ScientificCoin:An Ecosystem for Scientists

Blockchain technology may be one of the biggest discoveries of the last decade, nearly as important an innovation as the creation of the Internet.In the coming years, methods for assessing the viability of scientific projects will change significantly around the world, thanks to the development of Artificial Intelligence and the informatization of society. There is no doubt that improved quality of assessment and reduced implementation costs will bring the field to a new level in advanced countries.

Today such technologies have a huge potential for scientific development across the international community. With the progression of artificial intelligence and big data there is a critical demand for mathematicians, whose fundamental knowledge have gained new value.

Nowadays, blockchain technology is successfully used in advanced countries for registration of rights to real estate, banking and many other industries. In short, the main advantage of the technology as a type of distributed ledger is the inability to delete and modify data stored in previous blocks.

It is important to note that money is not always the cause of inefficiency in the existing model. Unfortunately, in the closed scientific community, the opinion of a famous scientist can bring to an end the development of a new technology. Fearing to oppose a well-known scientist, the bosses of a young talent may nip his endeavor in the bud.

People unfamiliar with the scientific community believe that most promising projects should have support and be implemented, but unfortunately science is performed by people subject to the same sins as the rest of us. For example, the vanity of a famous scientist is often the cause of influence on the creations of young minds. Driven by the power of fame and recognition, many good people do not notice that their actions impede young people from surpassing their own works. Also, scientific activities are difficult to assess and the number of experts is limited; there is simply no one to condemn their actions.

Obviously it is impossible to commercialize absolutely all scientific and innovative projects. But modern technologies already allow us to implement evaluation algorithms in the practical activities of state and commercial organizations and to determine the most promising projects in the field of applied science.

Regarding the basic sciences, which are supported worldwide by public resources, the application of this development will be even more cost-effective. According to statistics, only 10% of expenses in basic science can be converted into state revenue or scientific and technical advantage; the rest of the expenses are written off or becomes the result of research published in scientific journals as a property of the world community. Decentralized expert evaluation, which algorithms can be based on the principles necessary for public services, will help to develop basic research in the specified areas, and with a limited budget to determine their importance as well.

That is why we are creating a platform to finance scientific discoveries using the advantages of blockchain. Imagine a situation where the developer of a new technology doesn’t have to search for financing, a situation where the experts appraising a scientific project are as impartial as possible. As a rule, the main problem facing venture investors lies in obtaining unbiased expert opinions. For this purpose, the expert board includes scientists, economists, lawyers, and marketing specialists. But their maintenance requires a lot of money, and the effectiveness of evaluation often depends on proper administration and impartiality of the experts themselves and the people who control these processes.

SCIENTIFIC COIN PLATFORM

Decentralization, as the main advantage of the ScientificСoin platform, will eliminate the factor of commercial bribery, of corruption, and reduce the number of intermediaries.

The basis of the ScientificСoin project is a mathematically-based algorithm that works on the same principle as existing project rating methods profitably employed by venture funds, insurance companies, and stock exchanges. When filing an application for a rating of their project, those seeking financing will fill in a form containing precise questions and indicators regarding the project. Then the program will model the rating of the project by the correlation of its characteristics.

In combination with the opinions of tens of thousands of people, this algorithm will be maximally effective. The so-called “ wisdom of the crowd” will help thousands of decentralized experts in assessment of commercial value of the scientific projects. The expert will be rewarded for the time he spends on appraising the project, searching for information in the Internet, discovering weak points, omissions and other flaws. Each project that has raised funding via ScientificCoin will pay 5% of the collected amount (these funds are annually distributed among ScientificCoin holders). The most active and successful experts get greater rewards than passive holders of ScientificCoin. Besides, the remuneration of the expert will depend on the importance of the scientist in the scientific world, as well as the weight of his assessment in relation to others.

In addition to the scientists looking for funding of their projects or for remote work, the main users of the ScientificСoin platform are young people aged 18–30 years. They are the most active, but do not own capital to invest in research projects. These youngsters are ready to spend their time on publications in social networks, video blogs, and chatroom discussions ofdifferent trends in the world of innovations; they perceive these actions as something similar to a computer game. If we take the example of cryptocurrency, which is also a kind of innovation, but in the field of information technology, in most cases, the reward for the active promotion is like a rare sword in an online RPG, which they can sell to another participant. These millions of people can funnel their energy toward more important things than pointless blockchain goodies, of which 90% will be forgotten in the near future.

Decentralized experts will perform a project appraisal quite responsibly, no worse than full-time experts at a venture fund, but they will not charge hundreds of dollars for their time. It will be nearly a hobby for them, a game, a socially beneficial action, like helping to clean up their neighborhood. The algorithm we have created will not allow them to take the project appraisal frivolously. The influence of an expert’s vote on the rating of a particular project will depend on a lot of factors, including the expert’s evaluation history, their personal details, and the unique qualities of the project.

Compare the working day of a grinding-machine operator to the day of a freelancer whose activity involves writing articles and comments on the net, and so on. The differences between their working conditions help illustrate advantages granted by contemporary technology. They can be expressed in terms of comfort, in the freedom of choosing working place and how they organize their time. The growth of information-processing technology can provide the combination of comfortable conditions and financial advantages for nearly anyone with access to them

Have you ever witnessed an idea or project of yours being discussed in a public forum? Have you observed comments, floods, trolling from people you’d call idlers? And what if their vibrant energy were focused on something positive? Such skills can be very useful for detecting dubious projects, uncovering missing details, flaws and potential scams. People who actively participate in discussions are better able to discover weak points in arguments. Like detectives, they are eager to dig down to the truth, blow the lid off, find all the hidden pitfalls, and deliver a public verdict. The involvement of decentralized experts will provide a lively and unbiased discussion of the projects being offered.

The goals pursued by active commenters, trolls and flooders are material as a rule, their nicknames become recognizable due to such activity, they get followers, obtain the reputation of being an experts (or at least quasi-experts), and hence they obtain a whole range of opportunities to derive financial benefits by using their recognizability. In our case, the financial benefit from their actions will be clearly defined.

The distinctiveness of our platform resides in its use of a hybrid system for project appraisal. With this method, we expect a revolution in the field of venture capital investments and crowdfunding. Most of the existing crowdfunding platforms place projects on their venues after pre-moderation by their own employees. If they had used a reliable algorithm, the number of projects proceeding to the state of fundraising would have been far fewer, and their chances for success much better. For example, the Kickstarter portal cannot keep a staff of professional experts because this is financially impractical.

The users determine the level of a project’s reliability on their own, and they have to collect the information themselves, unlike ScientificCoin where the algorithm will not let the investor see nonviable projects, and topical questions associated with the appraisal of the project’s prospectivity will be raised in the process of an open expert discussion.

Remarkably, the beta-version of our platform has been already launched. Today ScientificCoin platform has a collection of more than 100 promising projects in various fields of applied and basic science.

We have 3 registered companies: Scientific Coin Inc., a parent company in Silicon Valley which has subsidiaries in Switzerland — an authorized cryptocurrency company, and Russia — the creator of the software, mathematical algorithms and other intellectual property.

For a long time we have been working with various scientific institutions.

Our team monthly takes part in various international scientific conferences and blockchain forums, where we familiarize the world community with our platform.

Let’s go back to the essence of the platform and to the expected benefit for scientific developers.

Due to the streamlined process of technological commercialization and short period of their implementation, 90% of projects that successfully attract financing will be applied scientific developments. Firstly, because the attention of investors will be attracted by off-the-shelf technologies with a prototype model and technical documentation and secondly (depending on the completion of their development) the guarantees and profitability for investors will be predictable.

When applied to basic research, ScientificCoin can help scientists shed light on their ideas thanks to the subjective assessment of thousands of people. After all, a fresh perspective on art or literature can bring public recognition to the creator and, as a consequence, instantly materialize its result. But in the case of the theorists, this is an extremely rare phenomenon.

Today many scientists are forced to live off the state, which often because of its bureaucracy kills unprotected theory or technology non-formalized in compliance with some state requirements.

After placing the project on the platform, the developer will be able to create his own smart contract without applying to IT professionals. Services provided by the platform will allow him to do it automatically when desired, at any time while his project is in search of funding.

When creating a smart contract on the ScientificСoin platform, it will be possible to account for any technical or financial specifics of the developer, and our task is to create templates for such contracts for easy application to the scientific field. Over the years, legal and technical examples of agreements with the use of fiat currencies, examples of investment, joint development, or gratuitous support of scientific projects have been piled up in state institutions.

Each new template will be offered for worldwide use, or regionally. Unlike nuclear physics, this quite feasible task does not require huge funding or unique knowledge, but it should be obvious that there are immediate benefits for and inclinations toward a revolutionary shift in the financing of science in these days of information-oriented society.

Scientificcoin does not deposit, create, or control tokens, smart contracts or wallets of creators. Using the Scientificcoin platform and templates of hundreds of smart contracts, a scientific project or a charitable organization that specializes in supporting scientific discoveries will be able to create their own tokens and smart contracts based on the Ethereum blockchain without giving control over them to anyone.

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