YZi Labs — A New Era for Binance’s Incubator
Binance Labs — previously known as Binance’s exchange technology incubator — has undergone a rebranding to become YZi Labs. This change comes as part of a broader initiative to enhance its investment focus on artificial intelligence and biotechnology. In a January 23 announcement, it was revealed that former Binance CEO Changpeng Zhao will take an active role in coaching and mentoring startup companies within the incubator.
Leadership and Structure Changes
Ella Zhang, a co-founder of Binance Labs, will be returning to lead the newly rebranded incubator program. YZi Labs is set to reinstate a 12-week in-person residency program for project founders, aiming to foster innovation in the sector.
Exploring New Frontiers
The rebranded entity will delve into the synergy between AI, blockchain technology, and biotechnology, seeking to fund novel use cases. Prior to the rebranding, Binance Labs had already been investing in decentralized science projects and AI startups.
Recent Investments and Initiatives
In August 2024, YZi Labs announced investments in two AI-focused companies, aiming to bolster the development of AI-driven decentralized applications. One of the platforms, Sahara AI, empowers users to maintain intellectual property rights through onchain attribution while earning rewards for contributing to the decentralized AI’s infrastructure and knowledge base.
Supporting Innovation in AI
Another investment was made in MyShell, an AI startup that facilitates the creation and sharing of AI-powered applications. In November, YZi Labs expanded its horizons by investing in BIO Protocol, an accelerator program devoted to capital formation for biotechnologies.
Decentralized Science and Its Importance
BIO Protocol specifically aids a collection of decentralized autonomous organizations (DAOs) dedicated to the development of pharmaceutical drugs and life-saving treatments. The question arises: What is the purpose of decentralized science? Decentralized science (DeSci) represents a novel approach to financing essential medical innovations that may struggle to attract funding due to regulatory complexities or insufficient profitability for established medical corporations.
The Role of Technology in Decentralized Science
As represented in the DeSci ecosystem map as of December 2024, tokenized incentives, smart contracts, and decentralized autonomous organizations are empowering researchers with the necessary tools for effective capital formation, attribution, onchain peer review, and global collaboration.
Gaining Recognition Beyond Crypto
Though DeSci is still in its infancy, projects within this realm are beginning to gain traction outside of the cryptocurrency community. For instance, ResearchHub, a platform that compensates researchers in cryptocurrency for peer-reviewing academic papers, received recognition in Nature — one of the leading scientific journals — in December 2024.
Real-World Impact
In other news, a magazine feature highlighted how trash collectors in Africa are utilizing crypto to support their families through regenerative finance (ReFi) initiatives, showcasing the diverse applications of blockchain technology in real-world scenarios.
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