Enhancing Global Well-Being with Crypto

Although cryptocurrencies are often associated with people and companies looking for quick ways to make money, those who have been in the world of these alternative currencies for a long time know that they can offer much more than that.

If you look at the history of crypto, you will see that Bitcoin and alt-coins were created primarily to help people not rely entirely on banks, financial institutions, or governments when transferring their funds. Additionally, they are here to ensure the anonymity and privacy of users at a time when privacy is in question.

In other words, cryptocurrencies are created to raise awareness of our privacy and dependence on official institutions, even when it comes to our hard-earned money. And yes, up until recently, crypto mainly was something you would think of as an investment or just spending it in order to have some fun, however, as they have developed and grown in popularity, so have how they have a social impact across different purposes.

Funding the Otherwise Unfundable

Crowdfunding is the teched-out version of connecting people and communities regardless of their geographic location. Such platforms have helped dozens of companies and innovators raise funds for their projects. That way, they don't have to borrow from banks or other places.

After this, it can be seen that in the beginning, crowdfunding and cryptocurrencies are compatible. Both are trying to sideline financial institutions and speed up transactions that are not burdened with bureaucratic procedures.

An excellent example of such cooperation is Brave Browser. If you didn't know, Brave is a free web browser with millions of active users.

It first appeared on the market in 2019, primarily due to successful crypto funding. Namely, in 2017, this brand held an ICO (Initial Coin Offering) of the original Basic Attention Token based on Ethereum. According to some data, Brave Browser raised over $36 million in less than a minute this way.

Unlike other mainstream browsers, Brave Browser is focused on blocking ads and website tracking and enabling more privacy for internet users (just like cryptocurrencies). Additionally, this internet browser allows users to activate ads while using it and receive BAT (Basic Attention Token) for viewing them. All in all, this is a great example of crypto's social impact through crowdfunding exciting projects.

Helping Science with Crypto

If you think that only businesses need financing, then you are wrong. We should not forget that universities also spend considerable funds to maintain their educational and research work. It is not easy for them to collect those funds despite the support from the authorities and the annual student contributions.

For example, Newcastle University often had to ask banks and the government for funding. A few years ago, they decided to experiment and provide cryptocurrency financing for one of their projects.

It was a project of Dr. Viktor Korolchuk from their Biosciences Institute. With that project, the role of bioactive autophagy inducers and the possibility of dealing with premature aging and diseases related to aging were considered.

VitaDAO provided $285,000 in cryptocurrency for this research. It represents a community-owned collective focused on funding and improving unique longevity scientific research on healthier and longer human lives. The organization uses the blockchain to mint VitaDAO tokens. Interestingly, they have funded other projects in this field, like the ones from the Washington University in St. Louis and the University of Copenhagen.

Charitable Giving

While we would all agree that world governments should invest more in projects that will make our world a better place to live for all who inhabit it, the fact is that funds are always lacking. We will not go into who is to blame for this situation. Still, we will point out that each individual or company can contribute as much as possible.

One of the problems that donors face is transferring funds to the beneficiaries/organizations that need that money to implement the projects. Cryptocurrencies have proven to be a quick way to get funds without any parties involved worrying about commissions. Of course, there is also the moment of anonymity and privacy.

A concrete example of the social impact of crypto in this segment is the World Food Program. Its Building Blocks corporate project is based on blockchain technology. It's a private blockchain network designed to gather various humanitarian organizations. The primary objective is to fight world hunger.