Joey Poareo Explains How Blockchain Can Revolutionize and Speed Up Scientific Innovation by@danstein

Joey Poareo Explains How Blockchain Can Revolutionize and Speed Up Scientific Innovation

Joey Poareo is a developer and co-founder at InuYasha, a decentralized incubator accelerator fund that uses DAO governance to speed up crypto projects like Guzzler and The Science Dao. He says a DAO is a strong community of geniuses, innovators, and brilliant minds that collaborates on groundbreaking inventions and innovation but without bureaucracy or sour politics. The end goal is to create a robust DAO for science wherein remarkable and useful ideas are nurtated and developed by a large community of like-minded people for the greater good of humanity.
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Dan Stein

Editor at the Startup Thread

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Welcome Mr. Joey Poareo. You've certainly hyped up all the nerds with The Science Dao! Please tell us a bit about yourself and what The Science Dao really is.

Hey, thanks for having me here. My name is Joey Poareo, but I go by Peyote in the metaverse. I am a developer and co-founder at InuYasha, a decentralized incubator accelerator fund that uses DAO governance to speed up crypto projects like Guzzler and The Science Dao.

At its core, The Science Dao is a strong community of geniuses, innovators, and brilliant minds that collaborates on groundbreaking inventions and innovation but without bureaucracy or sour politics.

How is a “DAO” any different from a science club or a typical science union?

That’s a good question. At first glance, a DAO may seem like a fancy club for most people. And truth be told, it is! But it is also more than just a club.

DAOs leverage the trustless transaction ability of blockchains and the reliability of smart contracts, pieces of code on the blockchain, to completely decentralize and democratize governance in its purest form.

In a DAO, everything is transparent. Meaning, even founders of DAOs cannot defraud or withhold information from the community members.

All decisions are taken democratically through a voting system in a DAO. The significance or weightage of a person’s vote is dictated by the number of governance tokens they hold.

If that’s the case, anybody with enough cash could enter the DAO and manipulate decisions, can’t they? What would happen then?

You make an interesting point. We have certainly thought about that at The Science Dao.

To vote on projects in The Science Dao, the person would have to be a token holder. While the governance token would certainly be available on the open market, it will first be strategically released to a particular demographic that includes scientific funds, institutions, and universities, as mentioned in our whitepaper.

Further, our tokenomics clearly specify that any wallet can hold no more than 1% of the total token supply. This could help prevent people from whaling to some degree.

That’s interesting! We’d like to know what major drawbacks you see with respect to the current scientific innovation sector and how would you say The Science Dao bridges those gaps?

Politics, bureaucracy, and corruption have long plagued innovation. While they never stopped our geniuses from innovating, they certainly slowed down progress considerably.

Even without the political and bureaucratic drama, the conventional method of the peer review process within the scientific community is dreadfully slow. While effective, it is inefficient.

At The Science Dao, we hope to reduce the time between ideas and execution by putting innovators and investors under one roof. Further, the traits of blockchain empower individuals to break biases and allow for unparalleled anonymity!

That’s brilliant, Peyote! But what if a project were good yet not approved by the majority because it was just too far out there for anybody to comprehend?

That is certainly a possibility and is highly likely to happen some time down the road.

If anything, history is a testament to the fact that even the best of minds can fail to comprehend highly disruptive innovations.

Nevertheless, with The Science Dao, the scientist or innovator can also be funded individually by smaller groups or individuals that can make sense of the project within the community. So, all is not lost if the project is not approved by the community.

Aha! That is certainly very thoughtful. So, what direction do you hope for the DAO to take in the coming years and what kind of impact do you expect to create?

In the long run, I certainly hope that The Science Dao is a one-stop solution for new and experienced innovators and investors alike to come together and make an impact for the greater good of humanity through science.

The end goal is to create a robust DAO for science wherein remarkable and useful ideas are incubated, nurtured, and developed by a large community of like-minded people for the greater good!

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