Decentralized Science (DeSci) protocols are where decentralized finance (DeFi) was in 2019. Industry executives say that although it is nascent and largely untested in the market, it is full of “tremendous potential.”
“Things are still raw and experimental, but there is a fundamental understanding (…) that there is tremendous potential,” Andrew Kang, founder and partner at Mechanism Capital, a venture capital firm specializing in cryptocurrencies, explained in a post on November 24. X.
Kang said the DeSci project is still evolving and will likely change its model and product, similar to how DeFi protocols Maker, Synthetix, and Aave did around 2019 before they got much bigger.
The DeSci projects that Kang is most interested in are BIO Protocol, Pump Science, and GLP1.
source: andrew river
The BIO protocol allows users to collectively own “the medicine of the future,” Pump Science’s platform allows trading of tokens linked to longevity medicines, and GLP1 aims to “make America slim again.”
Kang said Mechanism Capital invested in Bioprotocol’s latest funding round.
DeSci is a concept that leverages blockchain technology and its aspects, such as tokens, NFTs, and decentralized autonomous organizations (DAOs), to encourage community-driven scientific research and collaboration.
It seeks to address the flaws in science’s peer review system and do everything from access to affordable genetic testing to even a cure for baldness.
DeSci places a strong emphasis on pursuing truth through ‘citizen science’ while rejecting institutional influence such as Big Pharma.
The industry has emerged amid the COVID-19 pandemic as industry players seek new and improved ways to fight infection and disease.
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It can make data more accessible to researchers, healthcare professionals, and patients while leveraging the security and transparency benefits of blockchain.
This comes as cybersecurity attacks in healthcare become increasingly common in the digital age.
Ransomware attacks on healthcare companies such as Kaiser and Welltok have affected 13.4 million and 8.49 million people in separate incidents over the past 18 months, exposing sensitive personal and health-related information.
According to CoinGecko, DeSci currently boasts a market cap of $1.2 billion, with OriginTrail (TRAC) leading the pack at $374.9 million, followed by Rifampicin (RIF) and VitaDAO (VITA) at $133.1 million and $100 million, respectively. It follows with $24.7 million.
Top 10 DeSci tokens by market capitalization. Source: CoinGecko
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