The Science DAO Lays the Foundation of DeSci to Address the Most Ardent Problems in Science

The first use case of blockchain is Bitcoin, and the technology is now widely adopted to upgrade the financial sector to a whole new level - see the Decentralized Finance (DeFi) trend - but blockchain is industry-agnostic and can unleash similar transformations across all industries that operate with data, including science.

Back in 2016, US-based news platform Vox conducted a survey to find out the biggest problems facing science according to scientists. 270 respondents worldwide, including senior professors, laboratory heads, and graduate students, collectively concluded that some of the most ardent problems in science were related to funding, poor studies, a shortage of study replications, unreliable peer review, and poor communication, among others.

The good news is that blockchain can bring major improvements and address the most painful problems in science, which could trigger major transformations that would eventually benefit everyone. The technology brings unmatched security, ensuring transparency and immutability of data. In a few years, we may experience the emergence of Decentralized Science (DeSci), which can impact all players in the science industry.

You can argue that The Science DAO has already started the DeSci trend. The decentralized think tank acts as an incubator engine and accelerator platform that connects inventors, entrepreneurs, and institutions worldwide. The DAO (from Decentralized Autonomous Organization) focuses on three key areas as follows:

• Health and Environment - medical, genetics, nutrition, mycology, microbiology, city planning, renewable energy and climate, anatomy, and waste disposal.

• Computing and Technology - blockchain, artificial intelligence (AI), national security, social computing, and learning.

• Natural Science - astronomy, hydrology, material sciences, chemistry, physics, oceanography, radiation, archeology, and botany.

The team puts great emphasis on funding, and its main goal at this stage is to help scientific startups jump-start their operations. On the other side, investors can not only explore alternative passive income opportunities but also contribute to science and fund projects with great potential.

The scientist surveyed by Vox said that funding was the most significant problem, especially the way money is handed out by the US government and private institutions. There is a lot of bureaucracy and conflicts of interest. Blockchain can address this by offering a direct bridge between investors and scientists, ensuring a transparent and decentralized environment that encourages open communication and quality research.

Gary Bennett, a neuroscientist at Duke University, explained:

"Funding affects what we study, what we publish, the risks we (frequently don't) take. It nudges us to emphasize safe, predictable science."

Unfortunately, government funding has declined during the last two decades, while the number of scientists and studies has increased. This is why it's important for investors to step in. However, when it comes to private funding, there is always the risk of conflicts of interest, with investors expecting fast rewards and exceptional results.

Gordon Pennycook, a PhD candidate in cognitive psychology at the University of Waterloo, said:

"As it stands, too much of the research funding is going to too few of the researchers. This creates a culture that rewards fast, sexy (and probably wrong) results."

Blockchain can ensure the needed transparency by providing a platform where data is easily verifiable, while its decentralized nature is ideal for conducting quality peer reviews and reducing the conflicts of interest to a minimum.

At this point, the Science DAO proposes a funding mechanism that enables investors to contribute to great ideas while helping scientific startups get the needed funds to fuel projects from start to finish. The DAO combines its native token with non-fungible tokens (NFTs) to ensure various funding approaches. For example, inventions can be backed by NFTs, which are great for IPs.

The Science DAO team is led by CEO Joey Poareo, who has a vast experience in board and executive positions across multiple industries, from blockchain technology to mental health rehabilitation/healthcare. 

Thanks to blockchain, the science industry can make great progress and onboard the brightest minds seeking to make the world a better place.