DAO supporting Web3 movement
All things aside, decentralized technologies have once again proven their usefulness to further modern science in a notion known as DeSci. While we watch the concept of decentralized finance (DeFi) still growing strong, it’s not the only industry showing great potential.
A host of entrepreneurs and scientists incorporated tokens, smart contracts, and some other blockchain tools in their attempts to improve modern science. This action focuses on the benefits of decentralization and is now more widely known as DeSci, as we mentioned above.
Initially, this action has come from the need to increase scientific funding. Consider that without the funding, not only is less science being done, but the projects they choose to go after are not that convincing anymore.
Originally, Open Science emerged as a great opportunity to address these concerns as a method to take research and distribute it across multiple levels of society.
Although DeSci is aligned with these goals, it is much more than a successor 2.0 to Open Science. It’s a separate movement with diverse and evolving objectives, with a foundation in blockchain technology.
Web3 models, like blockchain disruption in other sectors, are challenging Web2 with decentralized shared ownership in areas such as financing and shared knowledge. In reality, Web3-based decentralized communities, or decentralized autonomous organizations (DAO), link like-minded individuals through smart contracts.
These contracts, which are written in code, establish the rules of how a DAO is run and enable any member of the community to vote on policy changes and how money is spent. They have chosen to focus their efforts on assisting inventors, entrepreneurs, and organizations with the tools necessary to make well-informed decisions about a wide range of technologies and life science sectors.
Researchers and stakeholders can raise funds in a distributed manner while also receiving a monetary stake as a result. So, any ordinary person can purchase a piece of an asset that has been tokenized into smaller fractions, and this makes investing of high value even more accessible.
With DAO playing the role of the foundation, investors are welcomed to a whole new asset class. They are allowed to attach their crypto holding and follow the growth cycle.
The team is bringing this idea to life with a few former and current Microsoft senior execs, co-director of the Center for Global Infectious Disease Research, prestige research labs, and other board members.
To this day, the project has undergone a very successful launch and gathered over 1000 DAO members. Moving onward, the team focuses to obtain more key members for DAO and continue to build out the platform.