Thursday, April 15, 2021

IOHK Kicks Off First Phase to Decentralized Governance of Cardano Network

Cardano ecosystem has not halted its progress after the Shelley hard fork. According to a recent report, IOHK is starting the first exploratory stage in the Project Catalyst governance program for Cardano, named ‘Fund 1’.

The new move, which represents a pathway to the decentralized governance of the Cardano network, Voltaire, was announced by IOHK in a series of tweets moments ago.

According to the report, the experiment will start with a group of volunteers from the Cardano community to bring about a better structure for the program.

IOHK tweeted, “Today, we’re kicking off ‘Fund 1’, the first exploratory stage in our Project Catalyst governance program for Cardano. Project Catalyst is an exciting experiment in decentralized governance.”

The firm behind the development of Cardano further stressed the necessity of strengthening the community to possess the right tools to govern the treasury of the ecosystem, which is the reason why the Project Catalyst Program is essential at this time.

Read the rest of the update as shared by IOHK below:

“We believe that a network can only be truly decentralized once supported by a strong, empowered community, equipped with the right tools and processes to govern the treasury. This is the first step in this important innovation process for Cardano.

“We’re starting with a small group (c. 50) of community volunteers, who will initially help us shape the program structure. This is the first opportunity to directly influence the future of Cardano itself. Thanks to everyone who applied to get involved at this early stage.

“The challenge set for this first Fund 1 phase is to gather ideas and proposals on how to encourage developers and entrepreneurs to build dApps and businesses on top of Cardano, within the next six months.

“We’ll be exploring the big picture themes of decentralized democracy, voting, and governance and how these can be made real. As well as creating an incubation space for members’ funding proposals, which will be voted on in the next round, Fund 2, later this summer.

“Cardano thrives because of its active and informed community. Together, we hope to build a compelling set of governance tools and processes that put the future of our blockchain in the hands of every single ada holder, and allow Cardano to develop and flourish.”

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Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

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