What is Project Catalyst for?
Project Catalyst is a decentralized funding platform for the Cardano blockchain, and it seeks to unlock the most creative ideas from the community. It brings governance to Cardano’s blockchain, allowing members of the community to decide which areas need attention and development. Participants can use the funding to focus on solutions for difficulties and take advantage of chances that come up over the course of Cardano’s development, too.
Project Catalyst is an extension of the Cardano treasury and the testing ground for the future governance of Cardano.
In less than half a year, Project Catalyst has grown to be the world’s largest decentralized autonomous organization (DAO).
The Project Catalyst representation is achieved via a body called the Catalyst Circle. And 5 elected members represent the following:
- General Cardano ADA holders
- Proposer Reviewers (PRs)
- Funded Proposals
- Cardano Stake Pool Operators (SPOs)
- Toolmakers & Maintainers
This body is chosen through a voting process conducted by the Cardano community and typically remains in place for two funding cycles.
The Catalyst Circle does not have a budget assigned to it; instead, they rely on getting their projects funded through the Project Catalyst system. If the proposals are not approved, the Circle will not have any money to carry out its activities.
The Catalyst Circle has two permanent members, one appointed by IOG and the other chosen by the Cardano Foundation.
The Catalyst Circle typically communicates with the Cardano constituency during the weekly Catalyst town hall meetings that take place each Wednesday.
At the town hall, the Circle informs the Cardano community of any updates and holds a weekly get-together to converse with one another.
Project Catalyst Funds Mechanism
The money to pay for each round is provided by the Cardano treasury, and each fund has a total of 16 million ADA token.
Beginning with Catalyst Fund 10, all requests for funding must be made in ADA and any potential price fluctuation should be taken into consideration when budgeting, and roughly 12 million ADA goes to the finance of the proposals.
The remaining funds are allocated for rewards to those who review proposals, experienced proposal reviewers, Challenge Teams, referrals, and voters.
Official Site: https://projectcatalyst.org
