The Cardano community remains at the heart of Project Catalyst, Input Output Global said.
Project Catalyst is a project launched in 2020 with the aim of creating a new community-focused decentralized governance system. This project allows the Cardano community to organize itself to self-determine and direct the essential needs and priorities for the future growth and development of the blockchain network.
Project Catalyst is currently undergoing its fourth vote by the Catalyst Circle, an issue-finding organization within the project that was created to Receive feedback from the community about network issues or the need for improvements on Cardano.
The Catalyst Circle team's job is to report issues and find appropriate solutions.
Circle v4 voting closes next Friday, December 16th. Currently, 30 people have applied to be members of the Catalyst Circle team, of which only 5 will be chosen. Each of the candidates has posted on the Cardano community forum their areas of interest, ideas, and future vision for the project.
In the last Cardano weekly report, the blockchain developers stressed that Project Catalyst began as an experiment, but that It has now become the basis for decentralized network governance.“Catalyst is bringing on-chain governance to the Cardano blockchain, allowing the community to self-determine priorities for growth,” Input Output Global developers said.
A decentralized governance model
Project Catalyst's proposal is simple: incentivize the community to collaborate together to drive the development of Cardano.
To achieve this goal, the project is going through different stages; among them, innovation phase and governance phaseThe first of these phases was dedicated to receiving high-quality proposals to address challenges and promote feedback. The second, the governance phase, is where proposals will be matched with funding.
As explained by Cardano developers, next year, the Project Catalyst team will have several important responsibilities, such as deciding how the network's financing mechanism will work, so that it is self-sufficient within the ecosystem, and also defining the governance structure, where transparency will be a fundamental and indispensable element.
Finally, the team highlighted that Cardano heads into the age of Voltaire and that Project Catalyst is playing an important role in building a decentralized and secure governance model that will drive innovation and growth on the blockchain.
More than 1.150 projects created on Cardano
In addition to the progress on Project Catalyst, Cardano developers also reported on several of the improvements the teams have been working on over the past week. Also, Cardano's latest weekly development report highlighted that the blockchain now has More than 1150 projects built on the network and that, currently, There are 4.374 smart contracts based on Plutus.
The Plutus V2 version, introduced this month to increase the efficiency of decentralized applications (DApps), already has a total of 400 smart contracts, the network's development team reported.
The current number of Plutus-based smart contracts represents a growth of 28,9% compared to the number of contracts existing last October.
Continue reading: Smart contract development on Cardano grows 3% after Vasil
