Exploring the Uncharted Decentralized Science (DeSci)
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Decentralized Science (DeSci) is a new concept that uses blockchain technology to transform science. Similar to Decentralized Finance (DeFi), discovered in 2019, DeSci is in its early stages of experimentation, as it is yet to be tested, but analysis points to its richness in potential.
Andrew Kang, one of the co-founders of Mechanism Capital, has recently mentioned in his statement the revolutionary capability of DeSci when it comes to enabling groundbreaking breakthroughs while incorporating transparency and accessibility into scientific processes.
To this end, DeSci aims to resolve major challenges in science, such as enhancing peer review systems, lowering medical costs, and making research more accessible.
However, popular projects under DeSci include BIO Protocol, Pump Science, and GLP1. They all offer innovative solutions ranging from partnering medical discoveries to creating tokens tied to health goals.
How DeSci Works
To start with, DeSci combines blockchain features like tokens, non-fungible tokens (NFTs), and decentralized autonomous organizations (DAOs) to create transparent but secure platforms for research and collaboration.
For instance, the BIO Protocol enhances investment in future medicine and share ownership, while GLP1 focuses on combating obesity.
To this end, DeSci aims to reduce the influence of big pharmaceutical companies by encouraging citizen-driven science. Therefore, with this approach, researchers can assess patients’ data more easily while ensuring security.
Broader Implications
The emergence of decentralized Science in 2019 coincided with the COVID-19 pandemic when a new approach to combating disease was needed. It has also helped in cyber threats in healthcare regarding ransomware attacks.
Currently valued at $1.2 billion, DeSci includes major players like OriginTrail (TRAC), Ranframpicin (RIF), and VitaDAO (VITA), which lead the market in funding and innovation.
Decentralized Science is still evolving. However, its potential to reshape research and healthcare is undeniable. By prioritizing transparency, security, and community participation, Decentralized Science will restructure its approach to scientific discovery and innovation in the near term.
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