KEY TAKEAWAYS
- Binance’s strategic investment in BIO Protocol has reignited interest in Decentralized Science (DeSci), with BIO Genesis quickly reaching its $33 million funding cap.
- DeSci aims to revolutionize scientific research by leveraging blockchain for transparency, open data sharing, and decentralized funding.
- Notable DeSci projects like VitaDAO and Pump.Science are gaining traction, with backing from major industry players and innovative approaches to funding scientific research.
Decentralized Science (DeSci) has recently regained attention following a strategic investment by Binance in BIO Protocol. The announcement, made on November 8, did not disclose specific details about the funding round or the amount invested. However, the impact was immediate, with BIO Genesis, a community fundraising initiative led by BIO Protocol, reaching its funding cap of $33 million almost instantly.
The resurgence of interest in DeSci is further bolstered by the endorsement of prominent figures in the cryptocurrency world, including Vitalik Buterin. Vitalik attended a gathering of DeSci entrepreneurs, where other crypto celebrities were also present. This renewed focus raises questions about what DeSci entails and which projects are worth monitoring.
Understanding Decentralized Science (DeSci)
DeSci, short for Decentralized Science, aims to address several challenges in the scientific research sector. These include opaque funding allocation, monopolies on knowledge, and a lack of openness in research data. Key features of DeSci include decentralized funding, open data and knowledge sharing, incentives for contributors, improved peer review processes, and the use of NFTs for intellectual property management.
By leveraging blockchain technology, DeSci seeks to make scientific research more accessible, transparent, and impactful. It aims to channel surplus funds from the crypto world into scientific endeavors, addressing issues of underfunding and slow returns that are common in traditional science.
Notable DeSci Projects to Watch
Among the notable projects in the DeSci space is VitaDAO, which focuses on funding early-stage longevity science research. VitaDAO, founded in 2021, has received backing from major names in the crypto industry and secured $4.1 million in funding from Pfizer Ventures and other investors. During a recent DeSci gathering, Vitalik Buterin showcased VitaDAO’s first longevity product, VD001, a natural high-dose spermidine supplement.
Another project is the RIF token, a memecoin launched on Pump.Science, a platform developed by Molecule DAO, a subsidiary of BIO Protocol. RIF represents Rifampicin, an antibiotic with potential anti-aging properties. The platform requires that token launches be linked to scientific research, differentiating it from other memecoin platforms.
Additionally, Urolithin A ($URO) is a token endorsed by Pump.Science, known for its cellular health benefits. Sci-Hub, an open-access academic paper library, also plays a role in the DeSci ecosystem, with its mission to provide free access to scientific papers.
For more information on the potential of DeSci and its impact on the future of science, visit the full article here.
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