We’ve focused a lot on bitcoin in The Daily Disruptor this week.
And for good reason. Bitcoin (BTC) once again crossed above $100k…
And it looks like the post-vote dip I predicted last Friday is already in the rearview mirror.
But an alternative currency isn’t the only use case for blockchain technology.
The beauty of the blockchain is that it allows us to decentralize just about everything…
We have DeFi, DePin and DeSoc… all topics I’ll talk about in later issues.
But today I want to tell you about another way we can leverage blockchain that has me particularly excited…
Because it could radically transform our approach to scientific discovery going forward.
And you could be part of it.
You see, the biggest problem with science today is that it’s controlled by a small group of powerful institutions that decide which research gets funded and which studies are published.
This encourages groupthink and often ignores the voices of people with unique or perhaps even revolutionary ideas.
But imagine a world where scientific discoveries are shared freely, researchers can collaborate without barriers and new ideas can spread much faster than they do today.
That’s the vision behind Decentralized Science (DeSci).
How will DeSci impact you?
I think you’ll be surprised…
The Problem With Science Today
Science is a methodical process.
It involves conducting experiments, observing results and publishing findings.
But these days science is mostly controlled by a few big organizations — universities, publishers and government agencies.
And although this system has worked for many years, it has its issues.
For one, there’s a lot of competition for funding.
Researchers often have to fight for grants, and this can lead to promising ideas being ignored or delayed because there isn’t enough money available.
Sometimes early-stage research is overlooked simply because it doesn’t have enough backing.
And if that isn’t bad enough, once research is completed it can take months or even years for it to be reviewed, approved and published in a scientific journal.
Then it’s often locked behind a paywall.
That means people have to pay to access the full research, which limits who can read the studies and who can build on them.
Finally, traditional science tends to be isolated.
Research is often done within specific institutions, so it can be hard for scientists in different parts of the world to share their ideas and work together.
Naturally, this slows down the pace of innovation.
That’s where DeSci comes in…
What Is DeSci?
Decentralized Science uses Web3 technology to create a system that’s more open, transparent and inclusive.
It’s all about taking power away from a few institutions and giving it to a larger group of people.
That way anyone, anywhere, can get involved in research and collaborate freely with others.
And the heart of DeSci is blockchain technology.
The same technology that powers cryptocurrencies like bitcoin.
Instead of using the blockchain to store crypto transactions, DeSci uses it to securely store research data.
When this data is added to a blockchain, it becomes permanent and can’t be changed.
And since the data isn’t stored in just one place — it’s distributed across many different computers — it means there’s no single point of failure.
Ultimately, this makes the research data trustworthy.
Another important feature of DeSci is the use of Decentralized Autonomous Organizations (DAOs).
A DAO is a group of people who work together to make decisions without a central leader.
In DeSci, DAOs help researchers make decisions about what research to prioritize, how to run the scientific process and how to spend money on projects.
Everyone in the DAO has a voice and decisions are made through votes or discussions.
DeSci also uses tokens, just like cryptocurrencies. But DeSci tokens are digital rewards that researchers can earn for contributing to research.
These tokens can be used to vote on decisions in a DAO, fund new projects or they can even be traded.
This creates a system where researchers are rewarded for their work and encouraged to collaborate with others.
Finally, DeSci uses Intellectual Property Non-Fungible Tokens (IP-NFTs).
These are digital certificates that allow researchers to own and control their work.
For example, if someone creates a research paper or a dataset they can turn it into an IP-NFT and store it on the blockchain.
This ensures that researchers retain ownership of their own intellectual property, even if they share it with others.
IP-NFTs can also be sold or licensed, giving researchers new ways to make money from their work.
This could make science a more sustainable career for many people.
But it’s fair for you to ask… what’s in it for me?
Why Should You Care About DeSci?
For most of recorded history “scientists” didn’t exist.
Instead, normal people who were curious and smart just figured things out on their own.
Leonardo DaVinci wasn’t a scientist. Yet he invented a flying machine.
Edgar Allen Poe wasn’t a scientist. Yet he was one of the first people to suggest the possibility of multiple universes and the existence of black holes.
In 2008, Janet Stephens — a Baltimore hairdresser with no formal scientific training — solved a 2,000-year-old archaeological mystery.
Her discovery might not have been as groundbreaking as black holes and flying machines…
But it just shows you how everyday people can contribute to science in a meaningful way.
Including you.
If you’re passionate about a topic, DeSci offers you a way to contribute to a better understanding of it.
Storing scientific research on the secure blockchain makes it easier for researchers to trust each other’s findings and for the public to see how scientific conclusions were reached.
This transparency also makes it easier for others to replicate experiments, which is key to the scientific method.
By opening up research to more people and by giving them access to research data and findings without needing to pay for it…
DeSci promotes faster innovation.
And this could lead to faster solutions to major global challenges, like climate change or disease prevention.
The Future of Science
Still, I get it. It’s a lot more exciting to talk about cryptocurrency.
Especially with bitcoin sitting at $101,000 as I pen this message to you.
But DeSci represents an exciting shift in the world of research.
By using modern technology like blockchain, DAOs and tokens, DeSci could be the key to unlocking a future of rapid innovation…
And you could be part of it.
Regards,
Ian King
Chief Strategist, Banyan Hill Publishing
