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Cardano (ADA) Shares Details of Project Catalyst, Announces $250,000 Fund

Cardano (ADA) Shares Details of Project Catalyst, Announces $250,000 Fund

The first preparations for Cardano (ADA) migration to the Voltaire era started without fanfare one month ago

Cardano’s (ADA) Project Catalyst, a much-anticipated community-driven initiative for Cardano (ADA) development, launches its open phase today. Steven Aldrich, seasoned Cardano enthusiast, shared some details of Catalyst’s background and future plans.

57 ideas for Fund1

According to Mr. Aldrich, the first invitations to join the Project Catalyst community were sent in early August. By mid-August, the inaugural pool of 50 members coalesced and began to cooperate. Members from all over the globe discussed numerous ideas with a focus on Cardano’s (ADA) network progress.

Every idea generated in this fully remote community has to go through four stages: Ideation, Refinement, Review and Assessment.Ads

Input Output Hong Kong (IOHK), the company tasked with the development of Cardano (ADA) blockchain solutions, provided Project Catalyst with a prominent mentor, Dr. Dor Garbash. Dr. Garbash coordinated the Fund1 phase as a project lead.

Fifty-seven ideas were proposed during the first week of Fund1 collaboration. Mr. Aldrich admits that some of them were thoroughly detailed, while the rest were just robust concepts. However, all participants in the experiments know that no idea will receive funding until the launch of the Fund2 stage.

$250,000 for Fund2

The most surprising feature of this experiment is its role in the Cardano (ADA) roadmap. Launched during the second week of the Shelley era, it opened a path to ultimate decentralization and smart contracts hosting:

Project Catalyst is the introduction of Voltaire, the Governance Phase of Cardano’s rollout plan.

To boost the implementation of the best ideas, the Fund2 phase of Project Catalyst commences today, Sept. 16. Within this stage, a $250,000 fund will be established to support community-driven efforts.

The winners of this stage, i.e., the most fruitful ideas for Cardano (ADA) development, will be chosen by open referendum of all Cardano (ADA) holders.

As covered by CryptoComes previously, Project Catalyst is designed to allow all participants of the global Cardano (ADA) community to “shape the form of Cardano’s future.”

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