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.

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Covid-19 & The Paywall Dilemma (Information Series Part II)

As the Coronavirus crisis deepens, quality information is critical to individual, community, state and national preparedness. Staying informed should be easily available in the “digital age”, and it is, but with a considerable cost, both financially and in terms of human health.

Some very large publishers have managed to develop very large revenue streams by restricting access to valuable data. Using paywalls and subscription services, these organisations generate large revenue streams for material they do not author.

As the “middleman” they can charge sizeable access fees which are too costly for most individuals and smaller institutions, especially in developing countries.

Subscriptions also require a large upfront payment, something that’s unattractive to someone simply looking for a particular piece of information.

In recent years, there’s been growing concern around the monetisation of academic research which is:

a) in the best interests of the public

b) funded by the public purse

Europe has been taking a strong stance on ensuring publicly funded academic research be available for free and there has been increased scrutiny around the limitations of paywalls and other subscription-based models when accessing medical and other scientific research.

And Coronavirus has only reinforced the negative impact of paywalls on the dissemination of life-saving information and the real world implications it’s having on people’s ability to find quality research.

Researchers and authors do need to be compensated for their efforts but opportunistic “middle-men” should not be entitled to profiteer off of the hard work of others.

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What Covid-19 Has Taught Us About Knowledge Management (Information Series Part I)

One thing the Coronavirus outbreak has shown us is that getting quality information based on quantitative-based research and professional recommendations is key to ensure the public is well-informed, and fully educated about a wide-scale health issue (or any issue for that matter).

Photo by 🇨🇭 Claudio Schwarz | @purzlbaum on Unsplash

Subject repositories (or discipline repositories) attempt to collect information based on academic research, about a particular subject or area of interest. They provide a one-stop for quality information, collating educational material, findings and other supporting documentation in a single location. Subject repositories should use well-researched scholarly information and this information should be verified for authenticity and its source should be easily tracked.

Subject repositories are even more important in a decentralised world. Information could be stored and hosted across a number of disparate systems – this is perfect for circumventing the influence over information by nefarious parties who are looking to either control the narrative, or benefit from either playing up or playing down its impact… But by its very nature, decentralised data is difficult to find, search across and extricate meaningful conclusions.

In a decentralised world, subject repositories will be the gathering points for various information from a wide range of sources. It will be more important than ever to attach a pseudonymous path to the original material to ensure both the integrity and truthfulness of the data while also ensuring that the privacy of the source is protected, especially in regimes which single out or punish purveyors of quality, scientific information.

KnowledgeArc Network offers some mind-blowing alternatives to the way ‘the asset of knowledge’ has been managed to date…

When data is archived on a blockchain the information remains:

1. Immutable – the data can never be changed or corrupted

2. Persistent – it will last forever

3. Unique – there is no other information like this, it’s the single source

4. Open – the data is publicly accessible so others can build on the knowledge created

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