Until a decade ago, currency was easy to define and explain. Cash and coins that could be used for purchasing goods and services, or a check or credit card linked to those assets, were the expected methods of payment. Now, the world has had to revise that definition to include cryptocurrency, and, as one might expect, not everyone is comfortable using this new monetary system.

Cryptocurrency, also called crypto, refers to “money” that exists on the digital or virtual level. This kind of currency uses cryptography to secure transactions without the need for any regulating authority or central issuing location, such as a bank. The decentralization of this form of money to record transactions and create new units is what makes it so popular with millions of people. But for those who like to see tangible results of their income, it can be intimidating to put their “cash” into a virtual world. And for researchers who rely on funding to complete the work, trusting crypto-backed funding can get scary.

The Risks and Returns of Using Crypto to Back Your Research

As a researcher, you’re able to access grants and funding from both public and private arenas. However, getting this money isn’t as easy as applying for a grant and being approved. It takes a lot of time and energy to put together a grant proposal, and it’s more likely than not that you’ll be denied with so many other competitors also applying.

Because of this, it’s always a risk to take a lot of time applying for a grant. You want to stick with those you’re confident that the return is worth that risk, and that you have a decent chance of winning. As more funders enter the crypto sector, there are grants out there that other scientists aren’t applying for because they don’t understand or trust this type of currency.

But it’s the fastest-growing asset around right now, and many investors are using it for their financial portfolios. If you want to increase your potential research funding sources, crypto grants may be worth the risk.

Possible Crypto Funding Options

Ready to enter the world of crypto and see what it’s like? Check out these possible crypto funding options for your next research grant:

●      UNICEF: UNICEF provides ongoing grant opportunities for its members. A recent initiative opportunity was the Innovation Fund, where those who qualified were provided equity-free funding to go toward product development and other open-source tech solutions. If your research is in the tech sector, consider applying for a UNICEF membership and checking out their grants.

●      Web3: The Web3 company focuses on decentralization, making crypto right up its alley. Researchers who need grants to help with supply-chain modules, NFT processes, and other alternative implementations may apply for Web3 funding.

●      Gitcoin: A Bitcoin spin takes this community-based platform and puts the focus on NFT. Funders post grant opportunities, including the requirements for each, and researchers can apply for those they qualify for. It’s a fast, efficient way for grant seekers to find funding and receive their assets quickly.

●      Ecosystem Support Program: Does your research contain methods of using ethereum to harness the greater good of the ecosystem? If so, ESP may be your grant solution.

●      The Stable Fund: MakerDAO provides small and mid-sized grants using the Dai system of currency. Grants up to $50,000 are available to scientists who can show they have unique, simple solutions to promote and reduce the risk of Dai economies.

●      Stacks Grant Program: Do you have a project that can improve the development of infrastructures, advance research, or increase the tools for Stack-blockchain-based internet? If so, this program wants to fund your work. The only catch is that the program looks for teams and collaboration in the grant proposal.

Finding crypto and NFT-based grants is becoming easier, and if your project is in line with their values and goals, it’s time to overcome your worries and apply.

Follow Your Work’s Reach With Impactio

When you’ve successfully obtained a grant, whether it’s crypto or another form of currency, the next step is to complete and publish your work. Figuring out how well your published manuscript is performing in your target field can be complicated unless you use Impactio.

Impactio’s analytic tools show you how you stack up compared to data you’re interested in evaluating, like your h-index numbers. With visual graphs and mapping features that are easily printable and sharable, Impactio gives you the knowledge you need to continually improve your research skills.