The Key Trends in Decentralized Science — Part One
If you’ve been active in the world of web3, you’ll notice how even the scientific landscape is on a paradigm shift driven by the emergence of Web3 technologies. Our blog has a pool of articles explaining the concepts of decentralized science so don’t hesitate to explore them if you’re wondering what decentralized science is. However, today’s article exposes the key trends shaping the future of DeSci, exploring not just the “what” but also the “how” and the potential impact. Let’s begin, shall we?
Democratizing Research Funding with DAOs
One of the most significant trends in DeSci is the rise of DAO-powered research funding. Traditional research funding bodies often have lengthy application processes, favour established institutions, and prioritize specific research areas. This creates a bottleneck for innovative ideas and researchers from under-resourced institutions. DAOs offer a powerful alternative:
- Community-driven Decisions: DAOs empower communities to pool resources and collectively decide which research projects to support through a transparent voting process. This allows funding to be directed towards groundbreaking ideas that might not fit the traditional mould.
- Direct Funding for Researchers: Bypassing traditional gatekeepers, DAOs enable researchers to directly access funding for their work. This can speed up the research process and allow scientists to pursue their passions without being constrained by the limitations of established funding models.
Several DAOs are already making waves in the research funding landscape. VitaDAO, a healthcare-focused DAO, raises funds through its native token to support research into ageing reversal. Also, PsyDAO funds research into the therapeutic potential of psychedelic drugs. These are just a few examples, and the potential applications of DAOs in research funding are vast.
Tokenization of Scientific Assets
DeSci is unlocking new possibilities for ownership and access control through the tokenization of scientific assets. Blockchain technology allows for the creation of unique tokens representing ownership or access rights to various research elements:
- Data Sets and Publications: Previously, sharing valuable research data sets could be a challenge due to concerns around ownership and control. Tokenization allows researchers to create tokens representing access rights to their data, incentivizing data sharing and collaboration. Similarly, publications could be tokenized, creating new revenue streams for researchers and potentially leading to more open-access models.
- Intellectual Property (IP): DeSci offers innovative solutions for managing intellectual property (IP) rights associated with research findings. IP-based tokens can be used to represent ownership and control over inventions and discoveries, facilitating transparent distribution of royalties and fostering collaboration between researchers and institutions.
Projects like Ocean Protocol are building platforms that allow researchers to tokenize and share their data securely.
Decentralized Research Marketplaces
The current scientific ecosystem can be siloed and bureaucratic. DeSci is promoting the development of decentralized research marketplaces that directly connect researchers with potential funders and collaborators. These platforms aim to streamline the research process by:
- Facilitating Communication: Decentralized marketplaces can provide a platform for researchers to showcase their work, connect with potential collaborators, and find funding opportunities. This can eliminate the need to navigate complex institutional channels and foster collaboration across borders and disciplines.
- Resource Allocation: These platforms can streamline resource allocation by allowing researchers to post their research needs (data, expertise, funding) and connect with individuals or organizations that can fulfil them. This can lead to a more efficient use of resources and accelerate scientific progress.
Several platforms are emerging in this space, such as Molecule’s Catalyst. It is still in its early stages, but it holds the potential to revolutionize the way scientific research is funded and conducted.
Are you curious to know more trends in this field? We’ll be adding more to this list in our next article so don’t afford to miss it. Ensure you also share with your friends so they can join you in this journey.
