DEIP is a decentralized scientific publishing platform that aims at incentivizing scientists to publish high-quality research papers and enable funders to identify suitable investments while also reducing their operational costs.
If you have ever tried to raise funds for a research project, you know how painful it can be. Finding a financing partner can take ages, and the sum provided is often not even close to what you were looking for. DEIP, a decentralized science platform, is trying to change that for good by bringing liquidity into the research funding market.
DEIP tokens incentivize scientists to publish high-quality research immediately
Scientists can publish their research projects on the DEIP platform. Other scientists in the community will provide reviews and research assessment. Published papers receive DEIP tokens as a reward for positive evaluations. The more positive reviews scientists gather the more DEIP tokens they receive.
The idea behind DEIP tokens is to incentivize scientists to publish more and better-quality contributions in open access. Today, it takes a long time to publish research papers, due to the screening process of scientific journals. That slows down the sharing of results and thus hiders the overall scientific progress.
Also, many research papers never get published at all. Only about 25% of current research is publicly accessible, because even when research is published, only scientists from prestigious and well-funded universities have full access to a full range of papers. To fix the issue, DEIP provides a monetization model that sets incentives for researchers to publish their work and share it with others.
Research tokens transform research papers into tradeable assets
To decide on distributing a grant, funders will gather a panel of scientists to evaluate multiple projects. This process can be costly and takes months.
On the DEIP platform, funders can use the results of public peer reviews. After research papers have been published and assessed by other scientists in the respective field, investors can realistically evaluate the quality of the research provided.
Each research paper will be represented in the form of a research token. Thus, research tokens turn research papers into digital assets. The more positive assessments a research paper receives, the higher the value of the research token.
The owner of the research token may then sell his/her tokens to obtain financing for the project. The goal is to speed up project funding, provide a way for early-stage research projects to attract funding, and increase liquidity in the research funding market via asset tokenization.
Smart contracts can save up to $400bn in operational costs
Research funding in its current form suffers from burdensome bureaucracy and high administration costs. One reason is that science is often government-related, thus, every project has to pass through multiple approval loops, each involving loads of unnecessary paperwork.
For example, according to Secretary of Health and Human Services (HHS) Tom Priceat at NIH states that about 30 percent of the grant money that goes out is used for indirect expenses, which as you know means, that that money is used for something other than the research that’s being done.
Through the DEIP blockchain and smart contracts, the distribution of grants can be optimized and automated. Thus, funders can distribute grants more cost-effective and at a larger scale. The money that has previously been used for administration purposes can now be spent on research funding instead. DEIP estimated the use of smart contracts could result in savings of up to $400 bn in operational costs.