IOHK, the technology company behind Cardano (ADA), is announcing the formation of a public fund to help push the platform’s decentralization to the next stage.
The fund, called Project Catalyst, will allocate money to pay for proposals that are approved by members of the community.
In a blog post published on Wednesday, IOHK says it is funding $250,000 worth of ADA to support Project Catalyst, which aims to encourage developers to build decentralized applications (dApps) for the Cardano blockchain.
Members of the Cardano community can compete for the funding to implement their projects which can range from marketing and infrastructure ideas for decentralized apps, to suggestions for business plans and content generation.
Community voting represents an important component of the Cardano blockchain’s Voltaire phase, which is set for launch by the end of 2020. Voltaire will allow the Cardano community to decide on software updates, project funding and technical improvements with the introduction of a ‘voting and treasury system’. The system is designed to help Cardano increase its decentralization by allowing holders of the cryptocurrency ADA to directly shape the future of the Cardano network.
“We are announcing the launch of Project Catalyst’s first public fund, an important first step into the world of on-chain governance, treasury, and community innovation for Cardano.”
Community members can review the proposed projects on the innovation platform or on a new mobile voting application that is currently under development.
Featured image: Shutterstock/Ievgenii Meyer