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Cardano News Today – IOHK Launches $20M Cardano Development Fund In Celebration of the Shelley Upgrade – July 3rd, 2020

  • IOHK Announces the Launch of a Cardano Development Fund at the Whirlwind Summit
  • Cardano Provides Decentralized Identity for All 

Cardano News Today – Yesterday, IOHK, Cardano’s parent company, held the Whirlwind Summit online. During the summit, the firm announced the launch of a $20 million Cardano development fund that is open to all Cardano developers. This fund isn’t just going to benefit big-shot developers. It will be open for all. Apart from the $20 million funds, the firm also launched Atala PRISM. Atala PRISM will provide a decentralized identity for all, saving them from the shackles of centralization.

Cardano News Today – Following Cardano Shelley Mainnet Launch, IOHK Launches $20M, Development Fund

Two days ago, the Shelley mainnet code was finally added to the Cardano network. Holders of the current ADA token will be able to transfer their holdings to a post-Shelley wallet from the 7th of July. Yesterday, Cardano’s Charles Hoskinson hosted a virtual summit during which he announced new products. The launch of Atala PRISM will offer something that no other blockchain has been able to achieve. People will be able to create a decentralized identity free from manipulation or corruption. Hoskinson said that Atala PRISM will allow the blockchain to “bank the unbanked”.

Atala PRISM is available for download on the Apple app store. It can be used by virtually everybody including unbanked members of society. They can create self-sovereign identities that will allow them to ensure decentralized financial services. The government and other centralized institutions will no longer have any power over the identity of individuals. Sensitive information will remain with the users and only those they choose to share the information with will have access to it.

Hoskinson also talked about the launch of Project Catalyst. Project Catalyst is a decentralized treasury fund for ADA users. They will be able to make proposals and vote on important developmental decisions on the platform. While Project Catalyst is currently in the pilot phase, the full version will be divided into four categories; experiments (Catalyst 0, 1 and 2), a governance blockchain node, a voting app, and a governance experiment.

The Cardano development fund is called cFund and it was founded in partnership with Wave Financial Group. Companies and individual developers in the Cardano blockchain will be able to receive funding from cFund. Half of the $20 million will come from IOHK and the other half will come from Wave Financial Group. Those interested in requesting funds from cFund will be able to request between $250,000 to $500,000 at a time.

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