Project Catalyst and the Cardano Blockchain. Project Catalyst will encourage entrepreneurs to create apps on the Cardano blockchain.
According to the IOHK;
“A tiny houses project, powered by solar energy and underpinned by the Cardano blockchain, to tackle the housing crisis, democratize land ownership and allow the homeless to get off the streets.
A remittance system underpinned by Cardano to tackle the difficulties offshore workers face sending money to their native countries.”
Providing a remittance system based on the Cardano blockchain is going to be amazing. Things are already bad because of the Coronavirus pandemic. Sending money from one part of the world to another has become more expensive than ever before. Foreign workers haven’t been able to go home and they spend up to 7% of the money amount they send each time they make a cross-border transfer. With the Cardano blockchain, this fee will be reduced significantly.
Apart from the global remittance, the Cardano blockchain will also be used to collect data. This data will be useful during medical research. Since the blockchain is tamper-proof, the authenticity of the data will be verified.
Regarding the latest updates, Charles Hoskinson said;
“Following the launch of Cardano’s decentralized era in July, the platform has continued to accelerate. One of our goals has always been to ‘reinvent’ venture capital and make it fairer, and this fund is the next piece in the puzzle to achieve this. The fund, combined with its democratic voting system, means that every ADA holder can be a part of making key decisions for the future of the ecosystem. IOHK and Cardano are privileged to have a creative, committed, and talented community behind us, who share our goals of democratizing finance and essential services, and this shines through in some of the brilliant proposals we have received during the test processes. Looking ahead as we hand the keys to the community, this bodes very well for the future of Cardano.”
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.
- Project Catalyst Will Boost Promote Development on the Cardano Blockchain
- The $250,000 Fund by IOHK is Going to Make Things Better for the Cardano Blockchain
Project Catalyst is the next phase in the Cardano roadmap. It comes with a $250,000 developer fund for people in the Cardano community who have great proposals. People will send their ideas in and the most favorable project will receive all the funding it needs to kickoff.
The $250,000 will be paid out in ADA tokens. This makes sense since ADA is the native token of the blockchain. This is just the first funding round. More rounds will come eventually. This is all thanks to Project Catalyst, Cardano’s decentralized governance project.
