IOHK Expands Cardano Development Fund By $500K
Cardano is becoming the attention of the moment from beginners to experienced investors regarding the low fees, the fast transactions, and technological developments as SundaeSwap.
The establishment of a $500k fund, the next stage of Project Catalyst, as part of the Voltaire portion of the Cardano plan, was announced this week by IOHK, a leading blockchain research and development business.
Project Catalyst aims to be the world's largest decentralized innovation fund, and it has already surpassed the number of unique voters in other prominent projects such as Dash, as well as all of Ethereum's top 100 DAOs (decentralized autonomous organizations) combined, with 1,752 community members registered to vote.
Catalyst is the next step in Cardano's process of handing over platform governance to its community.
It’s goal is to elicit a wide range of technical and non-technical suggestions for improving Cardano as a whole.
Proposals on everything from marketing campaigns and infrastructure development to content creation and product enhancement can be included.
While the funds available in this round are only $500k, future rounds will have larger funding pots, with the goal of distributing roughly $100 million in ada per year, depending on token price.
"Decentralized control is Cardano's founding premise," said IOHK CEO Charles Hoskinson.
"Not only will Cardano empower disenfranchised individuals, but it will also govern how the platform operates."
All Cardano community members can participate in selecting the platform's future through Project Catalyst and its accompanying funds.
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