The Ethereum blockchain managed ScienceCoins, which can be thought of as “The Currency of Knowledge”, is the glue that holds the Therapoid community together and fuels the acceleration of open science.1
The ScienceCoins (ticker: SCI) serve multiple important functions for the Platform:
- Medium of exchange between scientists and vendors/service providers: With a critical mass of the scientific community trading directly in ScienceCoins, bypassing existing intermediaries and their fees, transaction times and costs are reduced, resulting in more money being directed to conducting research.
- Cross-border funding: ScienceCoins substantially reduces friction and cost of moving research funds to scientists, regardless of their country of residence. Cross-border funding drives scale in the amount of work performed.
- Enables researchers to gain value for collaborating within the Platform and building the Therapoid community. As the members increase the value of Therapoid, the value of ScienceCoins increases. As the value of ScienceCoins increases, so too does the value of Therapoid. All of this is done without the exploitation of members!
- Enables Therapoid to drive engagement with specific platform features and content to achieve a critical mass of users.
- Enables ScienceCoins holders to guide the features and functions of the platform with voting rights bestowed with ScienceCoins token ownership.
While some of these functions could be served with blockchain and an existing cryptocurrency, by using the ScienceCoins dedicated to this scientific ecosystem, a critical mass is more quickly realized and mobilized.
See the ScienceCoins white paper linked on this page for more information.
Therapoid uses an Ethereum blockchain-based ERC-20 smart contract for its ScienceCoins. As is normal for ERC-20 tokens, ScienceCoins will be stored on the Ethereum blockchain using a smart contract and the “wallet” is simply an access point to the Ethereum blockchain.
The wallet required for managing ScienceCoins is any standard Ethereum wallet that supports ERC-20 tokens, and since ScienceCoins will be publicly tradable, any ERC-20 compatible wallet would be useful for managing ScienceCoins.
Therapoid will provide an integrated open source wallet (MetaMask) for its users to receive, send and otherwise manage ScienceCoins. During registration, each user will gain access to the wallet. Therapoid will encrypt the user’s private key with twelve words. Therapoid will not have access to the user’s private key and therefore to their wallet.
If You Lose the Key to Your Wallet, You Will Lose Access to Your ScienceCoins. PERIOD!
Open Therapeutics does not have access to your wallet. If you lose your key, there is nothing we can do. NOTHING!
We recommend you back-up your key to “cold storage”; something such as a piece of paper that you store in a safe. Another cold storage device such as a Ledger, which you can gain through Therapoid’s equipment exchange, is a cold storage device frequently used for storing cryptocurrency keys. In this case, we also recommend it be stored in a safe place you will not forget.
Again. You and only you are responsible for your wallet key. This is the power of the blockchain. You and only you have control over your funds. We are imploring and begging you to take this seriously.
Lose the key. Lose your ScienceCoins. Period.
ScienceCoins Role & Economy
Open Therapeutics plans to issue only 500,000,000 ScienceCoins. As the platform grows, both in terms of the number of active users and the number and types of transactions that occur between users, the demand for the ScienceCoins token will grow.
The economics of Supply and Demand dictate that growing demand will create deflationary market pressure2. To ensure economic balance during the growth phase, the Company has programmed the smart contract to enable the “burn” of 11.5% of the treasury. A “burn” is the removal of ScienceCoins from the treasury. It is important to note that no more ScienceCoins can be issued other than the initial treasury and no more than 57,500,000 can be burned.
Early registrants are provided ScienceCoins for adopting the Platform. The scientists’ contributions to research and collaboration earn ScienceCoins. Numerous activities of the scientific community can be awarded in ScienceCoins. Scientists will be able to utilize their coins within the ecosystem for the purchase of goods and services otherwise paid for by traditional payment methods or local fiat money. Hence, a true token utility is created within the scientific community and within the ecosystem. This coin combined with high number of scientists doing work should be recognized by ScienceCoins purchasers and should create a liquid market.
This fundamental ability to earn and exchange ScienceCoins for goods and services within the ecosystem, or simply to exchange them for other cryptocurrencies or local fiat currencies, is a huge opportunity for active participants and the purchasers of the ScienceCoins token.
ScienceCoins Awards Program
A healthy ScienceCoins ecosystem is paramount for Therapoid and its members. To help researchers gain value for their efforts, the Therapoid platform provides a ScienceCoins Award List (see Table 1).
Some coin-enabled projects have utilized the concept of blindly sending tokens to Ethereum addresses with a balance to quickly raise awareness and liquidity. While this “air-drop” concept is often successful in meeting these goals, this scattershot approach is seen as inefficient in that many of the recipient addresses are inactive or their owners are completely unaware, or uninterested in the received tokens and their utility.
To improve upon this in a more focused manner, the Therapoid platform’s Awards Program creates liquidity and ScienceCoins awareness, but directly with our audience: the scientific community. And, by managing the ScienceCoins awards menu carefully, Open Therapeutics can help the research community users value events. Regular updates to the Token Award List also allow Open Therapeutics and the community to adjust the value of awards to reflect changes in the market price of ScienceCoins.
The ScienceCoins Award Program will also help promote the network effect. As scientists collect ScienceCoins, they will care to promote the use of the Therapoid platform and the purchase of ScienceCoins. For those researchers who collecting ScienceCoins is not of interest, they can donate them to charities, foundations, not-for-profits, and even issue grants.
Table 1: ScienceCoins Award Program List (subject to change).3