Standing short for Decentralized Autonomous Organization, DAOs, built on blockchain technology, is comparable to a crypto co-operative. At their core, DAOs are groups formed to meet a common goal, such as investing in start-ups, managing a stablecoin, or buying a piece of a rare item, digital collectibles, or a bunch of NFTs.
The total market capitalization of all DAO tokens together was US$21 billion in January 2022. The DAO ecosystem, in its entirety, comprised 1.7 million governance token holders and nearly 500,000 active voters. Standing testimony to its decentralization and democratization capabilities, the DAO ecosystem – per se – had already helped make 47,000 decisions with 2.5 million votes cast.
There are multiple reasons why DAOs are fast emerging as a burgeoning paradigm. DAOs make organizations more accessible, inclusive, and equitable. It helps distribute power among stakeholders or token holders, bringing down the top-heavy hierarchy where decision-making stays confined to the hands of a limited few. The on-chain governance system makes DAOs more transparent and democratic than traditional organizational setups. Simultaneously, the project or mission-focused nature of DAOs makes them agile and flexible.
A burgeoning space creates opportunities for innovators to improve on the existing model and bring something new to the table. There have been several DAOs actively trying to help the field evolve and mature. The Science DAO is one of them. Here, we try to give our readers an overview of what Science DAO stands for, what its uniquenesses are, and the growth potential it has.
What is Science DAO?
‘Invest in Science’ – the vision that drives Science DAO is simple yet unique. Its operation is that of a decentralized think tank, incubator engine, and accelerator platform combined. The DAO aims to back inventors, entrepreneurs, and institutions in terms of the primary audience it caters to. The result aspires to help achieve its stakeholders is successful collaborations, making informed investments in technological fields and life sciences.
When we speak of Science DAO’s areas of interest, the intended areas of operations are well laid-out. Science DAO focuses on three core areas: health and environment, computing and technology, and natural sciences. However, the expanse of the area that the Science DAO intends to cover is difficult to grasp without knowing about the subcategories it deals with.
For instance, the Health and Environment category deals with a range of sub-segments, including genetics, nutrition, mycology, microbiology, city planning, renewable energy, waste disposal mechanisms, and climate. In Computing and Technology, Science DAO is interested in blockchain science, AI and machine learning, smart systems, new learning and teaching techniques, national security solutions, and social computing. The spectrum covered by the Natural Science category is also diverse. It includes astronomy, hydrology, material sciences, chemistry, physics, oceanography, radiation, paleontology, archaeology, and botany.
How Does Science DAO Help to Invest in Science?
We started with Science DAO’s motto: Invest in Science. But how does it achieve what it does? The process is seamless yet unique. The DAO allows its investors, retail and institutional, to become a part of game-changing innovations and leverage their growth. In the same way, an investor owns stocks of a company, token-holding implies ownership and the holders’ say over how the company is going to grow in the future.
The DAO’s value to the community stems from a well-structured, participative mechanism – a mechanism that leverages blockchain technology’s developments to its fullest. For instance, Science DAO allows each invention to have its NFT, representing the fundraiser. NFT sales help accumulate the funds necessary for the proposed innovation. Many of the cutting-edge innovations often suffer from a lack of funds. Science DAO ensures that none of the scientific innovations goes unfunded.
To facilitate participation in the Science DAO’s upcoming marketplace and fundraising, per se, is possible through the platform’s native tokens. The platform will have a total supply of 100 billion tokens. The coins will be available for purchase on Uniswap and Dextools.
Formed on the Ethereum network, Science DAO enjoys the benefits of developability, security, and scale.
Any scientific innovation project that wants to raise funds through the Science DAO can submit its project corresponding to any category or subcategory mentioned above.
The Science DAO Team
The team has Joey Poareo as its CEO. With experience in board and executive positions across multiple industries as diverse as blockchain technology to mental health rehabilitation/healthcare, Mr. Poareo ties the multi-project platform through his vision and leadership.
Anthony Vo, a Strategic & Quantitative Finance leader, serves as the CFO. Mr. Vo brings prior CFO experience in firms like Kardiachain and Based Holdings. His specialization is in institutional banking and asset management.
Daniel Register, the COO of the firm, has two decades of multidisciplinary experience in Special Asset Management, where he has traversed smoothly between Lenders, Banks, Servicers, Hedge Funds, and Corporate Investors. Mr. Register is also an expert in the blockchain space, where he has efficiently managed the operations of a seven token blockchain ecosystem.
Mr. Preston, also known as Z, the CTO of the platform, has more than 20 years of experience in application & web development, mobile design, and blockchain technologies in multiple industries such as Automotive, Energy, and Medical.
Apart from the core team looking after the daily development and growth of the platform, the Science DAO also has an illustrious Advisory Board with hundreds of years of cumulative experience in technology, investment, entrepreneurial strategies, and diverse fields of science.
The DAOs have quickly emerged as an organizational paradigm that makes innovation participative, democratic, inclusive, and accessible. On the one hand, Science DAO ensures that innovations in science do not remain unattended by investors. On the other hand, it helps small, and big-scale investors leverage the growing technological developments promised to the world.
In the coming days, the DAO will onboard more projects, and these projects will open themselves up to a band of investors for funding. Even projects that will not qualify for direct funding will potentially increase their visibility and pull support from individuals within the DAO.