The scientific research field has been suffering from scarcity of resources, organizational obstructions in data gathering, as well as a lack of motivation, guidance, and funds since inception.
To combat these issues and initiate mission-driven research to attract funding, expand networks, and maximize the result and impact, Joey Poareo, the co-founder and developer of decentralized incubator accelerator fund InuYasha, has recently introduced a new venture called Science DAO.
The Science DAO is dedicated to utilizing #blockchain technology to address and improve some of the problems with science as it is today. Decentralized science can benefit everybody, and we’re all for it!$THRY #TheScienceDAO #ScienceDAO #SciDAO #Tech #Innovation #Science #DeSci pic.twitter.com/ROGSuopSdf
— Science DAO (@TheScienceDAO) June 21, 2022
At its core, Science DAO is a blockchain-based Decentralized Autonomous Organization (DAO) comprising investors, innovators, think tanks, and an expert advisory committee that seeks opportunities to incubate scientific/technology-oriented startups and accelerate their growth.
Science DAO actively works against the current structure of the funding system. There’s no severe requirement to put forth a project for funding. Instead, any member of the organization can pitch their project to the community.
Once the project is pitched, the community members will vote for or against funding it. The voting rights are based on the ecosystem’s native token, THRY, which is available on UniSwap. Democracy and transparency within the voting process can be achieved by leveraging blockchain technology, for both the Science DAO community as well as everyone within it.
Furthermore, to achieve its goals, Science DAO has a three-pillar approach that consists of contribution, community, and education.
The core team of Science DAO, which is led by Poareo, is a culmination of decades of multidisciplinary experience across blockchain, finance, and energy. Poareo himself has extensive experience spanning diverse industries ranging from healthcare to blockchain.
Apart from this team monitoring the day-to-day development of the platform, Science DAO’s advisory board comprises years of cumulative experience in diverse fields of science, technology, investment, and entrepreneurship.
Mark Ashida, an advisor to Science DAO, remarked on the value Science DAO adds to the world of science and business by stating:
Science DAO gives everyone the unique opportunity to contribute to new emergent companies just like institutional venture capital firms.