The DAO structure supports the advancement of modern science in the latest Web3 movement
While the concept of decentralized finance (DeFi) still sees strong growth projections, it is not the only sector with huge potential. After the financial use case, a host of scientists and entrepreneurs have incorporated smart contracts, tokens, and other blockchain tools in their efforts to improve modern science. The movement, which focuses on the science benefits of decentralized cross-border collaboration, is now more widely known as DeSci.
Originally, this movement stemmed from the need to increase scientific funding, which was mostly set by scientists who spent half their time writing grant proposals. Consider that without funding, not only is less science done, but the projects scientists choose to pursue are more biased. While funding is only part of the current industry hurdles, in many cases they have led to knowledge silos and extreme reliance on intermediaries for cross-collaboration.
Open Science originally emerged as an opportunity to address these concerns as a method of taking scientific research and disseminating it to multiple levels of society. However, DeSci, while aligned with these goals, is much more than a 2.0 successor to Open Science. Instead, DeSci is a distinct movement with varied and evolving goals, with a base in blockchain technology.
Similar to how blockchain is disrupting other industries, Web3 models are now challenging Web2 with decentralized and shared ownership in areas such as funding and knowledge sharing.
In practice, decentralized communities built on Web3, known as Decentralized Autonomous Organizations (DAOs), connect like-minded individuals through smart contracts. These contracts, which exist in code form, outline the governance rules of a DAO and allow anyone in the community to vote on rule changes and how funds are spent.
Science DAO demonstrates these use cases first-hand as a decentralized think tank, incubator engine, and acceleration platform. Indeed, they have determined that their mission will be to empower inventors, entrepreneurs and institutions to make informed investments in a wide range of technologies and life sciences.
Following the wave of growth
Operating as a DAO, stakeholders, including researchers, can raise funds in a distributed manner while receiving monetary participation in the outcome. Members of a DAO also benefit because if a drug or other medicine is released, each member owns a share of its success. Therefore, any ordinary person can buy a portion of an asset that has been tokenized in fractions, a method that makes high-value investing more accessible.
With a DAO as a basis, investors are introduced to a new asset class. Unlike DeFi market waves, investors are allowed to peg their crypto holdings in science and follow the growth cycle and trajectory of science startups, an effective method of portfolio diversification.
Science DAO focuses on three main areas of interest, including health and the environment (genetics, nutrition and medicine), computing and technology (machine learning, interactive environments) and natural sciences (astronomy, hydrology), to name a few.
The team is bringing this concept to life with several former and current senior Microsoft executives, prestigious research labs, the co-director of the Center for Global Infectious Disease Research (CGIDR), as well as other board members.
Token generation event
To date, the project has been successfully launched and has accumulated over 1000 DAO members during their Token Generation Event (TGE). “It’s about legitimizing more DeFi use cases and bringing previously private transaction flow to the masses,” the team shares.
Going forward, the team aims to onboard more key members into the DAO and continue to develop the platform and process deal flow.
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