Decentralized science (DeSci) is blossoming as an innovative frontier in the realm of blockchain technology, reminiscent of the early days of decentralized finance (DeFi) back in 2019. Industry experts like Andrew Kang, co-founder of Mechanism Capital, are drawing parallels between these two pioneering sectors, emphasizing the untapped potential they both hold.
According to Kang, DeSci protocols are still in their nascent stage, being raw and experimental, but they are poised for transformation. Just like early DeFi protocols such as Maker, Synthetix, and Aave redefined their models in pursuit of mainstream utility, DeSci related projects are expected to adapt and evolve into more market-ready solutions over time.
Some of the most interesting DeSci initiatives include:
- BIO Protocol: A platform enabling co-ownership of future medicines.
- Pump Science: Facilitating the trading of tokens linked to longevity therapeutics.
- GLP1: Aiming to contribute to weight management solutions with the tagline “Make America Skinny Again.”
Mechanism Capital has notably invested in the latest funding round of BIO Protocol, signaling strong confidence in the potential of these decentralized scientific approaches.
DeSci is not just about financial speculation; it represents a significant shift towards community-driven scientific research. By leveraging blockchain technology, this sector seeks to enhance the accessibility of scientific data and research findings to researchers, healthcare professionals, and patients alike. As cybersecurity threats to healthcare become increasingly prevalent, the security and transparency benefits of blockchain can play a vital role in safeguarding sensitive health-related information.
Emerging largely in response to the COVID-19 pandemic, DeSci aims to address several critical challenges within the scientific field, such as flaws within peer-review processes and the quest for affordable genetic testing. By fostering a culture of citizen science, DeSci initiatives endeavor to reject existing institutional biases, including those imposed by large pharmaceutical companies.
Currently, the DeSci market cap stands at $1.2 billion, led by projects like OriginTrail (TRAC) with a market cap of $374.9 million, followed by other notable tokens including Rifampicin (RIF) and VitaDAO (VITA). This burgeoning sector holds promise not only for reshaping scientific inquiry but also for unlocking innovative healthcare solutions in the face of modern challenges.
