All you need to know about Project Catalyst to participate in the upcoming Fund12.
https://www.cardanonewsletter.com/ | May 10, 2024.
Decentralized Innovation Engine
Project Catalyst operates as a decentralized innovation engine fueled by the ADA allocation from the Cardano treasury. Beyond its function as a funding portal, Project Catalyst embodies the ethos of decentralized governance, technical development, and community engagement.
This organization actually works as a digital agora where individuals from diverse backgrounds converge to ideate, collaborate, and execute proposals aimed at addressing real-world challenges. Leveraging the decentralized nature of blockchain technology, Project Catalyst democratizes access to funding and decision-making processes, enabling a global community to participate in shaping the future of Cardano.
The Funding Mechanism
The evaluation and funding mechanism of Project Catalyst relies on active participation and consensus-building within the community. Proposals undergo thorough scrutiny by community members, who are incentivized to review and rate them based on predefined criteria including impact, feasibility, and alignment with project objectives. This decentralized evaluation process ensures that funding is allocated to projects with the highest potential for meaningful contributions.
Transparency and accountability are foundational principles embedded within the governance framework of Project Catalyst. Vote results, alongside on-chain data, are publicly accessible, enabling community members to validate the outcome of funding decisions and maintain trust in the integrity of the process. And then, selected projects undergo rigorous onboarding procedures, including milestone approvals and verification meetings, overseen by community reviewers. This ensures that funded projects remain aligned with their stated objectives and deliverables.
Technical Development and Innovation Focus
Just like its name says, Project Catalyst serves as a catalyst for technical development and innovation within the Cardano ecosystem. Proposals often center around advancing core infrastructure, developing open-source tools, and enhancing the developer experience on Cardano.
Success hinges on the active engagement and participation of its global community. The platform embodies the collective intelligence and creativity of its participants with thousands of members spanning various regions and expertise areas. Whether contributing proposals, evaluating projects, or providing feedback, every community member plays a vital role in shaping the direction and impact of Project Catalyst.
Looking Ahead to Fund12
With the announcement of Fund12 on April 26, a substantial fund size of ₳50.000.000, starts a significant opportunity to catalyze innovation and continue to push the boundaries of technical development.The proposal submissions will be categorized: Cardano Use cases (₳22.5M), Cardano Open (₳16M) and this time Cardano Partners and Real World Integrations (₳8M).
The total category Cardano Use cases budget is divided equally into three funding tracks: Concept (₳7.5M), MVP (₳7.5M) and Product (₳7.5M). In the Cardano Open category, the total budget is divided into two funding tracks: Developers (₳10.5 million) and Ecosystem (₳5.5 million).
Cardano Partners and RWI accepting grant funding proposals to ignite partnerships and adoption for Cardano with leaders of industry. For blue chip collaborations, venture acceleration, and primetime marketing for Cardano mainstream adoption.
The objective is to harness the resources and make meaningful contributions to Cardano's evolution. Proposal submission deadline is may 13, 2024 for almost all categories (except for 'Cardano Partners' with an extended submission deadline to june 6, 2024).
Transparent and Democratic Voting Process
At the heart of Project Catalyst is its diverse and inclusive community of innovators from around the world. Anyone, regardless of background or location, can contribute to the platform by submitting proposals through the Catalyst collaboration platform. Once submitted, proposals are subject to community review, where participants are incentivized with ADA to provide feedback and assess proposals based on various criteria.
Any ADA holder can register to vote using supported Cardano wallets and cast their votes through the Project Catalyst voting app. The voting process is anonymous and weighted based on the voter's ada holdings. To ensure transparency, vote results are published alongside on-chain data, allowing the community to validate the outcome while maintaining voter anonymity.
In a second phase, selected projects undergo a rigorous onboarding process overseen by the community, including verification meetings and milestone approvals.
How to Get Involved
Project Catalyst welcomes individuals from all walks of life to contribute to its mission of fostering decentralized innovation. Whether you have a groundbreaking idea to share or simply want to stay informed, there are several ways to engage with the platform:
Submit a Proposal: If you have a solution to a problem within the Cardano ecosystem or beyond, consider submitting a proposal and contributing to the platform's growth.
Vote on Ideas: Explore the proposals in the current funding round and cast your vote for those you believe will have the most significant impact.
Become a Community Reviewer: Join the community of reviewers and earn rewards for evaluating and rating submitted ideas, ensuring quality and integrity within the platform.
Look forward to seeing you
Once you understnd Project Catalyst, its funding mechanism and how to get involved there are lots of ways you can get involved in the community and many of them are rewarded with Cardano's native asset, ADA. If you have an idea or just want to find out more, join the Catalyst platform and become part of a global community driving meaningful change. You’ll find more information here: https://projectcatalyst.io/f12launchguide.pdf
We would also be pretty thankful for everyone who can contribute with a vote on our proposal!