30s Summary

Decentralized science (DeSci) uses blockchain and related technologies to foster community-led scientific research. Examples include BIO Protocol, which allows co-ownership of future medicines, and Pump Science, which trades tokens linked to longevity drugs. DeSci can make data more accessible while enhancing security and transparency. Currently valued at $1.2 billion, with main players being OriginTrail and VitaDAO, DeSci is equivalent to decentralized finance’s early-stage potential.

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Decentralized science, or DeSci, protocols are a fresh and exciting new corner of the digital market. They’re pretty much at the point where decentralized finance was in 2019 – just getting started and largely untested, but teeming with incredible opportunities.

Just like DeFi, DeSci projects are still in their early stages and will probably change up their model and products over time. Crypto guru Andrew Kang, a founder and partner at crypto venture capital firm Mechanism Capital, said in a recent social media post that DeFi platforms Maker, Synthetix, and Aave, are good examples of this.

DeSci projects that Kang’s been keeping an eye on include BIO Protocol, Pump Science, and GLP1. These projects let people co-own future medicines (BIO Protocol), trade tokens tied to longevity drugs (Pump Science), and take a swing at the American obesity epidemic (GLP1).

Heads up, Kang has some skin in the game – his company invested in the BIO Protocol’s recent fundraiser.

So, what exactly is DeSci? It’s a new way to do science that uses blockchain tech and components of it, like tokens, NFTs, and decentralized autonomous organizations to encourage community-led scientific research and teamwork. Their goal is to solve everything from the issues with the scientific review system to making genetic tests less expensive, and possibly even finding a cure for baldness – that’s right, baldness.

A lot of DeSci’s focus is on learning the truth through “citizen science”, without the involvement of big-time institutions like pharmaceutical companies. DeSci really sprang up during the COVID-19 pandemic when we needed better ways to fight disease.

One of the positives of DeSci is it could make data more accessible for researchers, healthcare experts, and patients, all the while benefiting from the security and transparency of blockchain. This is particularly important in a time when cyberattacks on healthcare companies are becoming more frequent, as seen with ransomware attacks on firms like Kaiser and Welltok that exposed loads of personal and health-related info.

As it stands, DeSci is worth $1.2 billion in market cap, mainly from OriginTrail (TRAC) at $374.9 million, followed by Rifampicin and VitaDAO. These numbers come courtesy of CoinGecko, an online data tracking site. So, here’s to the future of DeSci!