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Project Catalyst: Its Purpose and Values
Project Catalyst is a community governed funding platform that aims to enable the Cardano community to collectively vote on the various issues with the Cardano blockchain/ecosystem, as well as decide as a community what needs to be prioritized and addressed to allow the blockchain to prosper with community governance.
By building a community-governed platform, Project Catalyst ultimately aims to allow the Cardano ecosystem to be self-sustained by innovation, funding, and democracy. The decentralized vision to allow the blockchain to be run by the community for the community; as well as allow each and every member a voice in the community, is the true purpose of cryptocurrencies as well as revolutionary blockchain technology Cardano has created.
This funding platform also allows the community to promote growth in the ecosystem as well as the blockchain technology development. This enables the community to allocate funding by how the community prioritizes the issues at hand. This in turn promotes the idea of self-sustaining the blockchain by allowing the community to allocate funding to the issues that need to be addressed and ensure transparency in the blockchain as it has always intended to be.
Project Catalyst is one the largest funding platforms currently in the world, and is growing more and more with each and every day. Leading the crypto industry in its aim to provide the power and the voice to truly implement change and growth in the ecosystem, it is one of the foundations of the decentralized vision and purpose Cardano has always meant to be.
Project Catalyst: How It Works
Project Catalyst aims to accumulate funding as well as allow the community to have a voice and support the ecosystem by innovating, creating, and developing on the blockchain.
To allow the community to fund and innovate the blockchain, Project Catalyst allows voting and funding through funding rounds every three months. These funding rounds not only allow the community to allocate their Cardano to help build the blockchain, but it also allows the community to vote on a series of “technical, business, creative, and community focused projects.”
These funding rounds allow the community to propose, vote, and instill on great projects aiming to solve the challenges the Cardano blockchain and the projects that offer the best solutions and gather the most votes recieves funding by Project Catalyst.
These funding rounds also aim to reinvest the transaction fees from transactions on the Cardano blockchain back into Project Catalyst. They also aim to provide education and community engagement to allow the blockchain to truly become sustainable by the community rather than a single entity.
Project Catalyst: What Has The Cardano Community Accomplished?
Project Catalyst has lead the industry with community governance and innovation, allowing the community be an efficient and truly valuable asset in the sustainment of the blockchain. Below, this infographics highlights some of Project Catalyst’s astounding achievements and the amazing community involvement that allowed it to happen.
The first funding round; Fund1, produced $250,000 USD by the community and the transaction fees accumulated. Compare that with Fund7 and Fund8, which raised 8 million and 16 million respectively. 1,000,000 votes have been casted by the community and helped support and innovate the Cardano blockchain and ecosystem.
Project Catalyst has grown enormously from the beginning, and is seeing great growth both in funding and community engagement between each and every funding round. It has immense potential for allowing the Cardano blockchain to become fully decentralized and maintained by the people for the people.
Project Catalyst: What It Means For Developers
“50% of U.S. annual GDP growth can be attributed to product and service innovation and 90% of executives claim that long-term organizational success depends on developing and implementing new ideas.”
Dor Garbash — Head of Product Voltaire
Project Catalyst not only allows the community to fund and vote on ideas, but to also innovate the blockchain and create ideas. Developers can propose their ideas on the Project Catalyst website and receive funding if the approval threshold is met by obtaining a certain number of votes by the community to bring their project to life!
Project Catalyst truly aims to truly enable and incentivize innovation and entrepreneurship on the Cardano blockchain. Allowing any business, individual, or entity to propose their idea for the betterment of the blockchain and ecosystem and allow the community to vote and approve or deny the proposal. Enabling both the innovators/entrepreneurs as well as the community to contribute to the greater good of Cardano allows Cardano to truly become self-sustainable and controlled by the community rather than entities.
Project Catalyst: The Future For Cardano Created By The Community
This funding platform allows Cardano to achieve its ultimate purpose; decentralized self-sustainability. Project Catalyst will allow the blockchain and the ecosystem to prosper by enabling innovation and involvement with each and every individual in the Cardano community.
The ultimate goal for a cryptocurrency to achieve is to allow the people to control the currency rather than an entity, and Project Catalyst is truly leading the way on this front for empowering the Cardano community with democracy, transparency, and innovation.
Learn More About Project Catalyst
Here is a great article published by Tim Richmond; Marketing and Communications Manager at IOHK, about Project Catalyst and its goal to fuel the ecosystem for the better of the blockchain and its future.
Input Output Global’s Project Catalyst has launched Ariob, an incubator scheme, in collaboration with iceaddis, a…
Project Catalyst Official Website:
Here is the official Project Catalyst website (although IOG would like to note that it is ran by members of the Cardano community). Please be aware of fraudulent websites claiming they are the Project Catalyst website.
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