Guide to voting in Project Catalyst

Ready to help build Cardano? Explore this guide to voting in Project Catalyst and become part of the pioneering community today!

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Cardano and the power of its Community

Cardano is a third-generation blockchain platform aiming to build a decentralized, secure, and sustainable ecosystem. More than just a cryptocurrency, Cardano is a versatile platform for applications with solutions in DeFi, NFTs, identity management, and more.

To drive the growth of its ecosystem, Cardano created Project Catalyst – a decentralized innovation fund where the ADA-holding community can propose, evaluate, and vote on potential projects. This demonstrates Cardano’s commitment to community empowerment, fostering creativity and innovation from its users.

What is Project Catalyst?

Project Catalyst is a community-driven innovation program designed to fuel the development of the Cardano ecosystem. It functions as a decentralized fund where ADA holders can propose, review, and fund projects that benefit Cardano.

Project Catalyst operates on a decentralized governance mechanism where the community plays a decisive role in allocating funding to projects. Each voting round sees hundreds of proposals from around the world submitted for community review and voting.

Participating in Project Catalyst voting is not just a right but also a responsibility for every ADA holder. By researching and selecting potential projects, you directly contribute to shaping Cardano’s future, driving ecosystem growth, and increasing the value of ADA.

A detailed guide to voting in Project Catalyst

To participate in Project Catalyst voting, you need to meet certain requirements and follow these steps:

Eligibility Criteria

ADA Ownership: You must have at least 500 ADA in your wallet to be eligible to vote.
Compatible Wallets: Currently, Project Catalyst supports voting through Yoroi and Daedalus wallets.
Catalyst Voting App: You need to install the Catalyst Voting App on your mobile device (iOS or Android) to cast your votes.

Steps to participate

Register to vote on your Wallet

Yoroi Wallet

Open the Yoroi wallet app on your phone.
Select “Voting” from the menu.
Tap “Continue” and follow the instructions to create a 4-digit PIN. Note: Write down this PIN carefully and avoid taking screenshots.
Re-enter the PIN to confirm.
Enter your Spending Password and tap “Confirm” to confirm registration.
Save the displayed QR code and Hash code. You will need these codes to connect to the
Catalyst Voting App.
Tap “Complete” to finish registration.

Daedalus Wallet

Open the Daedalus wallet app on your computer.
Select the “Voting” tab.
Click “Register to vote” and follow the instructions.
Save the displayed QR code and Hash code.

Connect your Wallet to the Catalyst Voting App

Open the Catalyst Voting App on your phone.
Tap “Connect Wallet”.
Select “Scan voting QR code” and scan the QR code you saved from your Yoroi or Daedalus wallet. Alternatively, you can select “Paste voting key” and paste the Hash code.
Enter the 4-digit PIN you created when registering on your wallet.
Confirm the connection.

Research and Evaluate Proposals

In the Catalyst Voting App, select the “Proposals” tab to view the list of proposals.
Use filters to search for proposals by topic, keyword, or other criteria.
Carefully read the details of each proposal, including objectives, implementation plans, budget, and team members.
Consult community feedback, read reviews, and attend AMA (Ask Me Anything) sessions to gain a deeper understanding of each proposal.
Evaluate proposals based on criteria such as feasibility, impact on the ecosystem, innovation, and team experience.

Cast your vote

Select the proposal you want to vote for and tap the “Vote” button.
You can change your selection by tapping “Unvote” before the voting period ends.
Your voting power is proportional to the amount of ADA you hold.
To maximize your voting power, ensure your wallet has sufficient ADA balance before the
snapshot date.

Benefits of participating in Voting

Shape Cardano’s future: Your vote matters in determining the direction and development of Cardano. By supporting potential projects, you directly contribute to building a robust, diverse, and innovative Cardano ecosystem.
Support promising projects: Project Catalyst is an incubator for groundbreaking ideas and projects with the potential to change the world. By voting for proposals, you provide financial resources and community support to help these projects become a reality.
Earn ADA rewards: In addition to contributing to Cardano’s development, you have the opportunity to earn ADA rewards for participating in voting. These rewards are calculated based on your ADA holdings and the number of valid votes cast.
Enhance your knowledge: The process of researching and evaluating proposals in Project Catalyst helps you gain knowledge about blockchain technology, DeFi, NFTs, and other areas within the Cardano ecosystem. You also gain experience in analyzing, evaluating, and making investment decisions.

Tips for effective voting

Thorough research: Don’t vote randomly. Take the time to carefully read the details of each proposal, analyze the pros and cons, and evaluate objectively based on the criteria mentioned above.
Engage with the community: The Cardano community is an invaluable resource. Join forums, chat groups, and AMA sessions to exchange information, listen to diverse perspectives, and learn from other users’ experiences.
Stay informed: After the voting period ends, continue to monitor the progress of funded projects. This helps you assess the effectiveness of your voting decisions and learn lessons for future voting rounds.
Share your experience: If you have experience participating in voting, share your knowledge and insights with newcomers. This helps raise awareness and encourage community participation in Project Catalyst.

Voting in Project Catalyst is a fantastic opportunity to participate in Cardano’s development, support potential projects, and earn ADA rewards. This detailed guide from Blockchain Global Network provides the necessary information to confidently participate in this important process.

Be proactive in researching, evaluating, and voting for proposals you believe in. Every vote counts in shaping the future of Cardano.