- Following Successful Shelley Update, Cardano Launches Project Catalyst
- Project Catalyst is the First Step Toward the Voltaire Phase
Cardano News Today – It has been about two weeks since the Cardano Shelley hard fork was completed successfully but the development team hasn’t slowed down. The company has started the first set of the Voltaire decentralized governance program called Project Catalyst. As soon as this is complete, Cardano will become a self-sustaining blockchain. This is the next stage in their roadmap and IOHK has also introduced Project Catalyst as the final phase of Cardano. After the completion of Voltaire, there will be no major updates on the Cardano blockchain.
Part of the announcement from IOHK is;
“Today, we’re kicking off ‘Fund 1’, the first exploratory stage in our Project Catalyst governance program for #Cardano. Project Catalyst is an exciting experiment in decentralized governance @Cardano #Voltaire. We believe that a network can only be truly decentralized once supported by a strong, empowered community, equipped with the right tools and processes to govern the treasury. This is the first step in this important innovation process for #Cardano.”
The first exploratory phase is called Fund1 and the project structure will be designed by 50 volunteers. These volunteers will offer suggestions and ideas on how entrepreneurs and developers can be propelled to build businesses and decentralized applications on the Cardano blockchain over the next six months. They will be laying the foundation for a completely democratic system.
“We’ll be exploring the big picture themes of decentralized democracy, voting, and governance and how these can be made real. As well as creating an incubation space for members’ funding proposals, which will be voted on in the next round, Fund 2, later this summer.”
Voltaire will come with things like a treasury system, voting, and network participation. All participants will be able to make decisions about the future development of the Cardano blockchain when necessary. The stake pool operating community have been asked to upgrade their nodes to v1.18.1. This way, they will be able to enjoy performance improvements on the Cardano network after the next epoch boundary.
The product manager at IOHK, Dor Garbash, said that there will be about $8 million worth of ADA in the balance during the initial stage. However, he said he isn’t sure if the Cardano community will be able to manage the funds effectively. The news about Voltaire comes just a few hours after Cardano Shelley node v1.18.1, the first major update after the Shelley hard fork. This update comes with extra stability and better performance. Cardano is doing everything it can to make sure that they fulfill their promise of creating a completely decentralized space.