financially rewarding, fostering genuine advancements.
“I don’t see a world where DeSci is not the dominant scientific interface in five years’ time.”
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2024-11-22 16:34