Cardano Catalyst phase to improve decentralization and transparency

cardano catalyst

IOHK has announced in a blog post that it has completed moves and is set to launch its new Cardano Catalyst project in the coming days.

The researcher involved, Bingsheng Zhang, gave an insight into how the Cardano catalyst project would be put into use. 

The new project is said to be the last and final phase of the Cardano project which looks to make the network decentralized and sustainable. To ensures its success, the full involvement of the Cardano community is needed. 

Voltaire is a project in the Cardano space that looks to develop the blockchain by making improvements.

New Cardano Catalyst phase will upgrade sustainability on the Cardano blockchain

According to a new report by CNF, as part of the Cardano Catalyst project, Cardano is aiming to launch a new system that would support treasure and voting. Zhang noted that as a result of this new system, Cardano would be able to use research and some other key elements to make the platform sustainable. 

With this move, Zhang feels it would help in making key decisions that would help sustain the network without the need for a governing body. If this is achievable, the decisions that would be made on the platform would have to be agreed upon by every member. This would ensure members are fully informed about how the decisions are made on the platform.

The platform would have liquid democracy, Zhang claims

Furthermore, Zhang also noted that Cardano will work tirelessly to make the voting process transparent, meaning the holder of ADA can be eligible to vote. Zhang believes the platform would be run by a phenomenon tagged “liquid democracy” which will combine the prowess of representative and direct democracy. 

Meanwhile, the Cardano Catalyst project will ensure that funds are generally controlled by the Cardano community members. These funds will be accumulated via transaction fees and assets minted for safekeeping on the platform.

Kamsi King

Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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