Cardano (ADA) has been somewhat forgotten in the last few weeks. The reason for this was the hype surrounding decentralized finance (DeFi). But now Cardano, or rather IOHK, a blockchain research and development company behind Cardano, comes with interesting news. IOHK today announced $ 250,000 in funding for Project Catalyst, an initiative to develop applications on Cardano.
Cardano is promoting its decentralization
Cardano is a decentralized, public blockchain that is completely open source. The network represents an infrastructure to develop applications directly on the Bitcoin Loophole blockchain itself. It is conceivable that developers could build on anything from infrastructure to market initiatives. By financing the Catalyst project, the necessary capital should now be available to implement the theoretical construct.
Charles Hoskinson, CEO of IOHK, said in a statement:
The fund, combined with its democratic voting system, enables every ADA holder to be involved in key decisions for the future of the ecosystem, ”said Charles Hoskinson, CEO of the IOHK, in a statement.
IOHK and Cardano are privileged to have a creative, dedicated and talented community behind them that shares our goals of democratizing finance and essential services.
ADA – Power to the people
The Catalyst project is an important step towards giving more control to the Cardano community itself. „Members can submit proposals for the future development of the Cardano Blockchain and use a new voting process to decide which proposals are to be funded,“ said IOHK.
Funding will come in the form of Cardano’s native cryptocurrency – ADA. While the first round of funding is capped at $ 250,000, the fund is expected to control about $ 70 million per year going forward.
The network participants will also have the opportunity to use their ADA as a means of voting on development proposals. „This is an exciting step forward in Cardano’s evolution as it is on its way to becoming a fully decentralized blockchain that is completely ruled by its community,“ added IOHK.
Choose the best and safest exchange for you
Choosing the right provider is not always easy. Therefore, we recommend you to take a look at our Bitcoin Broker & Exchange Comparison. Trade on the safest and best exchanges in the world!For comparison
Cardano’s ecosystem is extensive
The proposals are expected to have implications not only for the future of the Cardano ecosystem, but broader global issues as well. Previous proposals included an initiative for small solar-powered homes, a referral system to help offshore workers send funds to their families, and large-scale medical trials to identify treatments in medical emergencies. Each of these suggestions were powered and underpinned by the Cardano blockchain.
We are curious how Cardano will develop by the end of the year and how the ADA course will react. As always, we will keep you up to date.