How Mindzilla’s AIQ Currency Powers The True Knowledge Economy
What is a Knowledge Economy? In simple terms, it’s intellectual property connected in such a way that value of information is recognised and unlocked. It provides a new funding model that rewards research, invention and progress, which in turn fuels the propagation of further knowledge advancements.
In our recent announcement of Mindzilla’s launch, we acknowledged connecting a vast knowledge network is not reliant on pure goodwill of contributors. That’s why Mindzilla has a token-based mechanism that has a monetary value attached. The Artificial Intelligence Quotient token (AIQ — pronounced “I.Q.”) is the spark that facilitates an open network where everyone can take part and get rewarded accordingly. From academic institutions to individuals with bold ideas, everyone gets a voice. But what does this mean in practice? Firstly, let’s analyze the current situation of what we define as the “legacy knowledge economy” below:
The “legacy knowledge economy” contains an inherent flaw — only new knowledge that can create immediate financial returns is given importance. A large amount of discoveries which can fuel the production of further knowledge is often lost.
When knowledge is viewed as currency (“new economy” — diagram on the left), many research discoveries can be directly re-invested into the knowledge production cycle, without being labelled as “unprofitable”.
The re-investment of knowledge to produce more knowledge has been happening in academia since the birth of science as a discipline. For as long as science had been performed by individuals with their own funds or the support of rich sponsors, the system worked naturally. But as the number and scale of science institutions across the world increased, the limited funding and excessive focus on “innovation to improve lives” has led to product-oriented research environment.
We believe it is time to assign Knowledge with the real, tangible monetary value that it deserves. It is the only way to make sure that all impactful studies — not only the profitable ones — receive proper recognition and funding.
The New Economy of Knowledge and its Currency
Ever since the times of Adam Smith, who pioneered the idea of perpetual economic progress, the scientific ventures and capitalism have been walking (or should I rather say, leaping) forward, hand in hand. New knowledge acquired through research allowed the invention of the steam engine, and the new knowledge brought forth by nuclear researchers helped define the course of World War II.
Over the past three centuries, fewer and fewer people have been questioning the role of scientific research in moving the world forward and improving the quality of our lives. Yet the knowledge itself is considered to be just the means to achieve the humanity’s ambitious vision of the future. Knowledge is the fuel of progress, we often hear today, and mining for knowledge is a challenging yet noble task.
Knowledge as fuel, just as oil or gas or coal, is an attractive metaphor, yet it is not a complete one — it only holds true if we see Knowledge as commodity. But whereas coal is rarely exchanged for oil or gas, Knowledge can be successfully exchanged for more Knowledge, and in return lead to ever more Knowledge generated and so on, the cycle repeating itself. Just as the money properly invested or exchanged back and forth at the right times generates ever more money and drives forward the financial world.
It is time for the Knowledge currency to be finally recognized and given a real monetary value. The Mindzilla token, AIQ, is designed to achieve exactly that.
Contributing knowledge to the Mindzilla network generates AIQ tokens, which are awarded to the contributor based on the value that their piece of knowledge adds to the existing knowledge pool.
Contributed content, which can take form of a research manuscript, news article, dataset, review, commentary, industry report or other, is evaluated by the underlying AI system.
How Mindzilla’s AIQ tokens fit into global economy
The notion of knowledge as the primary goal and the driver of academic research does not mean that it cannot be converted into money.
However, until today the conversion only happened ‘at the surface’, in the realm of the so-called applied science, and more rarely, in cases when an important discovery in fundamental research opened immediate opportunities for novel products or medicines.
Translational research itself is fueled by the whole body of Knowledge generated by researchers in various fields all over the world. But without a clear, measurable value attached to Knowledge the ground-breaking discoveries in fundamental research are often perceived as cheap, useless and “a waste of money”.
This misconception, in turn, leads to underfunding and neglect of important but not “directly profitable” research.
The scale of the problem is reflected in funding statistics as the funding bodies have their obligations to fulfill before the government and taxpayers whose money they invest in research.
Of all grant applications submitted to the main US funding organization, National Institute of Health (NIH), only around 20% on average are awarded funding. Similarly, total success rates for grant applications at Medical Research Council (MRC) in the UK are within 20–25%. The strategic choices over funding reflect investment into areas where the fiscal value of the knowledge currency is strongest — in other words, where the currency conversion rates are the most beneficial.
But what if there were a different valuation mechanism?
Once every piece of new knowledge is assigned its monetary value in the form of AIQ tokens, there is no more need to wait that one day this knowledge will bring financial returns.
Mindzilla and the AIQ tokens democratize ideas, freeing them from the restrictive policies of some established institutions who are dominant in securing most of the public and private funds. This also gives inventors in the poorer societies around the world who have no means of accessing any funding, the opportunity to receive support and collaboration from the Mindzilla community.
As a result of contributions to Mindzilla network, AIQ’s value increases accordingly without any human intervention or speculative overpricing of the currency. Mindzilla’s core AI system will not allow it.
Why AIQ token system is sustainable and “bubble-proof”
For centuries, the traditional way of preserving scientific knowledge was to keep the original manuscript and its copies in libraries. As the mass publishing had become widespread, academic journals gradually took over the role of intermediaries who carefully select, edit and publish research reports in a convenient magazine form.
Plentiful publishing houses nowadays function as “banks” of the Knowledge economy. Similar to their financial counterparts, the journals accept the researchers’ deposits and lend the Knowledge away through subscriptions to anyone wishing to use it.
However, if a bank were to find itself in the midst of a public scandal and all the bank’s wealthy clients decided to withdraw their deposits, the bank would collapse. Should the same happen to a publishing house, it is highly unlikely that all its users would withdraw their publications. In fact, modern academic publishers are better protected against potential downfall than most banks.
The blockchain system, which Mindzilla network stands upon, takes the protection of the Knowledge currency to the next level.
Firstly, there is a “check-in” system in place for depositing knowledge into Mindzilla — each contribution is evaluated upon submission and only the impactful content is awarded a significant amount of AIQ tokens.
Secondly, the decentralized nature of blockchain ensures the stability of the system. Once a piece of knowledge has been accepted and AIQ tokens have been awarded to relevant users, no one single user can remove the contribution from Mindzilla.
Furthermore, our network does not require people to pre-own any digital currencies in order to generate more digital money, which significantly reduces the influence of other currencies’ exchange rates on the value of AIQ token.
The AIQ tokens are designed as a “non-volatile” currency as they operate on a very different and unique model. At Mindzilla, people earn by contributing and being part of a large, democratized network of ideas and innovations that could have more positive impact to communities and societies globally.
How you can get involved
If you believe knowledge should be open to everyone, we invite you to become part of the Mindzilla community.
* Utilize Mindzilla as a means of discovering and researching information in a super-human way.
* Contribute and earn valuable tokens, whether you are an individual or part of a company or institution.
* Participate in our launch and grow with us by acquiring tokens at their starting value. Visit https://mindzilla.com to join our mission to democratize knowledge and take advantage of the new way to fund innovative ideas and research. You can join us and participate in our token sale as a founding member at: https://mindzilla.com/join
The information provided in this article is based on a report produced by Dr. Kristina Popova — Director of Data Science at Scicasts. You can read her full report at: https://scicasts.com/insights/2123-open-science/10995-knowledge-is-not-a-commodity-it-s-a-currency/