What is Decentralized Science (DeSci)?
The emergence of DeSci
Decentralized Science or DeSci has been around for several years but it initially failed to gain significant traction. However, in the last couple of weeks, the buzzword is slowly gaining traction. One of the key catalysts was that Binance Labs, the venture arm of Binance, invested in their first DeSci project, called BIO protocol.
This protocol enables anyone to fund, develop, and govern tokenized scientific IP from universities, companies, and researchers worldwide. Furthermore, the BIO protocol is being built on a growing network of biotech DAOs (bioDAOs)—community-owned IP creation engines focused on specific scientific areas. These include DAOs dedicated to advancing brain health and cryopreservation.
Binance Labs' sudden interest caught the attention of investors, further amplified by positive remarks from Binance's former CEO and founder, Changpeng Zhao (CZ), and Ethereum co-founder Vitalik Buterin. But what is the main goal of DeSci, and does it truly need blockchain or digital assets?
What are the goals of DeSci?
DeSci projects aim to fix these main problems:
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Funding: Enables decentralized and transparent crowdfunding for research through blockchain-based platforms, reducing reliance on traditional grants.
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Data Sharing: Promotes open access to research data via decentralized storage, ensuring data integrity and availability.
- Publishing: Decentralizes scientific publishing, allowing researchers to bypass paywalls and traditional gatekeepers, making knowledge freely accessible.
Our takeaways
DeSci appears to be a promising sector, but its success remains uncertain. While it offers unique advantages, such as transparency in funding and data sharing, projects in this space face challenges from established institutions and a stringent regulatory framework. Nevertheless, it’s worth researching and keeping an eye on. With the recent surge of interest, we may see new projects emerging that could attract increased investor attention.