Author: Brayden Lindrea, CoinTelegraph; Translated by: Deng Tong, Jinse Finance
An industry executive stated that decentralized science (DeSci) protocols are akin to the state of decentralized finance (DeFi) in 2019—just getting started, essentially untested in the market, but full of 'immense potential.'
'Everything is raw 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 a post 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 found the most interesting DeSci projects to be BIO Protocol, Pump Science, and GLP1.
Source: Andrew Kang
BIO Protocol allows users to co-own 'the drugs of the future,' Pump Science's platform enables trading of 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 seeks to do everything from addressing the flaws in the scientific peer review system to obtaining cheaper genetic tests, and even curing baldness.
DeSci is primarily dedicated to pursuing truth through 'citizen science' while rejecting the influence of institutions like large pharmaceutical companies.
As industry participants seek new and improved ways to combat infections and diseases, the industry has emerged from the COVID-19 pandemic.
It can make it easier for researchers, healthcare professionals, and their patients to access data while leveraging the security and transparency advantages of blockchain.
In the digital age, cybersecurity attacks in the healthcare sector are becoming increasingly common.
In the past 18 months, ransomware attacks targeting healthcare companies like Kaiser and Welltok have 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) at $374.9 million, followed by RIF and VitaDAO (VITA) at $133.1 million and $124.7 million, respectively.
The top 10 largest DeSci tokens ranked by market capitalization. Source: CoinGecko