Project Catalyst is the Cardano blockchain’s first public fund which will aim to provide capital and resources to experiments that can potentially resolve issues that the Cardano ecosystem currently faces today as well as find areas of opportunities that can improve the Cardano blockchain.
By doing so, the long term vision of the project is to create a community that will help drive development and progress for Cardano starting with projects that the community itself thinks is the highest priority.
Ideas will come from the program participants who will submit proposals which will then be vetted thoroughly by the community advisors and voted on.
If an idea is selected, the project will be funded through the use of Cardano’s native token ADA in order to bring the project to life.
In the article we will cover the following:
- What is the Goal of Project Catalyst?
- Who can use Project Catalyst?
- How can a Developer Apply for Project Catalyst?
- How do I Vote for Projects on Project Catalyst?
- Are Project Catalyst Voters Rewarded?
What is the goal of Project Catalyst?
The goal of Project Catalyst is to allow members of the Cardano community to help participate in the road map and governance of the Cardano ecosystem.
Having member participation is a key goal of Cardano in order for it to achieve sustainable self-governance and encourage innovation.
The company behind Cardano, IOG, believes that is one of the core values that will encourage different opinions and active engagement which will ultimately help Cardano become more competitive internationally as a top-ranked blockchain.
This project initiative will also serve to provide transparency on why the Cardano Foundation is focusing on specific issues and projects.
Project Catalyst is a fairly new initiative and the Cardano Foundation expects the process to evolve over time as newer ideas come in while ensuring that everyone’s voice continues to be heard.
Who Can Use Project Catalyst?
Anyone can participate in Project Catalyst because the goal is to encourage a democratic process to select projects to pursue.
Cardano is looking for both technical and non-technical expertise in order to find a wide range of potential ideas that may have otherwise been overlooked.
Everyone is encouraged to participate and submit an idea that they think might have potential in solving an existing issue on Cardano or might make the blockchain much better.
Submitting ideas is one way to get involved, but one can also provide feedback on submitted ideas and provide relevant guidance on how to implement an idea as well.
Ultimately, community collaboration is the core of Project Catalyst so anyway in which you can provide value is accepted.
There are several roles in which you can participate which include being a proposer, a community advisor, or a voter.
Proposers will submit ideas on Cardano IdeaScale, community advisors will review ideas submitted by proposers, and voters will vote on their favourite projects.
How can a developer apply for Project Catalyst?
Once an idea has been selected and has been funded, the team will reach out to developers who will take the role of implementers to help bring ideas to life.
A team will be responsible for the road map of every project and will use various communication channels like Telegram, Discord, and the community website to collaborate on the project.
The team’s contact details and email addresses will typically be available for direct contact if a developer wishes to do so.
Developers can also view the funded projects on the community website and request to join the team on demand.
The Cardano Developer portal is also available to offer guidance to developers and provide specific steps on how to contribute to the Cardano community.
In collaboration with IOHK, Cardax has built a free project catalyst course that will take a potential proposer through every stage of applying for Project Catalyst funding. You can find the course here.
Many of the projects are open-source and so any developer can get involved and contribute meaningful code to a new or existing project within the portal.
How do I vote for projects on Project Catalyst?
The voting for Project Catalyst will take place on mobile devices on either iOS or Android devices.
Voters will be able to download a voting app where they can submit their votes on the various submitted proposals.
The voting app is called “Catalyst Voting” and you can find it via a quick search on the App Store or the Google Play store depending on your device type.
To register as a voter within the voting app, you will need to be able to scan a QR code that indicates that you possess a Cardano wallet.
As a voter, you will have a certain amount of voting power which will influence which projects get selected.
Your voting power will be decided by the amount of ADA tokens that you have in your wallet at the current time where higher amounts of ADA will mean having more voting power.
Voters will only be able to vote on one specific project per voting round.
The app will allow for multiple votes though just in case you change your mind about the specific project that you want to support.
However, only the last vote will actually count so be sure that your last selection is your final choice.
Besides that, the voting process is extremely easy and straightforward within the app.
All Cardano investors are encouraged to download the app and participate in order to contribute to the future of Cardano!
Once your vote is submitted, you should get a confirmation message that will allow you to verify your specific project choice.
Are Project Catalyst Voters Rewarded?
There are incentives that are provided to Project Catalyst voters in order to help encourage participation.
By voting in Project Catalyst, you will be rewarded with ADA tokens at the end of a Catalyst fund.
The specific amount of ADA awarded will depend on multiple factors such as the participant’s own stake amount and the total stake participation.
The participant's specific stake amount will then be divided by the total stake participation of the current Catalyst fund which will ultimately determine the amount of ADA tokens awarded to the voter.
In other words, the greater your stake in the project, the greater reward you will get as a voter!
The exchange rate will also affect the final amount of ADA that is actually rewarded.
In order for a voter to qualify for rewards, a minimum of 500 ADA staked is required during the voting process.
Once the rewards are paid, there will be no transactions to their Cardano wallet.
Instead, voters can check the rewards in a specific rewards account that will be provided to them which is where all current and future rewards will be stored.