Five reasons for a Frankl token
Like many blockchain-based projects, Frankl has its own token, also called the Frankl. Our mission is to make open science — the transparent sharing of scientific data, methods, and analyses — both easy and rewarding for scientists. And the Frankl token is central to this endeavour.
Scientists will be able to use the token to access Frankl apps and software that collect and manage scientific data, making it easier for them to share their data and methods.
They will also be incentivised to engage in open science practices. Share your data and you’re rewarded with Frankl tokens. Place your data collection protocols on the Frankl platform and, when other scientists use your protocol, you’re rewarded in Frankl tokens.
Tokens could also be used to incentivise other important activities within science that aren’t currently rewarded — providing peer reviews, for example.
But why do we need a token to do this? Couldn’t we run Frankl using a traditional fiat currency like the dollar or euro? If we’re set on using a cryptocurrency, why don’t we just use bitcoin or ether (the native currency of the Ethereum blockchain) for transactions?
In fact, there’s no reason why we couldn’t create a blockchain-enabled open science platform that ran on dollars or bitcoin. So why, you may ask, does Frankl need a Frankl token?
#1 The Frankl token has real value (utility) but it’s not cash
Arguably the most important reason is psychological.
Scientists are a funny bunch (I can say this having been one myself for nearly two decades). We grumble about not having enough money. And we moan about about all the activities that are expected of us but aren’t rewarded by anything other than good karma. But try and pay us for those things and that just seems wrong. We’re not in science for the money. We’re in it for the thrill of finding out new things about the world.
The Frankl token rewards scientists without treating them like mercenaries. It’s not cash. But it’s better than a badge or a complimentary tweet. It has real utility — it can be used to do more science. For a scientist, that’s the ultimate reward!
#2 Value remains in the Frankl ecosystem
The Frankl is an ERC20 token, which means that it can be traded for other cryptocurrencies and for cash. When scientists are rewarded with Frankl tokens, there’s nothing in principle to stop them immediately selling the tokens. However, scientists have an ongoing need for data. So it makes sense for them to hold onto Frankl tokens and use them to access Frankl applications that facilitate data collection, management, and sharing.
This means that value generated within the Frankl system will tend to remain in the system. It’s important for ensuring the economic sustainability and longevity of the project. And it wouldn’t happen if transactions were being conducted in any other traditional or crypto currency.
#3 Frankl tokens improve the “knowledge return” of research funding
Organisations funding research — government organisations, charities, philanthropic trusts, industry — are naturally concerned with value for money. Science conducted openly — with methods, data, and analyses available to the whole scientific and broader community — is more likely to stand the test of time. And it’s more likely to be re-used for other purposes within and beyond academia.
For these organisations, one way to enhance the “knowledge return” on their investment in research would be to provide scientists with Frankl tokens, ensuring that data are collected in a way that is open, auditable, and reproducible.
Conversely, Frankl allows researchers to demonstrate their commitment to open science in their applications for research funding. Increasingly, these applications require a data management plan and include a section in their budget for this purpose. Frankl allows researchers to easily address this issue — by using Frankl to collect their data and requesting Frankl tokens as part of their funding application!
#4 A token economy allows Frankl to develop strategic partnerships
As with many projects, the Frankl token helps us raise funds. People who participate in our token sale are helping us get the project off the ground. In return, they receive tokens that can be used on the platform we build. But just as importantly, the unsold tokens can be used strategically post-sale to seed the Frankl ecosystem.
For example, Frankl can partner with the aforementioned research funding organisations, who would disburse Frankl tokens amongst researchers according to their own criteria. Such initiatives would increases the number of people using Frankl and the number of Frankl transactions being conducted. This is good for open science, good for research funders, and good for people who hold Frankl tokens!
#5 Tokenisation incentivises early adopters to grow the ecosystem
Frankl is disruptive. It changes the scientific game, incentivising open science practices that are currently unrewarded. But we can’t do this alone. For Frankl to really take off — to become the de facto way of doing science — we need early adopters to spread the word, to promote Frankl to other potential users.
The good news is that the token economy incentivises early adopters to be Frankl evangelists. With a fixed supply, the more people using a token, the greater the value of any individual token. If you’re a Frankl user, you are also a Frankl token holder. So it’s in your interest to spread the word, to make sure that your scientist friends and colleagues are on board too.
Envisioning the ‘Franklverse’
So this is our vision:
- Scientists and labs around the world operating Frankl accounts that pay for access to data collection apps and receive (and recycle) the rewards of open science that flow from their research.
- Strategic partnerships between Frankl and organisations that fund and promote science, simultaneously increasing the user base, the flow of Frankl transactions, and the practice of open science.
- Funding for research requested and provided directly in Frankl tokens, ensuring that data are collected and managed as openly and transparently as possible.
This, of course, is several stages of evolution from where we are now. But the Frankl token is a critical part of our vision. It’s difficult to see how we could get there without it.
The key — as with any evolutionary process — is to take incremental steps that are each individually an improvement on the status quo. And to ensure that the token has utility, that scientists will value it because it helps them conduct their research, collect better data, and share their research findings with the world.
At Frankl, our mission is to make open science easy and rewarding for scientists. If you’d like to know more, you can read our whitepaper, check out our website, follow us on Facebook and Twitter, or join our Telegram channel.
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