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?
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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