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An innovative alternative to traditional funding streams for extragalactic astronomy

Stephen M. Wilkins, Jack Turner, Connor Sant Fournier, Behnood Bandi, Aswin Vijayan

Abstract

With traditional sources of funding for astronomical research under increasing pressure, it is timely to explore innovative alternative mechanisms. We therefore introduce GalaxyCoin, a novel cryptocurrency whose issuance, validation, and economic evolution are anchored to real astrophysical objects - galaxies. GalaxyCoin links digital scarcity to observational astronomy by using galaxy catalogues to parametrise token generation, distribution, and long-term supply growth, providing a transparent, immutable, and independently verifiable foundation for the currency. We present the conceptual design of GalaxyCoin, highlight its potential advantages over conventional cryptocurrencies, and examine its broader implications for sustainability, trust, and public engagement at the intersection of astronomy, data-driven science, and blockchain technology. A central feature of GalaxyCoin is that it directly incentivises the discovery and spectroscopic confirmation of galaxies, aligning financial reward with the production of high-quality astronomical data. In terms of monetary design, its supply elasticity lies between that of fiat currencies and fixed-supply cryptocurrencies, making it distinctive in both economic structure and scientific purpose.

An innovative alternative to traditional funding streams for extragalactic astronomy

Abstract

With traditional sources of funding for astronomical research under increasing pressure, it is timely to explore innovative alternative mechanisms. We therefore introduce GalaxyCoin, a novel cryptocurrency whose issuance, validation, and economic evolution are anchored to real astrophysical objects - galaxies. GalaxyCoin links digital scarcity to observational astronomy by using galaxy catalogues to parametrise token generation, distribution, and long-term supply growth, providing a transparent, immutable, and independently verifiable foundation for the currency. We present the conceptual design of GalaxyCoin, highlight its potential advantages over conventional cryptocurrencies, and examine its broader implications for sustainability, trust, and public engagement at the intersection of astronomy, data-driven science, and blockchain technology. A central feature of GalaxyCoin is that it directly incentivises the discovery and spectroscopic confirmation of galaxies, aligning financial reward with the production of high-quality astronomical data. In terms of monetary design, its supply elasticity lies between that of fiat currencies and fixed-supply cryptocurrencies, making it distinctive in both economic structure and scientific purpose.

Paper Structure

This paper contains 18 sections, 2 figures.

Table of Contents

  1. Introduction
  2. Core concepts
  3. Impact
  4. Implications for scientific discovery
  5. As an actual currency
  6. Public Engagement
  7. Conclusions
  8. Justification of Design Choices
  9. Galaxy identification
  10. The need for spectroscopic confirmation
  11. Fixed value
  12. Properties
  13. Fungibility
  14. Money supply and value
  15. Extensions
  16. ...and 3 more sections

Figures (2)

  • Figure S1: The proposed symbol for GalaxyCoin.
  • Figure S2: Projected growth in the number of spectroscopically confirmed galaxies with and without GalaxyCoin as an incentivising mechanism. The black curve shows the historical trend, based on NASA Extragalactic Database records Helou_1995. This is included both for reference and to reassure the reader that at least one part of the figure is based on real data.