What are bioDAOs?
Aka BioDAOs for Dummies: a primer on the onchain communities at the core of decentralized science.
bioDAO /ˈbaɪ.oʊˌdiː.eɪˈoʊ/
Noun
a decentralized autonomous organization (DAO) harnessing blockchain technology and the collective efforts of a diverse group of stakeholders to expedite the transparent, secure, and equitable development and distribution of biotech research and products.
BioDAOs offer a novel way to fund, coordinate and commercialize scientific research, creating shared IP ownership between patients and scientists worldwide.
Unlike traditional science ("TradSci"), where closed-source and exclusive centralized groups and institutions control access to the research and funding needed to develop and distribute scientific treatments, DeSci opens up scientific funding and R&D data ownership to a more diverse array of participants, aligning incentives between patients and scientists and the IP that is collectively funded and developed.
Utilizing blockchain tools and frameworks—most notably, DAOs—decentralized science enables key decisions around the funding, development, and eventual sale of scientific IP via open, transparent, trustless, and collaborative processes that incentivize and reward participation.
How bioDAOs are born
Unlike centralized pharma companies and institutions which require a large amount of capital, often at the behest of gatekeepers, bioDAOs can be formed by anyone with a clear vision and purpose. We won’t get too deep into the technical weeds, but before forming a DAO, you’ll want to think about things like:
- Ownership structure - how does participation equate to ownership?
- Tokenomics - how will tokens be priced, earned, acquired, or transferred?
- Treasury funding - how will the DAO source operating funds and liquidity?
- Governance structure - how will voting work and, as a result, how the DAO will function
- Tooling - what blockchain will host the DAO, and what onchain tooling will it utilize for peer review, data storage, etc?
While some of these terminologies might seem foreign to some, they’re ultimately a repeatable framework and set of rules that require far less knowledge (and funding) than traditional centralized structures with high barriers to entry.
