Wednesday, February 24, 2021

Cardano’s IOHK Distributes $250,000 Worth of ADA to Project Catalyst

IOHK, the firm behind the development of Cardano (ADA) has announced that it has distributed $250,000 worth of ADA to Project Catalyst.

These funds will be allocated to several Cardano-based projects proposed by the community. Project Catalyst is one of the important paths to the Voltaire era of Cardano, which is expected to bring decentralized governance into the ecosystem.

Project Catalyst Expected To Control $70 Million Worth of ADA

Going by a report made available by the tech firm IOHK, Project Catalyst is expected to control $70 million worth of ADA in the future.

The creator of Cardano (ADA), Charles Hoskinson is a prominent advocate of decentralized treasuries, a system he sees as one of the greatest innovations of our era.

The innovation that brought about decentralized treasuries is targeted at realizing the independence of developers from founders and executives of a particular project and providing reliable funding for their work.

Purpose of Decentralized Governance

With decentralized governance, the community has the ability to propose development projects, followed by the decision on which ones are supposed to be funded.

Crypto projects such as Tezos (XTZ), Zcash (ZEC), and Decred (DRC) have already implemented the innovation.

Also, Hoskinson has earlier suggested that a decentralized treasury is capable of providing a feasible solution for Ethereum Classic that was hit with 51% attacks a couple of days ago.

Test Stage of Project Catalyst Welcomed Several Project Proposals

There were various project proposals during the test stage of Project Catalyst. The list included projects that serve as an encouragement to bring women into blockchain ecosystem.

Based on the development roadmap of the project, the Voltaire era is expected to start by the end of 2020, as the Project Catalyst serves as a building block of this upcoming development.

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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