Just to inform you newcomers in crypto, there have been dozens (yes, DOZENS) of these same exact “decentralized crypto helping science” projects since 2016-2017. Every single one have failed and filled the definition of a scam, with value of the coin going to zero within months. You can always say “well not this one”, but the stats are not on your side. If the value of the coin is central to the future of the project, it’s a red flag. You can do open research without crypto.
This is very interesting to me. Could you tell me about some of the other dozen projects that tried this and failed? I happen to be working on an open research platform (currently without crypto) called AsOne ([https://asone.ai](https://asone.ai)), and I want to know more about the pitfalls of a cryptocurrency-backed approach.
Here’s a website dedicated to keeping tabs on the blockchain projects attempting to solve problems in science: https://www.blockchainforscience.com/
While personally I don’t agree with u/Nabugu’s perspective, it is definitely representative of how many people (especially in science) feel about the ICO bubble of 2017. I don’t remember many of the projects that raised significant funding via a token sale pertaining to science though.
In many respects, the blockchain industry as a whole has matured significantly since 2017. Back then, projects were raising 10s of millions of dollars simply with a landing page and white paper. A lot of people participated in these sales solely for their “get rich quick” potential.
Now the space has more intelligent investors, and established security regulations to help police the lower quality projects.
Anyway, your website looks pretty neat - just signed up ;). Thanks for sharing it!
Thanks for all the information and for signing up to AsOne!
I started AsOne to be like “Reddit for research”, and since ResearchHub is like “GitHub for research”, I kind of see the two as sister websites. :)
I‘m rooting for ResearchHub and hope we can help each other flourish!
To sum it up, those crypto “projects” that end up being scams usually amounts to becoming a printing press for a coin that you will sell to people (an ICO), giving them the prospect that “once the project will gain steam”, the coin will be worth more (because people will need to use it to participate in the project). Therefore, speculation can entice them to buy the coin. Sometimes, there is pump, and then most surely a dump of the price, and nobody gives a fuck anymore, and your reputation is ruined because of this scammy outcome.
Those scams had their golden age in 2017 (and not just for science, for everything you could think of). But I guess people forget, or just didn’t know at the time so here we are again.
It seems ResearchCoin isn’t doing an ICO, though?
From the third page of their whitepaper:
“These coins will be distributed solely as rewards for contributions on the ResearchHub platform. ResearchHub Inc. will not be hosting an initial token sale of RSC.”
It doesn’t seem to match the pattern of a pump-and-dump scheme, at least.
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