Coinbase CEO’s ResearchHub Raises $5M for Crypto-Based Research
• Coinbase CEO Brian Armstrong’s ResearchHub startup has raised $5M in Series A funding
• ResearchHub is a platform that allows users to earn crypto rewards for contributing new knowledge to the global scientific community
• Funders of science projects rely on citation-based metrics to judge the quality of an academic researcher, but ResearchHub looks to change that by rewarding contributions with cryptocurrency
Coinbase CEO’s Startup Raises $5M
Coinbase CEO Brian Armstrong’s startup, ResearchHub, has raised $5 million in a Series A round led by Open Source Software Capital. Boost VC, RedHat’s Bob Young, Vercel’s Guillermo Rauch and Replit’s Amjad Masad were among other investors.
ResearchHub is building a platform that allows anyone to earn crypto rewards for contributing new knowledge to the global scientific community. The amount of cryptocurrency received is dependent on how valuable other members of the community perceive content to be. The platform hosts a suite of publishing and collaboration tools which helps researchers draft manuscripts and share them with the world. Over time, Researchhub hopes to iterate towards a reward structure that channels resources directly to the best and brightest minds utilizing its platform.
Currently, funders of science projects utilize citation-based metrics in order to judge the quality of an academic researcher; often leading scientists into optimizing their research for maximum citations rather than true innovation. By utilizing cryptocurrency rewards as opposed to citation-based metrics, it incentivizes researchers into creating data-driven content which adds value to their peers within the scientific community without sacrificing their true work.
Open Source Model
Brian Armstrong and his co-founder Patrick Joyce believe that science should operate more like open source software rather than relying solely on citation-based models when judging research quality. Currently, most peer review incentives are based around individual reputation or career advancement; however with ResearchHub’s crypto reward system these incentives become more varied as those who provide valuable insights are often rewarded financially for it as well.
With this funding round from notable venture capitalists such as Bob Young & Guillermo Rauch, it shows there is increasing interest in using blockchain technology for larger applications outside just finance or gaming industry. With more incentive structures being implemented involving cryptocurrencies such as ResearchCoin (RSC), we may start seeing even more changes within traditional industries soon enough!