Decentralized science is like the first DeFi in 2019: Crypto VC
Decentralized Science (DeSci) Protocols Decentralized Finance (DeFi) It was in 2019 — not yet on the market and largely untested, but full of “huge potential,” says one industry executive.
“Everything is still raw, experimental, but there's an underlying understanding. […] Andrew Kang, founder and partner of a crypto-focused venture capital firm, explained in a November 24 post on X.
Kang said the DeSci projects are still evolving and will likely change their models and products before they get too big, like DeSci, the maker of DeSci protocols, Syntex and Ave did around 2019.
The DeSci projects that Kang finds most interesting are BIO Protocol, Pump Science and GLP1.
Source: Andrew Kang
The BioProtocol will allow users to own the “drugs of the future,” the PumpScience platform will allow trading of tokens linked to longevity drugs, and GLP1 will help “make America skin again.”
Kang Mechanism Capital announced its investment in BioProtocol's latest funding round.
DeSci is a concept that uses blockchain technology and aspects such as tokens, NFTs and decentralized autonomous organizations (DAOs) to encourage community-based scientific research and collaboration.
He's looking to do everything from fixing flaws in science's peer review system and offering cheap genetic tests to curing baldness.
DeSci is focused on pursuing the truth through “citizen science,” challenging institutional influences like big pharma.
The industry has emerged from the Covid-19 pandemic as industry players look for new and improved ways to prevent infection and disease.
Related: Decentralized Science Could Be the Next Big Thing for Blockchain Use
It can make information more accessible to researchers, healthcare professionals and their patients while leveraging the benefits of blockchain security and transparency.
It comes as cybersecurity attacks on healthcare are on the rise in the digital age.
Ransomware attacks against healthcare organizations such as Kaiser and Welltok affected 13.4 million and 8.49 million individuals respectively over the past 18 months – exposing sensitive personal and health-related information.
DeSci currently has a market value of $1.2 billion, followed by OriginTrail (TRAC) at $374.9 million, followed by Rifampicin (RIF) and VitaDAO (VITA) at $133.1 million and $124.7 million, respectively, according to CoinGecko.
Top 10 Largest DeSci Tokens by Market Value. Source: CoinGecko
Magazine: DeSci: Can crypto improve scientific research?
