Crypto billionaires are using their resources to fund a new type of paradigm in science, specifically focusing on biotech.
Major players in the crypto industry are working on a new way to fund biotech and science. On Tuesday, June 1, Binance founder Changpeng Zhao revealed he personally donated $10 million in BNB (BNB) to Ethereum (ETH) founder Vitalik Buterin’s open-source biotech initiatives. Their goal, according to Buterin, is to apply blockchain’s principles to the most impactful fields in science.
This donation, which happened a few months ago, is on top of the investments that his family office, YZi Labs, made in similar initiatives in biotech. The tech billionaire, with a net worth of about $65 billion, called it doing his little part to help advance biotech and was likely inspired by Buterin.
Buterin’s vision for decentralized biotech
Currently, important fields of science, especially biotech, are mostly in the hands of giant corporations. These develop treatments with a profit motive in mind, which can lead to negative outcomes for potential users. In Buterin’s view, there is a way to fix this, using decentralization.
According to the Ethereum founder, blockchain principles, such as transparency, open source development, and privacy, are key to making scientific progress work for everyone. In a 2023 blog post, he explained several ways that “decentralized science” can benefit people in fields like biotech.
For instance, zero-knowledge proofs can be used to protect public health from epidemics while also protecting user privacy. At the same time, independent researchers can develop tools like open-source vaccine protocols and pocket air testers quickly, saving lives in a future pandemic.
What is more, he explained that crypto has a unique way to fund public goods, thanks to its focus on community. To that end, Buterin himself donated millions to his biotech fund, mostly with crypto he made from memecoins.