Cardano has quickly moved into full decentralization. A few months ago, its developer IOG and its community celebrated the drop in the D parameter below 0. This company announced an addition to its Project Catalyst that will give ADA owners further control over the network, the Catalyst Circle.
Project Catalyst was created to support initiatives that add value to Cardano. Catalyst works through funds. These are used to provide financial support to participants that will help them realize their projects.
The project is currently completing its Fund 4 and is part of Cardano’s vision of independence. IOG has identified it as a valuable experiment for decentralized innovation.
After every key figure – from the number of votes cast, the available funding or simply the participants in our innovation processes – Catalyst becomes an invaluable linchpin for the future growth of Cardano.
However, IOG acknowledged that the growth of Project Catalyst can create additional challenges for the community in terms of communication, coordination, and representation in the voting system. Thus the Catalyst Circle is used as a “Human Sensor Array”.
Representatives of the various groups working on Catalyst can discuss its ecosystem, the concerns, objections, and more of the community. The discussion would be recorded in a backlog, said IOG, which can be accessed by anyone.
(…) This activity will provide an insight into the hopes, wants, needs and concerns of the community within Project Catalyst. The (Catalyst) Circle is also responsible for determining its future shape itself and determining the voting processes for Circle v2.
How the Cardano community will have a new connection to their governance model
IOG has outlined 4 main goals that the Circle should fulfill: improving communication, showing where other groups have crossed boundaries, improving the process and improving the usability of Project Catalyst, and defining the voting process for Circle V2.
IOG developed The Circle Catalyst as a unit that can constantly evolve. Its members are elected every 3 months. You have to fulfill certain duties and responsibilities: One of the most important is to inform the Cardano community about new initiatives and changes and to bring political suggestions to the circle.
The first election of the members of the Catalyst Circle was carried out. Representatives from around the world have been elected and will be considering proposals immediately. In the future, Cardano could operate not just one, but many Catalyst Circle at the same time.
Ultimately, it will be up to the members to advance our goal of legitimizing decentralized governance, paving the way for an alternative to the status quo, and continuing to break new ground in building the future of blockchain governance.
At the time of writing, ADA is trading at $ 1.37 with small gains on the 1-hour and 7-day charts.
ADA is recovering slightly on the daily chart. Source: ADAUSDT Tradingview