The world of scientific research may be on the brink of a groundbreaking change with the introduction of cryptocurrency-based rewards, a concept that has garnered attention from some heavy hitters in the tech industry. ResearchHub, a startup co-founded by Coinbase CEO Brian Armstrong, has secured $5 million in a Series A funding round, with Open Source Software Capital taking the lead alongside participation from the likes of Boost VC, RedHat’s Bob Young, Vercel’s Guillermo Rauch, and Replit’s Amjad Masad.
This intriguing approach aims to tackle an issue that has long plagued the world of academic research: the reliance on citation-based metrics for assessing the quality of scientific projects. Armstrong and co-founder Patrick Joyce argue that the way scientists currently optimize their research to generate as many citations as possible is both wasteful and fundamentally broken. Drawing inspiration from the open-source software model, the duo contends that science could function more efficiently by adopting a similar framework.
Enter ResearchHub, a platform designed to reward its users with crypto incentives in exchange for contributing valuable knowledge to the global scientific community. How exactly does it work? Researchers can earn ResearchCoin (RSC) by publishing content on ResearchHub. The amount of RSC rewarded is directly proportional to the perceived value other community members assign to the published content.
ResearchHub’s web application features a range of publishing and collaboration tools that assist researchers in drafting new manuscripts and sharing them with the world. Over time, the company plans to refine the ResearchCoin reward structure, ultimately directing resources to the most exceptional and brightest minds on the platform – all in a reliable, evidence-based fashion.
The concept of utilizing cryptocurrency to promote scientific research undoubtedly has its fair share of proponents and skeptics. Proponents argue that a decentralized, transparent, and merit-based system for rewarding scientific achievements will only push the field forward, promoting collaboration and innovation. On the other hand, skeptics may question the implications of introducing a financial incentive into a field that historically has prioritized knowledge dissemination and relied on peer review and collaboration.
Regardless of where one stands on the issue, ResearchHub’s successful funding round suggests that the potential benefits of incorporating a cryptocurrency-based reward model in the realm of scientific research are not going unnoticed. Time will tell if this fresh approach can revolutionize the field, but for now, it remains a fascinating development to watch.
Source: Coindesk
