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$250k fund launched by IOHK to promote Cardano application

Photo of: Dennis Ramos
by Dennis Ramos

IOHK is a very well-known blockchain research and development company. Recent development and a full-fledged announcement from the company notified about the funding round of Cardano Blockchain’s decentralized governance component known as the ‘project catalyst’. 

Catalyst is a $250k funding round which has been structured to allow developers and change-makers to build on the Cardano blockchain. The community also can give in their proposals on the future development of the blockchain and finally decide on a voting basis about which project deserves to get the funding. All this forms a part of the Voltaire phase of the Cardano roadmap followed by the surprise announcement at the Cardano virtual summit saying that Voltaire will be delivered by the end of the year. 

To get into details, you should know that the first public funding round will encompass $250k worth of ADA, the native crypto of Cardano. This will be allocated for the implementation of different proposals for the Cardano ecosystem. The fund will be a pilot that will control around $70 million of the native crypto in a year. The proposals can include a broader range of ideas from marketing initiatives, infrastructure development to business development, and media asset creation. The network participants with the help of a voting and treasury system will be able to use their stake of ADA to vote on different proposals and generate opinions. With this Cardano enters another leap of evolution to become a decentralized system managed by its community. 

Proposals received from the earlier testing stages are ready to be funded, apart from determining Cardano’s future but also aims to take on bigger scenarios. Some of the proposals include:

  • A housing development project powered by solar energy and Cardano blockchain being its underpinning authority. This will enable in addressing the housing crisis, democratize ownership, and give the homeless a roof. 
  • Cardano blockchain can lay a strong foundation for a remittance system for offshore workers who face issues in sending money to native countries. Under usual circumstances, they may lose 5-7% of the money they send home but when a blockchain system comes into play, the fees could be removed. 
  • It will be a great catalyst to trigger large-scale media trials. If the present medical data is optimally used, it can provide insight on treatments in case of medical health emergencies like COVID-19. Cardano can provide secure medical data. 

Charles Hoskinson, CEO of IOHK believes that following the launch of Cardano’s decentralized era in July, there has been no stopping it. Cardano has always looked ahead to give Venture capital a whole new meaning and wants to make it fairer than the existing system. The announced fund will be able to achieve this goal. The community voting rights and the fund together will ensure that every ADA holder will be a key part of crucial decision making determining its future. 

With IOHK now in the picture, they will now intend to democratize essential financial services which are also among the proposals the blockchain received in the testing stage.