The Cardano (ADA) community is getting ready for “Project Catalyst;” a new decentralized governance component that will play an important role in the development of Cardano. The first funding round includes $250,000 in funds. This initiative aims at encouraging developers to build using the Cardano blockchain network.
Project Catalyst Launches with $250,000 to Encourage the Community
According to IOHK informed that Cardano members and other developers can submit proposals that would help the Cardano network expand. Using a newly designed voting model process users will be able to vote for the best initiatives. This comes after the announcement of “Voltaire”, the next phase of Cardano’s development that is expected to be launched by the end of the current year.
The projects are expected to receive part of the $250,000 in funds located in ADA that the company has. There are going to be different proposals receiving the funds to continue improving the entire ecosystem. The goal will be to control as much as $70 million worth of ADA per year, which would definitely give a massive help to Cardano and developers.
Cardano users will be able to stake their ADA coins in order to vote on different proposals. This would allow them to feel they are participating in the development of Cardano and the expansion of the ecosystem. Furthermore, this would allow users to select the most attractive proposals that would allow new projects to start working on top of Cardano.
This new project is a step forward for Cardano that would be key for the future development of the network. Moreover, this shows how it is possible to work with a decentralized blockchain and implement governance solutions. Nonetheless, this is just a pilot project that could be expanded in the future according to the results it has.
At the moment there are different proposals on the Cardano network. From solar energy-powered houses connected to the Cardano network to remittance systems that would reduce the issues faced by remittance workers.
Charles Hoskinson, the CEO of IOHK and founder of Cardano stated:
“The fund, combined with its democratic voting system, means that every ADA holder can be a part of making key decisions for the future of the ecosystem. IOHK and Cardano are privileged to have a creative, committed, and talented community behind us.”
Cardano price is currently at $0,092638 and it has a valuation of $2.88 billion.