Cardano Online Meetup #6 - Vietnam - 17/11/2024 - Recap

English Meetups
,
1

Recap Cardano Meetup Online #6

Topic: Cardano Budget Process #1
Time: Sunday, November 17, 2024, from 8:00 PM to 9:00 PM (GMT+7)
Venue: Online via Zoom
Participants: 22 attendees
Luma Link: Cardano Budget Process #1 - in Vietnamese · Zoom · Luma

image
image1280×1280 82.6 KB

1. Introduction of Guest Speaker and Host

  • Guest Speaker:
    Mr. Long Hồ – DRep Pioneer representing Tempo. Mr. Long is a trailblazer in decentralized governance at Cardano, deeply involved in activities related to budgeting, proposal processes, and the critical role of DReps in the ecosystem.

  • Host:
    Ha Nguyen – Cardano Ambassador.

2. Meetup Overview

This meetup centered on the topic “Cardano Budget Process” and aimed to provide detailed insights into the management, approval, and disbursement processes for the 2025 budget. It also highlighted the community’s critical role in participating in these governance processes.

Key discussion points:

  1. Overview of the 2025 budget (estimated at 300–500 million ADA).
  2. Budget approval and disbursement processes.
  3. The roles of DReps and the community in budget governance.
  4. Opportunities to contribute to and engage with the Cardano ecosystem.
  5. Differences between Catalyst and other budgets.

image
image1280×719 88.5 KB

3. Questions and Detailed Answers

Question 1:

What is the 300–500 million ADA budget? Will the entire amount be spent immediately?

  • Answer:
    This is the estimated budget for 2025, withdrawn from the treasury for separate management. The funds will not be spent immediately but allocated based on specific proposals. Each proposal must be approved by the community and DReps before disbursement.

Question 2:

What happens to unused budget funds at the end of the year?

  • Answer:
    Unused funds can either be returned to the treasury or carried over to the following year for future projects. This ensures transparency and accountability in financial management.
    image
    image1280×691 80.1 KB

Question 3:

What is the specific disbursement mechanism?

  • Answer:
    Budget disbursements are made in stages or based on specific objectives through smart contracts. Proof of work or progress milestones must be provided before each disbursement.

Question 4:

What are the differences between Catalyst and other budgets?

  • Answer:
    • Catalyst: Focuses on innovation and community development.
    • Other budgets: Support the development of products, tools, or services necessary for the Cardano ecosystem, such as the Product Committee’s budget.

Question 5:

How can the community or DReps contribute to the budgeting process?

  • Answer:
    • Community members can propose projects or ideas aligned with the ecosystem’s goals.
    • DReps evaluate and vote to approve proposals.
    • Individuals can also join working groups under various committees to provide direct support.
      image
      image1280×892 87.3 KB

Question 6:

Are there opportunities for the Vietnamese community in the Cardano ecosystem?

  • Answer:
    • The Vietnamese community can propose projects, become DReps, or join committee working groups.
    • This presents a great opportunity to establish roles and secure funding from Cardano’s budgets.

Question 7:

Why is it important to build a track record of contributions in governance?

  • Answer:
    • A history of contributions demonstrates trustworthiness and capability.
    • Groups or individuals with a solid track record are given higher priority during budget approval processes.

4. Key Takeaways

  1. The importance of the community’s role in governance

    • Active participation by the community, especially DReps, is critical to ensuring transparency and the effective allocation of budgets.

  2. Opportunities for projects in Vietnam

    • The Vietnamese community has significant opportunities to participate and secure funding, from small-scale community projects to large ecosystem initiatives.

  3. Strengthening governance capacity

    • Building a history of contributions and engaging in governance activities provides substantial advantages for securing funding and fostering long-term development.

5. Conclusion and Thanks

The meetup was a success, thanks to the enthusiastic participation of the community. Special thanks to Mr. Long Hồ, DRep Pioneer from Tempo, for his in-depth and valuable insights on the budgeting process and the opportunities available for governance participation.

Next steps:

  • Compile all questions and discussions from the meetup for distribution in community groups.
  • Share updates on the community channels for easier follow-up.
  • Organize deeper discussions in upcoming meetup sessions.

Recording

Stay tuned for Cardano Meetup Online #7!

2 Likes
2

Thanks again, @Hakochan, for the informative online session/meetup. Your focus on strengthening governance capacity and empowering the community is commendable. These topics are crucial for informed participation and community success/growth/nurture in Vietnam. Well done!

1 Like
3

Thank you so much for your kind words and encouragement! Strengthening governance capacity and empowering the community are goals I’m deeply passionate about, and it’s heartening to see these efforts resonate with others. Together, we can continue fostering informed participation and growth for the community in Vietnam. Your support means a lot—thank you again! :blush: