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Cardano’s Project Catalyst: Building a Decentralized Financial System to Remove "Top-Down" Governance

Following Cardano’s Shelley hard fork and upgrade last week, Cardano has continued its streak of decentralized improvements to the network.

Cardano’s Shelley was successfully forked on July 29, and since its upgrade from Byron, just over a week, 800 stake pools have registered on the network. The Shelley era enables Cardano to take a step further to allow the network to become more decentralized and autonomous. Although the hard fork was a success, there are still many more projects to come, according to IOHK.

IOHK, the blockchain engineering company behind Cardano, mentioned that the coronavirus pandemic has exposed weaknesses in our current economy and that everyone should consider collaborating in times of international crises. IOHK also highlighted the disadvantages of solving challenges in a centralized manner:

“In that governance model, power, authority, and control were decided and exercised at management level. This could be a chief executive, a president, or even a dictator determining the ‘best’ course of action. In this centralized system, once a decision is made, it becomes the law of the land, and new behaviors are enforced.”

IOHK further explained that with a centralized governance model, there would be limited knowledge, expertise, and understanding of a single individual or a boy of actors, leading to an inflexible response to deal with emerging problems.

Voltaire and Project Catalyst

Cardano’s final and last phase, Voltaire, aims to allow the network to explore utilities, concepts, and experiments on how the network will agree on a “fair” and productive way for Cardano’s ADA holders. Voltaire enables the Cardano community to decide of software updates, technical improvements, and project funding.

In order to fulfill the final components for Cardano’s Voltaire, including its evolution into a self-sustainable blockchain, IOHK introduced a new experimental treasury system combining proposal and voting procedures — Project Catalyst. A treasury system would enable a continuous source of funding to develop the Cardano blockchain. Decentralized software updates would guarantee the process is decentralized and will have open participation for fair voting on system updates.

IOHK elaborated that the Project Catalyst would focus on making the treasury stem a reality while sustaining the Cardano community’s democratic culture. IOHK’s blog post said:

“This goal will be achieved by a combination of research, social experiments, and community consent. Catalyst enables the community to make proposals, vote on them, and fund them according to their feasibility, auditability and impact.”

IOHK proposed a ballot submission system where the Cardano community will be able to propose improvements. After the ballots are submitted, the community would be able to vote and decide on which proposals will move forward.

Not only will Project Catalyst promote technological advancements, but it would also enable the community to learn the skills of collaboration, making good decisions, and generating valuable proposals.

Cardano’s Project Catalyst will ensure the funds are used well, and to enable innovation in the decentralized network. IOHK concluded that the company is building a decentralized financial system, to address the world’s needs — starting with Voltaire.

Cardano Launches Project Catalyst—One Step Closer to Fully Decentralized Era Voltaire

IOHK, the blockchain engineering company behind Cardano has launched “Project Catalyst” in part of the network’s transformation into a self-sustaining system. Cardano aims to build a set of governance tools and processes that puts the future of the network in every ADA holder.

A lot of developments have been made since Cardano’s network has forked from Byron to Shelley, in anticipation of more decentralized milestones to come. Cardano’s last and final phase — Voltaire, aims to explore utilities, concepts, voting, and experiments on the network to reach a “fair” consensus for Cardano’s native crypto ADA holders. Voltaire enables the Cardano community to decide on software updates, technical improvements, and project funding.

IOHK announced that the launch of the decentralized governance program Project Catalyst for Cardano has been launched, kicking off with the first exploratory phase, Fund 1. The first exploratory phase consists of 50 volunteers that would support the design of the program structure. IOHK explained:

“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.”

Cardano will also be exploring areas related to decentralized democracy, voting, and governance, and how these features could be implemented. An incubation space for members’ funding proposals will be voted on in the next round later this summer, as part of Fund 2.

IOHK elaborated that the Project Catalyst would focus on making the treasury stem a reality while sustaining the Cardano community’s democratic culture.

Cardano’s Project Catalyst will ensure the funds are used well, and to enable innovation in the decentralized network. IOHK previously stated that the company is building a decentralized financial system, to address the world’s needs — starting with Voltaire.

Cardano is currently in the Shelley hybrid era

As Cardano is still on track to become fully decentralized, Cardano’s founder Charles Hoskinson previously explained Cardano’s state and introduced Cardano’s D parameter.

Cardano’s D parameter, which stands for “decentralization,” is currently set to 1. The network will be fully decentralized when D equals to 0.

Unique to Cardano, the network will never have to run another hard fork again, with its hard fork combinator, allowing Cardano to run both sets of ledger rules. The hard fork combinator combines two protocols into one protocol, while the first protocol runs for a while and switches to the second protocol.

With the hard fork combinator, Cardano will be able to implement the Goguen style features including native assets, and Plutus foundations.

Charles Hoskinson: Cardano’s New Voting System Will Make ADA the Most Valuable Cryptocurrency

IOHK, the blockchain engineering company behind the Cardano blockchain, will develop a voting system that will make its ecosystem hard fork resistant. This voting system would make Cardano’s native cryptocurrency ADA the most valuable cryptocurrency, according to IOHK CEO Charles Hoskinson.

In one of Hoskinson’s latest video updates, the IOHK CEO discussed Cardano’s governance model and revealed the future plans for Cardano. Cardano’s future roadmap would take the blockchain to another level of decentralization, as more blocks will be created by the community’s stake pools. Hoskison revealed that 30 percent of all blocks are now produced by the community, and 50 percent is expected by early November. When Cardano reaches its last phase, Voltaire, Cardano would become a self-sustaining ecosystem.

Cardano will introduce a new voting and treasury system which allows the network participants to decide on the future development of the Cardano network, with their voting rights. Hoskinson previously introduced the DC Fund and Project Catalyst, which are backbones for the voting and treasury system.

The first vote will be in October, where ADA holders will be able to decide on a small treasury fund of $250,000. IOHK will also use an innovation management partner, called Idenscale, and the funds will continue to rise in the future. Idenscale will take what the community proposes, and work with the community.

There will be votes on the Cardano blockchain every six to eight weeks, where the ADA community can vote whether or not to support a proposal. The Cardano community can return the funds to the treasury, or they can decide to distribute it to ballot proposals.

As part of Cardano’s goal to become increasingly decentralized, this voting system would promote participation in the ecosystem, which could improve and further decentralize the system. Cardano will also create a feedback loop that would improve the voting system. Hoskinson added:

“The community will be in total control of the parameters and the design of the system […] The beautiful thing is that we will have an enormous amount of evidence in data about whether the system is stable or not and by definition of stable, the system can converge reliably to decisions and the community accepts those decisions, meaning that we don’t have a Cardano Classic or a Cardano Cash.”

Hoskinson concluded that this system will allow Cardano to become the most valuable cryptocurrency. He also said that the release of Goguen, Cardano’s next phase would make Cardano “extremely competitive” in the DeFi space.

Cardano’s Project Catalyst Voting App Now Available on Google Play Store

Cardano’s Project Catalyst voting app has now been published on the Google Play store. This marks a huge step for the Cardano network and the rest of the crypto industry as Apple and Google have not been very trusting when it comes to apps from the crypto sector.

As part of Cardano’s improvements towards full decentralization, the network introduced Project Catalyst, a new experimental treasury system combining proposal and voting procedures. This treasury system would enable a continuous source of funding to develop the Cardano blockchain.

While sustaining the Cardano community’s democratic culture, Project Catalyst would enable the community to make proposals, vote on them, and fund them, according to the projects’ feasibility, auditability, and impact. Project Catalyst aims to ensure that all the funds are used well and to enable innovation as part of its decentralized network.

The Catalyst Voting app, developed by the blockchain company behind Cardano, IOHK, can be downloaded and will be initially available only for Android users. The Catalyst Voting app can now be used to distribute votes, which also accounts for the evaluation of projects on the network.

Participants on the Cardano blockchain network, who hold its native cryptocurrency ADA, will automatically have voting rights, also depending on how many ADA is being held in their wallet. IOHK CEO and Cardano founder Charles Hoskinson recently celebrated the launch of the Catalyst Voting app on the Play Store, tweeting:

“Glad to see Catalyst in the play store. With Cardano, you can vote with your phone!”

With the Catalyst Voting app now available on the Google Play store, more users are able to have easier access to vote for new initiatives, taking the Cardano blockchain to the next level. This could also mean driving mass adoption, not only for the Cardano blockchain, as the app being available on the Google Play Store could mean much more for the entire crypto industry.

Accountability of funding from Voltaire

Cardano’s Voltaire era aims to take the network to the next level, allowing the blockchain network to become a fully self-sustaining system. While Project Catalyst would guarantee decentralization and open participation for fair voting on system updates, the funds for the future development of the network were questioned.

Hoskinson explained that a third party could possibly have oversight of the process, ensuring monthly reports to audit and verify claims. The IOHK CEO believes that this mechanism is essential for larger projects on the network.

Cardano to Allow the Community to Vote on New Projects, $250,000 Worth of ADA Up for Grabs

Cardano’s Project Catalyst, which was introduced earlier this year, is a new experimental treasury system that would combine proposal and voting procedures. Project Catalyst would enable a continuous source of funding to develop the Cardano blockchain.

The Project Catalyst, introduced by IOHK would support Cardano’s democratic culture, including enabling the community to make proposals, vote on them, fund them, according to different criteria. In October, Cardano introduced the Catalyst Voting app, developed by IOHK, which could be used to distribute votes, which accounts for the evaluation of the projects on the network.

Cardano’s native cryptocurrency holders would automatically have voting rights, depending on how many ADA they have in their wallets. The Catalyst voting app was made available on the Google Play store, which was given access to Android users.

As part of the first exploratory phase of the Catalyst project, Fund 1 would consist of 50 volunteers that would support the design of the program structure. The first phase would allow the gathering of ideas and proposals on how to encourage developers to build Dapps on Cardano. Fund 2 would consist of incubation space for members’ funding proposals, which would be voted on.

Cardano community to vote on projects

IOHK recently revealed that they would be inviting the community to register to vote, with the first-ever public Catalyst funding round to be held soon. There would be a $250,000 worth of ADA for the best ideas. IOHK’s announcement read:

“We’ll soon be inviting the community to register to vote, kicking off the first-ever public Catalyst funding round. An initial $250k-worth of #ADA will be available for building the best idea (s) @Cardano. And that’s just the beginning…”

In addition to the exciting news, IOHK further revealed that throughout 2021, other rounds would also unlock millions of dollars worth of ADA to fund development. IOHK added:

“Throughout 2021, further rounds will unlock $millions-worth of #ADA to fund development – from content to community resources, Dapps to Defi. Cardano development will accelerate, powered by a creative, empowered & well-funded community. Exciting times.”

The first Project Catalyst candidate revealed

Liqwid, a DeFi lending market, allowing participants to earn interest on deposits and borrow assets on the Cardano blockchain is the first candidate revealed. In the past 24 hours, new ideas have started pouring in and the list has since been continuously updated.

Cardano Deploys Allegra Hard Fork Seamlessly Through HFC Technology, ADA Rallies 12%

Cardano has successfully reached epoch 236, and with this new epoch, the network has gone through a protocol update, which includes the Allegra hard fork. The Allegra hard fork, however, is unlike other hard forks on other blockchains, as Cardano’s transition has been enabled by the hard fork combinator (HFC) technology.

Allegra refers to the addition of the token locking feature for the Cardano protocol update that has been deployed on the mainnet. As part of on-chain voting on Cardano, tokens must be locked up before voting can happen, to avoid attacks.

HFC enables the blockchain network to be able to transition smoothly and deploy the hard fork ahead of time. The Allegra hard fork is part of the next transition for the Cardano blockchain from the Shelley era to the Goguen and Voltaire era.

Most blockchain hard forks are considered as a “traumatic event,” which could cause a short break in block production. However, Cardano handles hard forks automatically, without stopping block production. Input Output Hong Kong (IOHK), the blockchain development company behind Cardano announced:

“The transition is all enabled by our unique hard fork combinator technology. Battle-proven (and yet unscarred) it is now being deployed for the third time. First, the #Byron reboot. Then #Shelley. Today, ‘Allegra’ brings token locking as part of the #Goguen roll out.”

Cardano uses the HFC to automatically preserve the history of previous blocks, which allows the protocol to be upgraded without “radical interference to the chain.” The previous state does not vanish, but is also extended to include new capabilities. The network combines the original blocks that comply with the current block production rules with the new blocks with the new block production rules.

One of the main features the Allegra hard fork has introduced to the Cardano blockchain is the token locking mechanism, which is part of Voltaire. The token locking mechanism is essential for Project Catalyst, the treasury system for Cardano. The treasury system would ensure that there would be a continuous source of funding to develop the Cardano blockchain.

Project Catalyst would ensure that the funds are used well and that they would enable innovation on the Cardano blockchain. Cardano’s native currency ADA holders would automatically have voting rights, also depending on how many ADA is held in their wallets.

To enable more accountability and visibility of the financial processes on the blockchain, Cardano aims also to add transaction metadata, to add additional information including sender and receiver details, conditions, and time of processing. The addition of metadata is also a significant upgrade for Goguen.

Cardano’s last and final phase — Voltaire, aims to explore utilities, concepts, voting, and experiments on the network to reach a “fair” consensus for Cardano’s native crypto ADA holders. Voltaire enables the Cardano community to decide on software updates, technical improvements, and project funding.