The Tokenomics of Knowledge

Photo by Timo Volz on Unsplash

Academic research is a noble cause which adds to the repository of public knowledge. But those who undertake academic research take on a lot of personal responsibility and, ultimately, a lot of risk.

  • Risky research can result in career ruin
  • Costly research may fail to raise the necessary funding
  • New discoveries may supersede existing findings

Creators should be directly incentivised to push the boundaries of human knowledge, but existing processes financially reward the big players while the authors generally miss out.

What if there was a way for researchers to recuperate personal and financial costs directly? Maybe even generate revenue from their work? Could researchers generate financial value from their work, even during the research process?

Research Tokenomics

Tokenomics introduces a new method of revenue generation or self-funding without the need of an intermediary or “middle-man”. In a similar way that cryptocurrencies take the bank out of the middle of a transaction between parties, research tokenisation would take corporate funders and publishers out of the academic process.

Micro-Payments for Cited Work

One example of this would be micro-payments for cited work. When an author publishes his/her work, the findings of that work is often used by other researchers in their studies, to validate certain assumptions – building upon the work of others rather than having to create concepts from scratch.

Research tokenomics would transfer a small amount of tokens to the original authors of the work every time it is referenced. The more useful or applicable the research, the more it is cited and the more tokens the authors can expect to earn. (Think of BAT* for content producers but in the academic space.)

(*BAT is Brave browser’s token. You can earn BAT by either watching ads or by authoring content. Others can contribute BAT when they consume content. This can either be a one-off payment or some kind of ongoing subscription. Instead of Google getting revenue for you consuming ads, or for you posting your content to Facebook who then monetise it, the end users are directly rewarded.)

The KnowledgeArc Network platform deploys smart contracts which track the citations of academic works and generate tokens, which are paid out to the original producers.

Researchers Could Raise Tokens Before Research Completed

Potentially, researchers could even raise tokens before and during the research process, introducing a funding dimension to the tokenomic model.

Ultimately, authors would be able to be rewarded for the huge burden they take on as creators of knowledge.

Find out more about how KnowledgeArc Network is revolutionising how researchers can directly profit from their work.

+Follow KnowledgeArc Network on LinkedIn

July 2019 in review

July may have been light on news but there have been a lot of developments which will improve KnowledgeArc.Network’s technology moving forward.

Using ARCH for covering Ethereum network costs

We have been investigating the concept of zero gas charges for our upcoming smart contracts. This means that you will not have to hold Ether, the default currency for handling any transaction fees on the Ethereum blockchain, when dealing with our smart contracts. Instead, all fees will be handled using Archive (ARCH) tokens which should aid in onboarding new users to the decentralized archive.

OrbitDB CLI

One of our developers has been working with the OrbitDB community to develop another way to communicate with the decentralized database system. For developers and technical users, you can find out more at https://github.com/orbitdb/go-orbit-db/.

Knowledge Identifiers

We’re working on a decentralized digital asset identification system using Ethereum smart contracts and OrbitDB. Knowledge Identifiers will provide an alternative to existing, centralized solutions such as Handle.net and DOI.

Such a system will provide immutable, permanent identification of digital assets, collections and even users in a trustless way, which means users won’t be beholden to a single point of failure; instead they will be able to manage their identifiers on chain with no 3rd party dependency.

This opens up exciting new use cases; identifiers will no longer simply be permanent links to an item. Instead they could potentially open up licensing, citation and other opportunities.