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Cardano’s Catalyst is one of the core parts of the network’s Voltaire project.
The app for Cardano’s project Catalyst is now live on the Google Play Store and available only to Android users for now. Per the update from Crypto News Flash, Cardano’s project catalyst will enable the holders of Cardano (ADA) coin to vote and participate in the governance of the network, a move that is expected to drive massive adoption.
The publication of Cardano’s project Catalyst has been tagged as a very significant one seeing that Alphabet Inc (NASDAQ: GOOGL) is very critical of cryptocurrency-based applications and projects that go on the Play Store and Cardano’s Chief Executive Officer Charles Hoskinson has described the move as an important milestone on Cardano’s journey to decentralization.
As noted, Cardano’s project Catalyst is one of the core parts of the network’s Voltaire project. The Voltaire project has the central focus of proposing developmental features that promote the network’s long term sustainability, democratic governance as well as the long-coveted decentralization of the network.
Voltaire is reportedly IOHK’s own mode of ensuring this decentralized network capability, allowing the community to maintain the Cardano blockchain while being able to develop it by proposing and implementing system improvements. This undoubtedly gives ADA holders the power and ability to implement crucial decisions for the network.
Cardano’s Project Catalyst Models DeFi Governance System
The governance approach of Cardano’s project Catalyst models decentralized finance’s governance system and it is a testament to the growing popularity of community-governed crypto finance. Cardano has been eyeing a delve to decentralization for a long time.
The network has announced a series of system upgrades in a bid to drive this governance model and as reported back in October 2020, Cardano contemplated migrating its system mechanism from the proof of work to the proof of stake system, a similar plan the Ethereum network nursed and is working assiduously to roll out this year.
The Proof of Stake migration for Cardano has however outpaced that of Ethereum as the network has launched the Shelly Mainnet through a hard fork. As reported by Coinspeaker, The launch of Shelley, having a delegated Proof-of-Stake consensus, brings new staking capabilities to the Cardano platform. IOHK has also announced that it will reward all users who own the Cardano (ADA) cryptocurrency. Users can earn nearly 5% APY on their staked ADA cryptocurrency, and a means to estimate one’s staking rewards roughly by utilizing the calculator provided by IOHK.
The hallmark of the Project Catalyst which is now live on the Google Play Store is that it gives users the power to decide on such major changes in the network moving forward.