Andrew Kang of Mechanism Capital said that DeSci protocols may change their existing models before developing into more market-ready products.
Decentralized science (DeSci) protocols are likened to decentralized finance (DeFi) in 2019 — still young, not widely tested in the market but full of "great potential," according to an industry leader.
"Everything is still rough, experimental, but there's an underlying understanding that [...] there's a huge potential," Andrew Kang, founder and partner at the crypto-focused venture capital firm Mechanism Capital, shared in a post on X platform on November 24.
Andrew Kang believes that DeSci projects are still evolving and may change their models and products, similar to how DeFi protocols like Maker, Synthetix and Aave did around 2019 before becoming more established.
Among the DeSci projects, Kang is most interested in:
- BIO Protocol: Allows users to co-own "future medicines."
- Pump Science: Provides a token trading platform linked to longevity drugs.
- GLP1: Aims for the ambitious goal of "Making America Skinny Again."
Andrew Kang revealed that Mechanism Capital has invested in the latest funding round of the BIO Protocol.
DeSci integrates blockchain technology and its components, such as tokens, Non-Fungible Tokens (NFTs) and Decentralized Autonomous Organizations (DAOs), to drive community-based scientific research and collaboration.
DeSci aims to address issues from the peer-review system in science, reducing the cost of genetic testing, to even curing baldness.
DeSci primarily focuses on pursuing truth through "citizen science" while rejecting institutional influences, such as from big pharmaceutical companies.
This industry emerged from the COVID-19 pandemic as stakeholders sought newer and more effective ways to combat infectious diseases and epidemics.
DeSci can make data more accessible to researchers, healthcare professionals and patients, while leveraging the security and transparency of blockchain.
This becomes increasingly important as cyberattacks on the healthcare sector become more prevalent in the digital age.
Ransomware attacks on healthcare companies like Kaiser and Welltok have affected 13.4 million and 8.49 million individuals in separate incidents over the past 18 months — exposing sensitive personal and health information.
Currently, DeSci has a market capitalization of around $1.2 billion, led by OriginTrail (TRAC) with $374.9 million, followed by Rifampicin (RIF) with $133.1 million and VitaDAO (VITA) with $124.7 million, according to CoinGecko.
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The article Does DeSci resemble DeFi in the early 2019? first appeared on CoinMoi.
