Analysis suggests ChemSpider's value lies in linking molecular structures to properties, unlike CAS and PubChem.
A molecular structure without any properties in meaningless. Structure generators can easily build up a database of molecules of unlimited size. 30 million in CAS, 20 million in ChemSpider or 15 million in PubChem is nothing yet. The value comes in when linking those structures with experimental properties.
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Egon Willighagen (2007) studied this question.
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