📝 Hello everyone, I am 𝟏𝟎, welcome back to the #Blockchain Development History project research series. Today, we will focus on (Bio Protocol / BIO).
In scientific research, good projects often get stuck due to uneven funding, like seeds that can't sprout without water. Decentralized science (DeSci) is like a research garden where everyone can water the plants; Bio Protocol is the financial layer of DeSci, helping capital and talent flow quickly into on-chain science, allowing good ideas to blossom and bear fruit.
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1. Overview of BIO Protocol
BIO Protocol is a decentralized science (DeSci) protocol aimed at providing a decentralized support platform for global scientific research. It breaks down the barriers of traditional research, providing funding, governance, and liquidity support, especially focusing on preclinical research.
For instance, a biotech startup developing a drug for rare diseases may face funding issues. Through BIO Protocol, global investors can support this project by tokenizing intellectual property, while patients and scientists can also participate and share in the outcomes.
It utilizes blockchain technology to make the flow of funds and the sharing of intellectual property more transparent and efficient, avoiding the opaque and unfair issues commonly found in traditional research. Furthermore, BIO Protocol collaborates with Binance Labs to address uneven fund distribution through decentralized autonomous organizations (DAO), bringing hope to more research projects.
2. The Efficient Future of BIO Scientific Research
Scientists need funding to conduct research, but they spend most of their time applying for it, akin to running a marathon without ever reaching the finish line. This not only wastes time but can also cause potentially promising research to miss out on opportunities.
Many early biotechnology discoveries have failed to translate into actual products due to a lack of funding and support, with some early drugs or therapies stuck in the valley of death, even though they might have the potential to cure diseases.
Funding is mostly concentrated in a few places, such as the United States or Europe, and the potential of scientists and researchers in other areas has not been fully explored. Moreover, complex intellectual property and licensing issues often hinder the speed of collaboration and innovation.
BIO solves the problem of enabling everyone to participate in biotechnology project investments through a decentralized approach, rather than just large companies. It can gather global resources, reduce unnecessary costs, promote innovation, and maximize capital efficiency. Investors can diversify their portfolios to spread risk, reduce pressure, and participate with more confidence.
Moreover, the global talent pool allows scientists, researchers, and investors from any corner to contribute. Everyone jointly owns the project's intellectual property, avoiding delays in collaboration due to copyright issues. BIO can also provide early market opportunities for traditionally illiquid assets, helping projects get a head start.
3. Four Core Mechanisms of BIO Protocol
1. BioDAO: A research DAO formed by global scientists, focusing on cutting-edge fields such as cancer and gene editing. Funding and decision-making are open and transparent, and research outcomes are governed collectively.
2. Curation: It acts as an intelligent filter for research projects. Researchers submit their project proposals, and community members can support their favored projects by staking tokens.
3. Bio/Acc Rewards: To incentivize researchers and contributors, they have established the Bio/Acc Rewards mechanism. Scientists, volunteers, and contributors can earn tokens by completing research-related tasks, ensuring their efforts are not wasted.
4. IP Tokens: Research results are turned into NFTs, facilitating trading and revenue distribution. For example, a patent for a new drug can be split into tokens, allowing everyone to share the profits and eliminating monopolies by large companies.
4. BIO Token Economics
BIO is the governance token of the BIO Protocol, which has diverse functions:
1. Governance and Decision-Making: Grant holders governance rights over the protocol, including supporting BioDAO membership, setting terms for IP token sales, and protocol upgrades.
2. Whitelist Access: Provides holders with exclusive access to BioDAO financing rounds and IP tokens.
3. Curation and Support: Launch BioDAO through the BIO Launchpad and provide it with funding and liquidity support.
4. Token Connection: As a representative of a basket of DeSci tokens, BioDAO shares its initial token supply in exchange for accelerated services and resource support.
5. Protocol Liquidity: Use BioDAO and IP tokens in the treasury to provide liquidity and earn fees through trading.
The total supply of BIO tokens is 3.32 billion, distributed as follows:
Community (56%), including airdrops, community auctions, ecosystem incentives, the Molecule foundation, etc. Core contributors (21.2%), investors (13.6%), Molecule (5%), advisors (4.2%).
BIO Protocol has currently established 7 sub-DAOs, raising a total of $23.5 million, of which $7.2 million has already been used for research in areas such as longevity, women's health, and neurodegenerative diseases. They have also directly increased the market value of research outcomes through innovative IP-NFT technology, a breath of fresh air in the research community!
5. Conclusion
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