Modern science is crucial for human progress. Yet, it has some flaws that can hamper this progress. From funding to publishing, this centralized system poses several challenges for scientists. Here, decentralized science (DeSci) can make more open and frictionless science. Smart contract development plays a fundamental role in developing this concept. It automates several processes and removes unnecessary bureaucracy. Let us learn more about this concept in this blog.
Decentralized Science (DeSci)
Decentralized science (DeSci) is an emerging movement that follows decentralization principles by utilizing blockchain technology to improve and create a more equitable and democratic scientific system. It aims to develop a public infrastructure to fund, make, review, credit, store, and disseminate scientific knowledge impartially and fairly.
DeSci uses tools to make science decentralized. The tools include smart contracts, non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), and more. It makes science more resistant to censorship and removes centralized control of entities like research institutes.
Decentralized access to scientific tools, funding, and communication channels can create an environment where every unconventional idea will flourish.
What is the Need for DeSci
Science has been playing a pivotal role in solving many challenges for humans. Despite many positive contributions to human lives, modern science has faced several difficulties.
Typically, researchers and scientists have to publish their findings in a scientific journal to establish a credible reputation in the science field. Publishing requires fees, and well-known scientific publications may charge as high as $5000 fees per article. Consequently, researchers and scientists come under a heavy financial burden.
Additionally, scientific publications are limited and create a monopoly in the scientific community. Usually, these entities publish research papers in journals or specialized magazines, costing high subscription charges. Thus, this model restricts access to knowledge for other researchers and the general public.
Another major challenge in the scientific community is obtaining funding. Governments usually have limited funds. Scientists often give up their potentially revolutionary projects with minimal or no funding.
All these issues are arising due to the centralized nature of scientific entities. Here, decentralized science can resolve these aspects of modern science by developing a more distributed and decentralized scientific research model. DeSci can democratize the funds’ access and research paper publications and make every process transparent.
DeSci utilizes all the advanced technologies, including Web3, to create a decentralized economy. It makes fair access to research data for everyone. It eliminates third-party involvement in the scientific world, giving more flexibility to scientists.
DeSci utilizes crucial principles of Web3, including NFTs, DAOs, smart contracts, and more. These essential principles improve scientific funding and encourage collaborations in science.
The Working of DeSci
Decentralized science uses blockchain technology that enables researchers to create immutable, open, and censorship-resistant databases. These databases can also act as authentic records of ownership rights of scientific research.
Token development in DeSci is a crucial tool for finance projects. It will allow individuals to become an investor or patrons. It will also minimize the dependence of science on institutional or public funding.
Smart contract integration into scientific development and research can bring innumerable advantages in streamlining the entire ecosystem. For peer-review process regulation, smart contacts can establish clear guidelines without involving any intermediaries. Moreover, peer reviews are central components of academic publishing.
Scientists can earn NFTs for peer review. These peer reviews will be available to the general public since a blockchain records all transactions made within the network.
In DeSci, decentralized autonomous organizations (DAOs) are communities of like-minded people that power the growth of the scientific community. They are emerging as a better alternative to traditional research entities and corporations.
These organizations use smart contracts on blockchains to alter the way research funding works. They also highlight the underresearched topics.
DeSci Use Cases
The following are some of the use cases that DeSci can provide to the scientific community:
IP ownership and Development
Traditional science face problem associated with intellectual property (IP) rights. Universities and research centers usually do not utilize or value the research papers. Here, researchers can mint their IP as an NFT.
It can guarantee transparent value to developers and reward researchers. Additionally, an IP NFT can become a finance vehicle by trading in a marketplace. IP tokenization gives an additional advantage of detecting wrongful attributions.
Publishing
Big publishing houses often make science publishing difficult for researchers. Instead of paying scientists, reviewers, and editors for research papers, these entities charge high publishing fees.
People, who indirectly pay for such work through taxation, cannot access this work without paying the publisher.
DeSci develops a trustless and distributed science publication system. It enables transparent and simplified research work.
In this ecosystem, editors and reviewers will get NFTs for their work. DAO will help researchers to reach their audience without any third-party publications.
Financing
Researchers find it challenging to get funding for their science projects. In DeSci, researchers can use DAOs, crowdfunding, cryptos, and other fundraising methods to finance their work.
They are better funding models than the traditional ones. Individuals or DAOs, who will be interested in the specific research will provide the funds.
DeSci Projects
We have highlighted the following DeSci projects that are positively impacting scientific research and development:
VitaDAO
VitaDAO is a decentralized autonomous organization (DAO) aimed at financing longevity research openly and democratically. It is one of the best instances of DeSci in operation. VITA token owners govern VitaDAO.
They are mainly concerned with drug research decentralization and aimed at extending human life and health span. They invest in the initial stages of research to convert it into biotech firms.
With funding from the National Institutes of Health (NIH), the campaign has grown from $9 million to $9 billion.
AntidoteDAO
AntidoteDAO is a community for cancer funding efforts and other cancer-related initiatives. Their ecosystem involves a governance token and an NFT collection, allowing people to vote on where funds should be allocated.
A primary focus of the DAO is to provide $100K seed fund grants to cancer research teams and funding organizations assisting cancer research and cancer patients. The DAO’s Medical Advisory team reviews research initiatives before putting them to a vote in the community.
Conclusion
DeSci is emerging as a promising and reliable alternative structure to traditional scientific institutions. DeSci, with the help of blockchain-based tools like smart contracts and tokens, can become a breakthrough in science.
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DEFI are a new financial ecosystem, decentralized, global, transparent, resistant to censorship, without intermediaries and easily accessible.The DEFI or Decentralized Finance , are an alternative to traditional finance.
Thanks to Blockchain and criptomonedas , the DEFI have come to upgrade, improve and globalize finance such obsolete, placing them at the reach of everyone no matter where you are, if you have access to the Internet anyone can use them .The traditional financial systemToday's financial system is the center of most economies.
All the functionalities of this system are controlled by centralized authorities such as governments, banks and other financial institutions.People deposit their money in banks and other financial institutions to save and often deposit fixed and recurring deposits for profit.The first problem is that when someone deposits money in banks or other organizations, they have no control over their assets.
So this system lacks transparency.These centralized institutions invest that accumulated money in the stock markets, in addition to granting loans at high interest rates and making big profits.
But only a fraction of these are returned to depositors.One of the most unfair and under-addressed issues in the existing financial system is inequality in financial services.
The tools to carry out these decentralized finances are digital assets, decentralized applications (dApps), smart contracts (Smart Contracts) , protocols and decentralized exchanges (DEX).And the alternatives that this new financial ecosystem offers are decentralized loans, decentralized oracles or non-custodial token exchanges, among others.Ethereum leads decentralized finance from the beginning with Ethereum-based projects, such as MakerDAO or Augur, but little by little other large platforms in the sector such as EOS, Algorand or Tezos, among others, are preparing to claim their share of the pie.What do DEFI offer?Global access to financial servicesDeFi applications provide global access to financial services, although local restrictions may apply.
And, with new remarkable technological advances, it only gets simpler and better by the day.Blockchain technology, which is the most common in the currency market, is one such brilliant innovation.
From healthcare to finance to the modern media sector, blockchain has reached every industry.
Let's look at how blockchain can help mobile apps and why you should use blockchain for your company.How does blockchain technology elevate mobile applications?
Blockchain networks are made up of a chain of blocks that contain information and are encrypted with strong cryptography.
Each block contains the transaction data and the timestamps of the previous blocks.
Transparency The method of authorizing applications for sale on Google Play and Apple's App Store appears to be unpredictable and considered unfair.
What is Blockchain?In simple words, the blockchain is a unique distributed record that stores the data and verifies its integrity.
By using a different set of cryptography based technologies, Blockchain assures that transaction continued into the blockchain database which is steady.Blockchain technology manages the every currency transactions.
But Blockchain is not limited to just currency but enlarges to any domain where anything of value is implemented, be it contracts, personal information, health records, business data and much more.
Advantages of Blockchain TechnologyEfficiencyTransparencyTrustFlexibility Our blockchain solutions offer paradigm shifting abilities to the businesses that are in search of unmatched scalability at the operational level.
Development Platforms for Blockchain TechnologiesEthereum is perhaps the most consistent and widely spread platform for the creation of viable blockchain systems.
Despite the fact that the whole platform is relatively new and has only been developed a few years ago, Ethereum has been taken its place at the forefront in the world of developing platforms for blockchain technologies.
Depending on the popularity and hype acquired by blockchain technology in the last few years, it won't say that blockchain is definitely a game-changer and also it can be considered as the next big thing to occurred in the inventions of the internet.
In simple words, it stores a record of each transaction that can be accessed by everyone who is all into the networks, therefore eliminating the requirements of a centralized authority.
It stores and collects the information in an encrypted blockchain with much safety and security.Let's see at some of the top real-world blockchain technology applications over various industries here.1.
It can help to trach the batch and serial numbers of prescription drugs.
Nowadays, some of the hospitals have started to record the patient's data with the latest ways of handling the data and they are using blockchain technology to store each patient's record confidential.
Patient's diagnoses report can also be stored so that they can easily track the history of the patient's health conditions.3.
