TMCnet Feature
August 09, 2022

DAO Funding Systems



DAOs are made up of networks of users who share a common goal and funding. They usually gain voting rights over the organization's resources by purchasing digital tokens. You can also earn some tokens at a live casino online and gain some adrenaline as well. In the case of DAOs funding research in the natural sciences, intellectual property can be shared among the entire group. Each group speeds up collaboration between scientists and improves data reproducibility.



DAOs operate on a decentralized digital ledger technology known as the blockchain. This reflects the growing popularity of Web3. A form of the World Wide Web in which web services are provided by vast decentralized networks rather than being controlled by central providers in the current Web2 structure.

The two leading software developers in the field who are driving the new wave of DAOs in the life sciences are Molecule and SCINET.

The list of DAOs targeting major bottlenecks in biotech research is growing. Let's talk about some of the most famous examples that are worth paying attention to.

LabDAO

 LabDAO is a network of scientists and engineers that aims to provide members with a wide range of computing and laboratory tools. As open source has fueled the development of information technology for decades, the DAO is working to overcome barriers to access to the life sciences for all, such as high cost, trade secrets, and data that cannot be replicated.

LabDAO is currently in the pre-launch phase. Its goal is to allow researchers to share their tools and services in a global marketplace. Also, it allows them to receive payments in tokens or shared intellectual property. This is not unlike a network of contract research organizations. It is the project aims to be more transparent and less fragmented than existing systems.

The LabDAO website explains it this way. “In other words, we want to live in a world where a student can drop out of school because he developed a potential therapeutic solution on his laptop.”

VitaDAO

VitaDAO is an organization. This organization promotes decentralized drug development, especially in the field of longevity. It seeks to remove a common limitation in the current biopharmaceutical model. Intellectual property is often owned by private companies whose R&D is not always more efficient. All this affects both researchers and patients.

To do this, the DAO brings together researchers, industry professionals, and members of the public. For contributions to funding, work, and intellectual property, participants receive VITA and IP-NFT tokens. They allow you to vote on VitaDAO's strategic decisions.

To decide which research projects to fund, VitaDAO engages working groups of professionals. They review project proposals before voting with the community. The team may work with private companies, researchers, or even other DAOs. For example, VitaDAO may license data and intellectual property to third parties or publish them on data marketplaces.

In August 2021, VitaDAO funded the first ever DAO-supported biopharma research project. In June 2022, VitaDAO celebrated its first birthday. To this point, he has invested $2.5 million in more than 10 early-stage longevity projects.



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