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The push towards decentralization, brought into the mainstream by cryptocurrencies, is now setting its targets on science.
Decentralized science (DeSci) sees crypto’s transparent decision-making, decentralized governance, and funding principles brought into one of the most fundamental institutions of all: science.
Are we about to see a rising tide of decentralized science projects? Let’s find out.
Key Takeaways
- Decentralized science (DeSci) is the intersection of cryptocurrencies and scientific research.
- The traditional scientific research system is plagued by centralized decision-making and funding, a lack of data transparency, and gate-keeping in publishing.
- DeSci protocols raise funds for scientific research from targeted communities with the help of cryptocurrencies.
- OriginTrail, VitaDAO, HairDAO, AxonDAO, and ResearchHub are among the largest DeSci tokens by market cap.
- Experts take a ‘wait and see’ approach to its viability, but DeSci’s potential to transform scientific research is apparent.
What is Decentralized Science (DeSci)?
Decentralized science is the use of cryptocurrencies and blockchain technology to fund and collaborate on scientific research and innovation.
DeSci aims to disrupt the way scientific research is conducted by making the processes of funding, research, review, publishing and data collection open and transparent.
4 Key Features of DeSci:
- Community funding: DeSci protocols raise funds for scientific research from targeted communities with the help of cryptocurrencies. There are several DeSci-focused decentralized autonomous organizations (DAOs) that focus on raising funds for early-stage research, medical solutions, space exploration, genomics, and more.
- Open and transparent research: Research is conducted in an open, transparent, and accessible manner. Talent from across the world can contribute and review papers.
- Incentivized peer-to-peer review: DeSci protocols can incentivize field experts to review research papers in exchange for token rewards and reputation building. DeSci protocols can require its community of reviewers to vote on research papers for quality control.
- Tokenized intellectual property: Intellectual property (IP) is tokenized in the form of non-fungible tokens (NFTs), which can be rented, sold, and purchased on an open marketplace. These tokens are stored on an immutable blockchain and act as databases containing information on the research, datasets, ownership rights, contributions, and accomplishments.
Top 5 Decentralized Science Protocols
DeSci already exists in the world. Here are the top five largest decentralized science protocols by market cap as of November 25, 2024.
1. OriginTrail (TRAC)
Market cap: $374M
OriginTrail is a blockchain that was originally built to provide blockchain-powered data collection and sharing solutions for supply chains. Today, the crypto project has grown into a protocol that brings together businesses and individuals to share knowledge in a decentralized manner.
2. VitaDAO (VITA)
Market cap: $130M
VitaDAO calls itself an organization for “community-governed and decentralized drug development and intellectual property.” The DAO provides early-stage funding for research and development of human life and health span-related research. VitaDAO has funded 24 research projects, having raised over $4.2 million as of November 2024.
3. HairDAO (HAIR)
Market cap: $90M
HairDAO is a research and development network that brings together patients and researchers to collaborate on hair loss treatment solutions. The project incentivizes patients to share their treatment experiences in exchange for token rewards.
4. ResearchHub (RSC)
Market cap: $73M
ResearchHub is a platform that aims to accelerate the pace of scientific research. The platform wants to be the “GitHub” of scientific research where researchers can publish their articles and discuss their findings in an open and accessible forum. The RSC token is used to incentivize users to share, curate and discuss topics on the platform.
5. AxonDAO (AXGT)
Market cap: $65M
AxonDAO is a decentralized science crypto project that builds and funds medical projects. The DAO is currently working on a voice analysis tool to detect adverse health conditions early and investigate the effects of microdosing psychedelics.
Do We Need Decentralized Science?
Does scientific research really need crypto? Let’s hear what the experts have to say.
In a research note for crypto research firm Messari, Stephanie Dunbar and Stephen Basile said that the current scientific system has inefficiencies, rent seekers, and a lack of transparency that hinders innovation.
The duo added that the traditional research system faces three key challenges: centralized decision-making and funding, lack of data transparency, and gate-keeping publishing.
“The current scientific research economy incentivizes prestige capture at the expense of transparency and innovation. Researchers must game a system with rent-seeking overlords (research institutions), misaligned reviewers, and double-dipping gatekeepers (publishers),” said Dunbar and Basile.
Elsewhere, biopharmaceutical consulting company Bracken Group discussed the possibilities of “patient dividends” where individuals who participate in clinical research or share their health data “own a piece of the research outcome.”
“Imagine a world whereby volunteering to support the research of a new drug you can get paid dividends in the future based on the sales of the drug. Similarly, “patient dividends” could be provided to individuals who share their health data with organizations,” said Bracken Group in a blog post.
Although some individuals like Berachain‘s co-founder Smokey The Bera were not convinced about the viability of the decentralized science sector in crypto, recommending his followers on X to not “take the bait.”
as someone who has helped bring multiple drugs into the clinic, the vast vast majority of DeSci is misinformed at best, or a scam at worst
will write more when I get bandwidth, but with the exception of crowdfunding, there are few to no differentiated uses
dont take the bait
— Smokey The Bera 🐻⛓ (@SmokeyTheBera) November 17, 2024
The Bottom Line
2023 saw the rise of decentralized physical infrastructure protocols (DePIN) as crypto communities came together to provide wireless connectivity, GPU compute, and geospatial mapping in a decentralized manner.
In 2024, we saw a wave of decentralized social platforms such as Farcaster, Lens, and Friend.tech.
Is decentralized science the next wave? DeSci certainly gained attention in November 2024 after Binance co-founder Changpeng Zhao (CZ) and Ethereum co-founder Vitalik Buterin attended an event dedicated to decentralized science at the Devcon 7 crypto conference in Thailand.
While DeSci tokens have gained popularity, the sector still has to showcase that it can make a real difference and impact society in a positive manner.
