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IOHK Announces $250,000 Worth of Funding For Project Catalyst

Charles Hoskinson’s blockchain research and development company Input Output Hong Kong (IOHK) has announced the launch of a $250,000 funding round for the Cardano blockchain’s Project Catalyst which is an initiative taken by Cardano for encouraging developers to build applications on the Cardano blockchain. Through Project Catalyst, the Cardano network is giving its community members an opportunity to develop apps on its blockchain.

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Project Catalyst gets first funding

IOHK has announced to grant an amount of $250,000 in a funding round to Cardano’s Project Catalyst. It is the first funding round for this project launched by the blockchain research firm. The first funding round only involves $250k but the fund aims at handling approximately $70 million worth of ADA per year according to the announcement. The funding is set to be given in the form of the native digital currency of Cardano, ADA.

The Chief Executive Officer (CEO) of IOHK Charles Hoskinson said:

“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.”

Adding more to it, he said, “we hand the keys to the community, this bodes very well for the future of Cardano.”

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Cardano aims to become a fully decentralized blockchain

The decentralized and open-source blockchain platform, Cardano is continuously working on its development as it aims to become a complete decentralized blockchain. The initiative of Project Catalyst is a crucial step in its development as it is a great way to offer the Cardano community the control of the blockchain.

Through Project Catalyst, the Cardano network is allowing the community members to provide their proposals for the Cardano blockchain’s future development. The proposals provided by the members of the Cardano community may have a positive impact on the Cardano ecosystem’s future.

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MubaShar Nawaz

MubaShar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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