Imagine if the next disruptive drug could be funded through a decentralized and highly transparent process, how would this change the future of science? Azeem Khan pointed out that such a change would not only democratize the way key scientific research projects are funded, but also ensure that all contributors can fairly receive the rewards and recognition they deserve.
The following is translated from the Coindesk article "Decentralized Science: A Better Way to Fund and Grow Breakthrough Ideas", written by Azeem Khan. Original link: https://www.coindesk.com/opinion/2024/07/02/decentralized-science-a-better-way-to-fund-and-grow-breakthrough-ideas/
Those skeptical of Web3 often quip that it is merely solving a problem that does not exist. This view seems more tenable when you see celebrities issuing meme coins to enrich themselves, only to let their fans suffer losses when the tokens return to zero, or recall the animal JPEG images that soared to astronomical values during the last craze in 2021. I have also been deeply disappointed by these phenomena.
But what if we look at it from a different perspective? What if Web3 is standing at a historic turning point, heralding the arrival of the most exciting era for building real-world value since the concept of blockchain was born? Welcome to the world of decentralized science (DeSci).
Decentralized Science (DeSci), as an emerging force, is actively using blockchain technology to create a fair and equitable infrastructure for scientific research. Its goal is to use Web3 tools — including tokens, NFTs, and decentralized autonomous organizations (DAOs) — to innovate the process of raising scientific research funds, creating results, reviewing, attribution confirmation, storage, and dissemination.
DeSci is committed to building an open and incentive-filled environment to stimulate deep community-based collaboration in the scientific field. These innovative tools not only create value for society, but also bring economic returns. Imagine if we can widely apply these concepts to various industries, perhaps the world's view of us will change greatly. Starting from scientific innovation is undoubtedly a wise and promising choice.
Some people may question why we still need DeSci since the traditional scientific method has brought us such long-lasting and far-reaching value? However, after a deeper exploration, we will find that the traditional scientific system is facing unprecedented challenges, including publishing difficulties, research reproducibility issues, funding difficulties, the complexity of intellectual property operations, and the limitations of data storage methods.
The road to publishing scientific work is fraught with challenges, starting with the staggeringly high fees charged by publishers. These publishers rely on the dedication of scientists, reviewers, and editors, but charge the public — who indirectly contribute to the scientific enterprise through taxes — high access fees. Web3 technologies offer a solution to this dilemma with their ability to build open access platforms that not only ensure the legitimacy of scholarly content, but also incorporate incentives to effectively bridge the gap between knowledge and the public. I’m not saying that any particular publication is guilty, I’m just suggesting some better solutions.
In the pursuit of high-quality scientific discovery, it is crucial to ensure the repeatability and reproducibility of research results. Reproducibility means that researchers at different times and locations can obtain the same results, while reproducibility requires that different research teams can reach consistent conclusions using the same methods. Web3 native tools deeply root these core principles in scientific research by providing authentication for raw data, computing engines, and application results verified by a reliable network, thereby avoiding misconduct such as falsification of Alzheimer's research.
Traditional scientific research funding models are often plagued by inefficiencies and biases, resulting in slow project progress and fierce competition. The emergence of Web3 technology has brought innovative solutions to scientific research funding, such as traceable public goods funding, quadratic funding, DAO governance, and tokenized incentive structures. These new models not only promote the fair distribution of scientific research resources, but also improve the efficiency of fund use. In contrast, the National Science Foundation (NSF) and the National Institutes of Health (NIH) currently fund a large part of scientific research in the United States and let these institutions decide the legality of research. I think this is a failed model. (NIH and NSF together contributed about $57.5 billion to federal R&D funding, accounting for about 33.6% of the total federal R&D funding in 2022.)
Web3 technology, with its unique advantages, has greatly improved the accessibility and storage efficiency of scientific data. Distributed storage solutions ensure the resilience and availability of data, and can maintain the integrity and security of data even in the face of catastrophic events. At the same time, systems equipped with appropriate verifiable credentials further enhance data security, achieve seamless replication, redundant storage, and anti-censorship functions, thereby promoting cooperation. The rise of decentralized public data solutions such as IPFS, Arweave, and Filecoin has paved the way for open science, allowing researchers to freely create and share public products without barriers or for free.
Imagine if the next revolutionary drug, like a Pfizer or Tylenol alternative, could be funded through a decentralized and transparent process. Such a model would not only democratize funding for critical scientific research projects, but also ensure that every contributor receives the rewards and recognition they deserve, achieving true fair distribution. DeSci (decentralized science) has the potential to reshape the landscape of scientific research, making it more inclusive, efficient, and innovative, thereby paving the way for breakthrough achievements for the entire society. Perhaps, when we advance this process in the right way, the world's prejudices and misunderstandings about Web3 will gradually dissipate.
Future3 Campus is a Web3.0 innovation incubation platform jointly initiated by Wanxiang Blockchain Lab and HashKey Capital. The first two sessions have been successfully concluded, incubating dozens of outstanding entrepreneurial teams. The third session of Future3 Campus is aimed at outstanding AI+Web3 projects, with exclusive technical support from Amazon Web Services. The 9 outstanding teams that finally entered the camp are receiving 3 months of concentrated incubation and 6 months of long-tail tracking, and have received one-stop Web3 entrepreneurial plan coaching and resource support, including technical guidance, resource docking, publicity and exposure, marketing activities and financing services.