VitaDAO, the first decentralized intellectual property collective, announced that it had successfully raised $ 5.1 million in a Gnosis community auction
VitaDAO, the first decentralized intellectual property collective, today announced that it has successfully raised $ 5.1 million in a Gnosis community auction.
It was the genesis event, where the first 10% of its tokens were minted and sold. This means that no one, including the initiators, got a token allocation or pre-sale. On the contrary, 635 participants offered the maximum amount they were willing to pay per token and in the end everyone got the tokens at the same price, fairly determined by the free market.
VitaDAO will use the funds raised to finance research on the extension of human life and health, the acceleration and democratization of longevity therapies. The end goal is to bring aging under medical control, allowing people to be healthier for longer.
New VITA token will allow researchers, patients and longevity enthusiasts to decide which research projects will receive funding
VitaDAO aims to create a funding ecosystem capable of delivering grants ranging from $ 50,000 to $ 500,000 in just 2 weeks, faster than existing funding pipelines. As the research is funded and completed, the intellectual property (IP) of the work will revert to the DAO, which can then leverage it to generate income which will in turn be used to reward and remunerate DAO members for their contributions, as well as to fund other research.
While intellectual property protections are designed to incentivize innovation in theory, intellectual property ownership as a business model has barely evolved over the past century and is still primarily driven by numerous legal contracts and contracts. bureaucratic complexities. Intellectual property is one of the most valuable asset classes in the world, but it remains rigid, largely illiquid, and difficult to transfer.
Additionally, IP owners and sellers seeking to monopolize business value are encouraged to withhold negative research data. The pharmacy tends to only share positive research data, leading to companies wasting huge resources repeating the failed experiences of others. Side effects or indicators of lower efficacy of the compounds held are minimized in favor of maximizing benefits. Valuable research results are lost to the scientific community at large and are not taken into account when treating patients. Promising drug candidates are often abandoned for organizational, political or competitive reasons.
Now imagine the research on a revolutionary new insulin treatment funded by diabetics who believe in it and will benefit the most. What would that do for access and pricing?
In the traditional biopharmaceutical approach, the public and patients cannot have any beneficial ownership of intellectual property, even though their tax dollars fund much of the initial development.
When the few pharmaceutical leaders make decisions, profits are maximized, but the most important stakeholders are overlooked – patients and scientists.
The Secret Sauce: VitaDAO has devised a way to attach IP to NFTs, allowing real-world assets to be chained.
With VitaDAO, those working on new therapies and anyone who provides valuable work or resources can be empowered through VITA tokens and become active participants in a cause led by the people, for the people.
Ownership of VITA enables the holder to participate in the democratic governance of VitaDAO, by directing its research, accessing and monetizing its data repositories and managing its intellectual property portfolio.
Biotech universities are untapped gold mines of valuable intellectual property that were previously not investable until a startup was created. By decentralizing intellectual property ownership, investments and capital injections can occur at an earlier stage and new open marketing models can spur their development.
The first project proposed for funding is led by Morten Scheibye Knudsen and carried out at the University of Copenhagen.
The Scheibye-Knudsen lab has identified more than 10 FDA-approved drugs that appear to have a significant effect on shelf life after analysis using advanced machine learning. They analyzed 1.04 billion prescriptions from 4.8 million people over 50 years in the Danish National Health Service’s prescription database and correlated this with the survival of people who were prescribed certain drugs. They were given exclusive access to do this work.
âI really like the idea that everyone can own this intellectual property,â Morten says. âAs a researcher, I don’t think any research is motivated by financial gain, so for me, this altruistic idea of ââallowing everyone to participate in what we do, I think it’s really exciting.”
VitaDAO is currently in testing on the Ethereum Rinkeby network, and will soon be deployed on the main Ethereum network for the first votes to be cast.