The third-generation blockchain project Cardano has yet another innovation over other projects. There are more or less 267 new projects that are seeking funding from Cardano. The good part is that the votes of the blockchain participants will decide the fate of these projects.
In a new tweet, Input Output Hong Kong (IOHK) called upon all the investors who would like to participate in the voting process. A similar post has also been shared on Reddit. The accredited ADA holders will participate in the voting if they could register for the event before July 19th. This will be the fifth round of Project Catalyst.
Project Catalyst Fund5
Any ADA community members who have at least 500 ADA tokens will take part in the process. The IOHK Twitter account informs all that there are around 267 projects on the ballet. There will also be $2 million funding to be shared. It also informs about the last date of submission that ends at 10:59 UTC.
The most important factor for voters to remember is to save their QT codes after they have voted. Otherwise, their votes will not count. Fund5 is considered a more opportune round as the voters will have more options for choosing the best projects. Those who have their ADA tokens stored on the hardware wallets will be able to do so without transferring their reserves to a third-party platform.
For Fund5, a whopping sum of $2 million will be distributed among the voters. The amount will not be issued in fiat but rather ADA tokens with the same net value. It should be noted that Project Catalyst is a blockchain incubator that allows the new project applicants to marinate in a new generation section.
This type of public voting system could increase the credibility of Cardano as a truly decentralized project. Only those project that gets the most votes will be deployed which is a huge derivation from traditional finance vehicles like hedge funds. The users of Ledger and Trezor hardware wallets can also vote in Daedalus, which is whole node storage. Meanwhile, Ledger clients can also opt for Yoroi lite wallet.