If you hold ADA you might know Project Catalyst. Project Catalyst is a series of experiments which seeks to generate the highest levels of community innovation.
Catalyst is bringing on-chain governance to the Cardano blockchain by allowing the community to self-determine priorities for growth. A proposal is the way to get ideas into the community. Those proposals are then reviewed by Community Advisors to control quality and filter spam. The last step for any proposal is the vote. Every wallet with 500+ ADA excluding rewards is eligible to vote giving equal voting power. This means if you have more ADA you have more voting power. Those voters are the ultimate decider in this process and can vote on proposals positive or negative with their voting power or abstain. This system is ment to give control to the community, they can decide the future way of Cardano.
The Treasury finances the best ideas for building a global blockchain. If you want to read further detailed information I recommend to read the Fund6 Launch Guide or visit the Telegram Cardano Catalyst Announcement channel.
fund6 challenges
Fund6 has already begun on 12 August and voting begins on 7 October. Proposal submissions open on 19 August. Deadline for draft submissions is 26 August.
If you want to participate by voting you will need, as said 500 ADA or more, your funds at one of the following wallets and the Catalyst App (iOS / Android).
Daedalus Mainnet 4.2.1. (desktop, LEDGER & TREZOR hardware wallet)
Yoroi mobile (iOS & Android, Ledger HW)
Yoroi browser extension (desktop, Ledger HW)
Adalite - Hardware Wallet (desktop, Ledger & Trezor - see notes - HW)
Adalite - Mnemonics (desktop)
Hardware wallet via CLI interface (Ledger & Trezor HW) + Guide for SPOs (community resource)
The snapshot for voting power will be at September 30, 2021 11:00 UTC. After this date you can move your ADA as wanted. Upon registration you will need to pay a little fee of ±0.17 ADA. Then you get a QR code and PIN code - those are essential to vote! If one code is lost you can't vote!
Voters will be rewarded in ADA and won't be known until all registration of voting power is complete. You will get a fair amount of distribution per ADA, not per wallet.
If you're really interested in Project Catalyst read the Launch Guide and click the topics catching your attention :)
if you have any questions, feel free to ask me, regards ntz
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