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IOHK to Fund $250K ADA for Cardano’s ‘Project Catalyst’

IOHK has announced the first public fund of $250,000 worth of ADA to foster Cardano community’s “Project Catalyst”, which is designed to encourage developers and entrepreneurs to build on top of the Cardano blockchain.

The project is a crucial step into the world of on-chain governance, treasury, and community innovation for Cardano. Through this project, IOHK intends to build out a new innovation platform and begin to develop the future of the Cardano community. ADA, Cardano’s native cryptocurrency, will be utilized in funding the project.

In a Tweet, IOHK CEO Charles Hoskinson expressed his excitement regarding the new project. Hoskin also gave credit for extraordinary work to Project Catalyst’s product manager Dor Garbash.

Cardano will ask members of the community to provide their various perspectives. It will then encourage everyone to put their best ideas forward on the innovation platform. Community members can submit proposals regarding the future development of the Cardano blockchain.

Additionally, members will then be able to decide, through a novel voting process, which proposals will be funded. The proposals incorporate a wide range of ideas including marketing initiatives and infrastructure development. Furthermore, it encompasses business planning and media asset creation.

IOHK in its blog post noted that anyone is free to create a proposal, and they will initialize the development of the winning proposals through a public vote.

The Cardano community voting has been dubbed as the first component of the “Voltaire” phase. Voltaire is a vital building block on the Cardano network and is set to be delivered by the end of the year.

Project Catalyst is a new and exciting step in the development of the Cardano ecosystem. This will assist the network to move toward being a fully decentralized blockchain which is governed entirely by the Cardano community.

Chloe Demir

A devoted news specialist who is passionate about the blockchain and crypto industry. She writes news and feature articles based on the latest developments in the market. She is always updated and on the go.

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