Aug 07, 2023

Cardano Announces Launch of Project Catalyst: Details

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Cardano, one of the world's leading blockchain platforms, has announced the imminent relaunch of its most ambitious community-focused project yet — Project Catalyst. This initiative, representing the latest of Cardano's innovations, is backed by a staggering 50,000,000 ADA, making it the largest funding pool in the Cardano ecosystem to date.

Project Catalyst, scheduled for Fund 10's submission window from June 22 to July 13 and voting timeline from Aug. 31 to Sept. 14, represents a significant leap in on-chain governance. This project allows the Cardano community to shape the platform's growth trajectory directly. Through this mechanism, Cardano enables the community to decide funding for proposals that address various challenges and take advantage of opportunities within Cardano's lifecycle.

Project Catalyst is designed to foster innovation within the community through a series of experiments. It operates by releasing funds every six weeks and inviting community members to submit their proposals. These proposals address challenges identified by the Project Catalyst team or the broader community.

The proposals undergo a thorough refinement process involving community advisors. These advisors evaluate each proposal for feasibility, auditability and potential impact. Once approved, the finalized proposals are presented to the community for voting.

Successful projects, determined by community votes, receive funding in the form of ADA. This process highlights Project Catalyst's commitment to harnessing the power of the Cardano community for innovation. It exemplifies the decentralized decision-making inherent in blockchain technology.

Project Catalyst provides a structured framework for direct community participation in Cardano's evolution. It showcases Cardano's commitment to creating an inclusive and robust blockchain ecosystem. The community eagerly awaits the exciting proposals and developments that will emerge from this initiative.

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.