Over the decades, global science has been struggling to find traction. Most innovators were required to work through bureaucracy to see their inventions come to fruition.
Web2’s social platform and the platform it offered gave these innovators a chance to start over. But, funding their innovations and inventions for future development is still a significant hurdle.
Crowd.Science provides scientists and inventors with a way to raise money. These platforms have many downsides, including poor media exposure, discoverability of new innovations, lack of loyalty, high commission fees and low success rates. The rate of proposals being accepted has dropped to an all-time low of 30.5% in 1997, dropping to 18.3% in 2016, and continues to plummet.
Some crypto and blockchain enthusiasts think that this space can solve such problems and drawbacks.
Enter The Science DAO — A Decentralized Think Tank!
Ethereum is revolutionizing blockchain technology by decentralizing finance, enabling billions in transactions to be passed from peer to peer over a trustless network and allowing for the transfer of trillions of dollars. The concept of smart contracts has opened up a whole new world for management and governance. projects) — decentralized autonomous organizations (DAOs).
In short, DAOs are like companies but on the blockchain, and all decisions are made by their token holders, who are essentially the “shareholders” of the DAO.
Yasha launched the Science DAO on Ethereum. It is a decentralized, autonomous organization that uses the Ethereum blockchain to build a community of talented creatives.
InuYasha has launched three other projects to date — Guzzler, Cliff, and Pochi Inu — all of which have been tremendously successful and have raised millions of dollars. The launch of The Science DAO is expected to be a success, considering its 3-on-3 track record.
The Science DAO’s vision stems from the challenge that has long plagued the scientific community — the lack of community support for innovators for their disruptive inventions and emerging technologies. The project’s idea is that these like-minded people would fall under the same roof to support investors and propel scientific innovation by raising funds unanimously.
The Science DAO: Workings
The Science DAO is very easy to use. A person must first submit their idea to The Science DAO in order to obtain funding for an innovation or project.
Following that, the DAO members scrutinize the project and vote on it. Every governance token counts as 1 vote, just like other DAOs.
After approval of the project, DAO establishes the NFT to represent the fundraiser. The project development is funded by all proceeds of NFTs sold (minting or secondary market).
While there would be many rejected projects, even such instances, innovators still have the ability to raise funds and get incubated within the DAO.
Blockchain enthusiasts support this DAO because of its targeted demographics. The DAOs governance token can be purchased on the open-market by the common Joe, but the tokens will only be available to institutions, universities and scientists.
The whitepaper on tokenomics also states that no wallet is allowed to hold more then 1% of token supply. That’s 1 billion tokens out of 100 billion. It is intended to prevent whales from getting away.
DAO of Today: Science of Tomorrow
Emphasized on its website, The Science DAO’s mission is to help fund disruptive and game-changing innovations with the help of Web3 and make cutting-edge technology accessible to the general public faster than ever!
Thanks to The Science DAO one of the greatest benefits for the scientific community is the extremely fast-tracking and efficient peer-review process.
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