PROJECT CATALYST TOWN HALL #10
Welcome to the 10th Project Catalyst update. We are working hard to ensure that voting begins with Fund2 and on-chain governance is brought to Cardano. In an effort to push towards our next milestones, this update was only ten minutes rather than an hour with Q&A
This week we worked to remove proposals which could not be funded in Fund2. The first list details any projects which asked for 0 ada. The second shows individual projects that asked for too much ada and therefore were impossible to fund. We remind everyone to ensure that their proposals for ada remain within the parameters set forth in the fund’s instructions
Asked for no ada
- Trading Players New Sporting Craze
- Sports Sponsorship
- Improve Swiss voting system
- Ada Ads
- Cardano - Dutch translation.
- COVID-19 Small Business Support!
- Voltaire Assistant (VA)
- Tokenize the information
- Absence of liquidity/exchange pool
- DeFi-Crowdfunded Development
- WIn-Win Lottery
- SMARTbonds = Timelocked staked ADA
- Onboarding 1M by 2021 = SMARTbonds
Asked for too much ada
- Cardano buys/makes a Micronation 25,000,000
- Freelancer and Agency Hiring Dapp 4,000,000
- ADA ATMs in High Profile Locations 3,000,000
- Stock market for unbanked (dapp) 3,000,000
- Solar Power Plants development 2,500,000
- A mental health ecosystem dApp 2,380,000
Pushing back registration and voting
We have decided to push back the registration and voting steps in Project Catalyst. The reason for this is that we are not 100 percent sure that everything will be ready for December 9th. The issue stems from two main causes. The first is complexity. We have a large chain of dependences which looks like this:
Daedalus-Catalyst/CLI -> Adrestia -> Dev-ops -> Jormungandr -> Jormungandr service station -> Catalyst Voting -> IOS app store
While each component is functioning well, we must focus on how they work together. Every day we are working on making sure that everything is integrated properly. We are working incredibly long hours and we appreciate everyone on the tech team that is working with us.
The second reason is that some teams are busy with Goguen delivery. This is an important dependency because the growth of the Cardano blockchain depends on Project Catalyst as well as Goguen. Since both must be completed, we have made some adjustments to how we are working in order to fulfill our development objectives.
- Our approach to resolving the issues
- Working weekends
- Identify and fix underlying issues
- Going forward - funding will be released in a predictable fashion
With all this being said, this is a large moment of learning for us. In the future funding will be released in a predictable manner. Without predictability we will not create a safe environment for innovation then we will not be able to achieve our highest potential. The current timeline push back will only be a one time thing.
Let’s keep up the energy
Our team has been watching the social media channels and we understand that there will be some disappointment. The whole community has been energized over the last ten weeks and it is difficult to put a pause in the middle of this. However, sometimes things are out of our control. Entrepreneurial endeavors are full of risk and flexibility is key.
We will persevere and we hope that our community will continue to support us as we move through these initial difficulties.
How far we’ve come
We should take a moment to recognize some of the achievements that we have accomplished in the last ten weeks. Our goal in 2021 is to achieve full treasury deployment, but of course, we need to do this the right way. Below is a list of all the major goals that we have reached:
- In 10 weeks we become the largest DAO in the world
- Catalyst did in 7 months what other blockchain projects did not accomplish in +3 years.
- Town hall every week, and unprecedented communication and feedback gathering from the community.
- Six weeks funding cycles from January 2021
- We will be adding new hires to accelerate pace of iteration
- Funding amount will grow in proportion to our capacity
- Registration and later voting will be integrated into Daedalus Mainnet
- Community will be proposing challenges in Fund3
What to do next
Since we have an unplanned delay in our timeline we believe that it is important to use our time well. We want to make sure that everyone has the best opportunity, information, and tools to make their strongest proposals possible. So, below please find a list of recommended actions to take in the coming time period:
- Prepare challenge proposals for Fund3 to be launched on Fund5 - At least 250K$ funding for community driven challenges, and possibly more.
- Transactional metadata workshop
- Create more expert ballot recommendations
- Start preparing Fund3 proposals
We won’t let our community down. We are going to work very hard to get over this hump and begin funding proposals. We thank you all for your patience and understanding.