30s Summary

Decentralized science (DeSci) combines scientific research with blockchain and cryptocurrency to create new funding models and make research accessible. It is considered an upgrade to traditional scientific methodology and makes open science economically viable. Developments in DeSci include Intellectual Property Non-Fungible Token (IP NFT), which allows research tasks to be monetized through crowdfunding. However, there are concerns about blockchain technology being on the fringes and the potential impact of DeSci’s financial system on scientists’ reputation. Despite these challenges, DeSci could revolutionize scientific research, making it more accessible and encouraging progress in different fields.

Full Article

Decentralized science (DeSci), a new space that merges scientific research with blockchain and cryptocurrency, could be a game-changer in the realm of science. It empowers new funding models based on blockchain and makes the research more easily accessible.

Joshua Bate, the founder of DeSci World, believes that DeSci is an upgrade to the traditional scientific methodology, which has been plagued by pointless incentives such as gatekept data, regulatory capture, and corporate greed. DeSci could be viewed as an extension of the “open science movement” which historically has allowed researchers to share and publish open research data.

However, the key difference is that DeSci has made open science economically viable by allowing researchers to establish new funding patterns, generate more accessible research, and drum up interest in new or currently ignored scientific fields.

One of the pioneering developments in DeSci has been the intellectual property non-fungible token (IP NFT), which essentially allows a research task to be monetized through crowdfunding. This could lead to a surge in ‘replication’ research into areas deemed unprofitable by traditional science and drive new studies into areas that struggle to receive funding.

Take, for example, Molecule – one of the leading DeSci incubators. They’ve already invested $30 million in 29 innovative projects to tackle issues on the fringe of traditional science. And then there’s HairDAO – a DeSci group targeting a cure for hair loss by harnessing DeSci’s funding possibilities and accessibility to attract researchers and generate potentially groundbreaking IP.

But DeSci isn’t merely for bootstrapping profitable funding. It can also aid in redefining other areas of science that lag behind in innovation. For instance, it offers new ways to publish research and repair faulty peer-review models. Instead of paying hefty amounts to publish in renowned scientific journals, DeSci enables free accessibility to research publications.

It’s not all smooth-sailing though, as some roadblocks still need tackling. For many scientists, blockchain tech is still on the fringes, and the speculative nature tied to DeSci’s financial environment could potentially harm their reputation. But once these issues are addressed, there’s a whole new world of possibilities waiting to be unlocked. DeSci could very well be the future of scientific research, not only making science more accessible but also driving real breakthroughs in various fields.