# BioDAO Litepaper
## Problem
The **legacy approach to biotech development and funding remains suboptimal** and suffers from **misaligned incentives, restricted access, and centralization of resources**.
This results in several potential **new life saving therapies failing to reach the patients** and a **large deadweight loss to society**.
## What is BioDAO?
[**BioDAO**](https://www.biodao.xyz/) is a **global decentralized** **community** which **supports and funds promising early stage biotechnology projects** from university tech transfer offices and academic lab benches to fully formed biotech companies. BioDAO **members will make operational and strategic decisions**. Members can join BioDAO by earning BIO tokens through contributions of work or intellectual property.
To participate and learn more, join the [Discord](https://discord.com/invite/zB8hwbZK), follow BioDAO on twitter [@BioDAOxyz](https://twitter.com/BioDAOxyz), and check out BioDAO [website](https://www.biodao.xyz/)!
**BioDAO** will serve as the **gateway to receive funding** and **early stage biotech development expertise** supported by DAO members.
The **BIO token** is a **valueless governance token** which will allow members to participate in governance and can be earned through various contributions (e.g., deal flow, due diligence, DAO ops). The **BIO token** addresses the long-standing problem of **equitable participation** in biotech development.
The BioDAO community aims to become a platform for democratized access to talent and a permanent funding source for the biotech ecosystem. With a self-reinforcing circular economy, **we dare to dream of building the first Web 3.0 biotech/pharma company that is controlled by the DAO.**
BioDAO - global decentralized ecosystem for biotech funding and development
## Governance
BioDAO community members are at the core of BioDAO. They can vote, contribute, and earn $BIO. BioDAO will consist of 2 governance layers - strategic and operations.
### Strategic layer
Once BioDAO transitions to a fully DAO-governed model, **most important decisions** will be made at the **strategic governance layer** by **voting of $BIO holders**. These decisions will include funding (e.g., go/no-go on particular opportunities, funding amount), treasury diversification, governance model changes, roadmap prioritization, among other decisions. Proposals will be made by the operations governance layer as well as any BioDAO members holding a $BIO token.
### Operations layer
Decisions at the operations (ops) layer will be run by working groups focused on Governance,[ ](https://www.notion.so/Tech-16a9e5a5b10c42a28d9ee05ae41c7d3e)Tech,[ ](https://www.notion.so/Media-communications-63d886ce5fd04fbf8be97bfa52501865)Media & Communications,[ ](https://www.notion.so/Biotech-ops-45bae8deece2465296f0d40727e6cce1)Biotech OPS, and Tokenomics. DAO members can decide to modify and/or additional working groups as needed.
## Tokenomics
BioDAO's native protocol token, **$BIO**, is the a **valueless governance token**. The BIO token will be used to vote on any strategic or operational decisions of the DAO. It has no value other than governance.
**$BIO can be earned** through various contributions (e.g., deal flow, due diligence, DAO ops).
The BIO token has several purposes:
* **Serve as a voting mechanism** for BioDAO governance.
* **Capture the social value** of growing the biotech ecosystem.
* **Distribute benefits to BioDAO contributors**.
BioDAO will mint 1,000,000,000 BIO as a native ERC20 token controlled by BioDAO. The DAO may mint more tokens beyond the initial 1 billion by proposal.
## Roadmap
## Joining BioDAO community
These are early days of the BioDAO community and the future ahead of us is bright.
You can get involved by joining the [Discord](https://discord.gg/7yMtZwp7Rq) where we have lots of interesting discussions happening around DAO structure and governance, biotech project funding, and more.
You can also stay in touch on twitter @[BioDAOxyz](https://twitter.com/BioDAOxyz).
