Changpeng “CZ” Zhao’s tenure as the CEO of Binance may be over, but the exchange giant’s loss could be a boon for the decentralized science (DeSci) sector.
In a comment on X (formerly Twitter) on Tuesday, Nov. 28, the former Binance CEO revealed an interest in the rapidly developing sector.
Been reading about biotech, thinking about how to use crypto to accelerate research funding there.
— CZ BNB (@cz_binance) November 27, 2023
In November, Cointelegraph reported a United States Justice Department (DOJ) investigation into Binance concluded with a record $4.3 billion settlement by the exchange. As part of the deal, CZ is required to personally pay $50 million to U.S. authorities and step down from his leadership role at Binance.
The transition from head of the world’s largest crypto exchange to man of potentially infinite leisure is unlikely to sit well with the crypto billionaire. The 46-year-old businessman started working in his teen years and expressed no intention to retire before his run-in with the DOJ.
With abundant time and money, CZ’s options are manifold, but should the former Binance chief opt to jump into DeSci, he’ll be joining a dynamic sector encompassing decentralized autonomous organizations (DAOs), biotech, financing, publishing, data storage, foundations and more.
It is also a sector that still has much opportunity. A spokesperson for OpSci, an autonomous research community, told Cointelegraph that DeSci is still in its early days and “finding its footing in the wider scientific community.”
The shape of medicine to come
DAOs are among the major trends fueling the growth of DeSci. Medicine’s next prospective innovation wave has 20 or more DAOs in operation, with more emerging.
One such DAO is VitaDAO, a decentralized collective working to advance longevity research and extend human lifespans. Cointelegraph spoke with VitaDAO awareness steward Alex Dobrin to learn more about the market and what makes longevity science an attractive field of study.
“DeSci offers a new way for people to participate in funding and supporting projects. Instead of relying on traditional methods like for-profit initial public offerings or charity models, DeSci creates a new model,” said Dobrin. “Anyone can contribute both skills and capital while receiving tokens in a more scalable, effective model aligned with humanity since it’s decentralized.”