The prestigious science journal Nature recently highlighted the potential of decentralized autonomous organizations (DAOs) for fostering scientific research, particularly in underfunded domains, through an editorial in its Nature Bioscience section. It emphasized the innovative approach that DAOs offer for researchers to build communities and secure funding that might otherwise be unattainable.
In a research model based on DAOs, the management, fundraising, feedback, and trajectory from discovery to industry/product of a project can be seamlessly overseen by a single decentralized governance structure.
According to the Nature article, this model also offers a more streamlined general workflow in contrast to the existing system:
“Project proposals are submitted to the DAO, and every DAO member can vote on whether a specific project should be funded. Members use tokens… to provide support and feedback for new project proposals. Research findings are also reported to the DAO as projects progress, stimulating further feedback and interaction. Ultimately, the project should (ideally) culminate in an IP-NFT (intellectual property non-fungible token) — akin to a patent, which is owned by the DAO and managed by all token holders.”
Scientific endeavors can experience significantly varied funding. For instance, research fields like AI and quantum computing might witness substantial investments from large tech companies, governments, and subsequent investors during periods of boom and bust. Conversely, sectors that may have previously enjoyed adequate funding, such as longevity, or traditionally underfunded areas like women’s health issues, may struggle to secure financial resources.
DAOs are built upon blockchain technology, enabling them to operate on a transparent and decentralized digital ledger – uncontrolled by a single entity or institution. In the realm of science, this means that project funding and community engagement can be democratized.
Typically, scientists affiliated with or working at the most eminent institutions — such as major universities in high GDP nations, government entities and contractors, and large tech and pharma companies — not only receive the most funding but also have access to the greatest potential funding.
This distinction is vital as scientists might migrate from areas with lesser funding to conduct research in wealthier regions, thereby intensifying the “brain drain” linked with emigration.
Since DAOs do not inherently adhere to geographical boundaries (although legalities regarding their operation can differ by location), they can be governed by the needs and desires of the researchers conducting the work, rather than the sponsoring country, university, or company.
The editorial team at Nature ultimately posits that DAOs could evolve into a pivotal platform for financially strapped researchers, but embracing them will necessitate broader education.
As the staff notes, “Part of this challenge is facilitating potential members to understand that the DAO is not merely a funding body,” but also a community robustly committed to supporting a specific scientific cause.”
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