Cardano Network Participants to Decide Fate of 267 New Projects with their Votes

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.

Leave a Reply

Your email address will not be published.

Related

FTX Launches Stock And ETF Trading Option In The United States 

A prominent cryptocurrency exchange, FTX, is getting into the stock trading business. Soon, its users will be able to trade equities and exchange-traded funds on the platform.  Only A Few Users In The United States To Enjoy The Service  The Wall Street Journal reports that the firm Sam Bankman-Fried helped establish and serve as its […]

Major Australian Bank Shelves Crypto Launch Plan

CBA’s Crypto App Plan As previously mentioned last year, Australia’s biggest bank disclosed plans to let its users carry out crypto-related transactions on its app.  It has been taking its plan to develop the project but as not stated a particular time it will finally launch the project to the public. It also has plans […]

Crypto Investors Suffer from Lingering Fears

The Situation at Hand The drastic drop and decline that befell the digital asset market last few weeks have left a mark on the users and investors of crypto, with crypto coins and other assets experiencing their lowest of lows and even stablecoins being affected, it’s no surprise that both old and new investor is […]

Cardano (ADA) Whales on Panic Selling Mode: Here’s Why

  Cardano’s price appears to hold the line following the 57% slump to $0.384. Nevertheless, the immediate obstacle at $0.677 might limit further recovery by ADA. A daily candle closing beneath $0.397 will annul the already precarious optimistic tale. Cardano sees its price staying well beyond the latest swing low that printed a possible bottom […]

European Regulators Concerned Over Terra Price Crash

The Recent Terra Drop Portrays Private Instruments as Just an Illusion Panetta in a statement noted that recent developments in the crypto industry show that believing in the usage of private instruments as money is just an illusion, since they cannot be exchanged at the same value as public funds at any time. He also […]