Author: Brayden Lindrea, CoinTelegraph; Translated by: Deng Tong, Jinse Finance
An industry executive stated that decentralized science (DeSci) protocols are equivalent to the state of decentralized finance (DeFi) in 2019—just getting started, largely untested in the market, but full of 'huge potential'.
“Everything is primal and experimental, but there is a potential understanding... Andrew Kang, founder and partner of the venture capital firm Mechanism Capital, focused on cryptocurrency, explained in an article published on X on November 24.
Kang stated that DeSci projects are still evolving and may change their models and products, similar to what DeFi protocols Maker, Synthetix, and Aave did before scaling up around 2019.
Kang finds the most interesting DeSci projects to be BIO Protocol, Pump Science, and GLP1.
Source: Andrew Kang
BIO Protocol allows users to co-own 'future drugs', Pump Science's platform enables trading tokens related to longevity drugs, and GLP1 aims to 'make America slim again'.
Kang revealed that Mechanism Capital invested in the latest round of financing for BIO Protocol.
DeSci is a concept that utilizes blockchain technology and its various aspects (such as tokens, NFTs, and decentralized autonomous organizations (DAOs)) to incentivize community-driven scientific research and collaboration.
It is seeking to do everything from addressing the flaws in the scientific peer review system to obtaining cheaper genetic testing, and even curing baldness.
DeSci is primarily dedicated to pursuing truth through 'citizen science', while rejecting the influence of institutions like big pharmaceutical companies.
The industry has emerged from the COVID-19 pandemic as participants seek new and improved ways to combat infections and diseases.
It can facilitate easier access to data for researchers, healthcare professionals, and their patients, while leveraging the security and transparency advantages of blockchain.
In the digital age, cyberattacks in the healthcare sector have become increasingly common.
In the past 18 months, ransomware attacks targeting healthcare companies like Kaiser and Welltok affected 13.4 million and 8.49 million people, respectively, exposing sensitive personal and health-related information.
According to CoinGecko, the current market capitalization of DeSci is $1.2 billion, with OriginTrail (TRAC) having a market cap of $374.9 million, followed by RIF and VitaDAO (VITA) at $133.1 million and $124.7 million, respectively.
The top 10 largest DeSci tokens by market capitalization. Source: CoinGecko