The University of Toronto Mississauga (UTM) is financing a study into the psychedelic psilocybin with the help of decentralized fundraising platform Molecule Catalyst, in the first attempt to fund a clinical trial into psychedelics using decentralized finance.<\/p>\n
According to a recent post on the Molecule blog, the effort will be a joint collaboration between Molecule Catalyst, Rotem Petranker and Thomas Anderson, directors at the University of Toronto Mississauga Psychedelic Studies Research Program (PSRP).<\/p>\n
Through its partnership with Molecule Catalyst, UTM hope to raise an undisclosed sum to fund its planned psilocybin clinical trials.<\/p>\n
Molecule uses blockchain technology to provide an incentive-based market for scientific research. Through Molecule Catalyst, research groups will be able to raise funds for the study of rare diseases, ageing & longevity and psychedelics, among other fields.<\/p>\n
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To provide an incentive to investors, Molecule uses smart contracts to make the chemical intellectual property resulting from successful products easily tradeable on the Ethereum blockchain. In this way, funders receive a stake in the projects they supportallowing investors of all sizes to help fund potentially pioneering research and benefit from its success. Molecule uses the dollar-backed stablecoin DAI to overcome market instability.<\/p>\n
UTM's psilocybin study is the first fund-raising project to be hosted by Molecule Catalyst, which ultimately aims to create a Web 3.0 marketplace and exchange for chemical IP.<\/p>\n
The UTM study will investigate the effects of microdosing a psychedelic compound known as psilocybin on a variety of cognitive indicators.<\/p>\n
Besides examining psilocybin's effect on creativity, mood and focus, the study will also measure its influence on social connection, self-efficacy and mindfulness.<\/p>\n
Overall, UTM hopes that the data produced will help to guide global psychedelics research, by setting a new precedent that can be used to direct impactful psychedelics research.<\/p>\n
Previously, psilocybin has been shown to effective in treating a wide variety of mental disorders, ranging from anxiety and depression, to post-traumatic stress disorder (PTSD).However, due to its potential to be abused as a psychedelic drug, the psychoactive substance has been shelved as a potential therapeutic by most pharmaceutical research groups.<\/p>\n
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Molecule Catalyst and UTM to crowdfund psychedelics research with blockchain - Decrypt<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The University of Toronto Mississauga (UTM) is financing a study into the psychedelic psilocybin with the help of decentralized fundraising platform Molecule Catalyst, in the first attempt to fund a clinical trial into psychedelics using decentralized finance. Continue reading