1/n
π’ π¨ #cardano $ada governance a key dev pillar in 2021.
π think not only mechanics but also in terms of social dynamics
π what will allow long-term system that is maximally good for as many as possible
π Recap of @IOHK_Charles governance YT video. π
Thread πππ
π’ π¨ #cardano $ada governance a key dev pillar in 2021.
π think not only mechanics but also in terms of social dynamics
π what will allow long-term system that is maximally good for as many as possible
π Recap of @IOHK_Charles governance YT video. π
Thread πππ
2/n
Looking beyond March 2021, Project Catalyst is all about
π training wheels
π teaching people how to participate in voting
π how to think about this process as a whole
π‘ EDIT: Project Catalyst Fund 2 Dashboard: docs.google.com/spreadsheets/dβ¦
Looking beyond March 2021, Project Catalyst is all about
π training wheels
π teaching people how to participate in voting
π how to think about this process as a whole
π‘ EDIT: Project Catalyst Fund 2 Dashboard: docs.google.com/spreadsheets/dβ¦
3/n
Q1/2020 aspirations:
π biggest goal is to maximise participation
π get as many ADA holders to register & vote
π having Voting Center in main Daedalus & there also is intent on having it in @YoroiWallet
π voting app is going to stay
Q1/2020 aspirations:
π biggest goal is to maximise participation
π get as many ADA holders to register & vote
π having Voting Center in main Daedalus & there also is intent on having it in @YoroiWallet
π voting app is going to stay
4/n
π 67% of ADA in circulation is now staked (number 2 cryptocurrency in the world in amount staked).
π only small % of that ADA actually participates now in Fund 2 (test phase)
π goal is to have at least 50% staked $ADA to actively participate during first half of 2021
π 67% of ADA in circulation is now staked (number 2 cryptocurrency in the world in amount staked).
π only small % of that ADA actually participates now in Fund 2 (test phase)
π goal is to have at least 50% staked $ADA to actively participate during first half of 2021
5/n
What is meaningful participation?
π complex ideas need scrutiny
π use of institutions to resolve these & form an opinion - crypto industry does not have proper institutions or very few now
π thought leaders are also often built around cult of personality (not ideal)
What is meaningful participation?
π complex ideas need scrutiny
π use of institutions to resolve these & form an opinion - crypto industry does not have proper institutions or very few now
π thought leaders are also often built around cult of personality (not ideal)
6/n
And hence to achieve meaningfulness...
π Healthy ecosystem needs diverse group of institutions and thought leaders but also has a systematic process for analysis of these complex ideas for appropriate scrutiny.
And hence to achieve meaningfulness...
π Healthy ecosystem needs diverse group of institutions and thought leaders but also has a systematic process for analysis of these complex ideas for appropriate scrutiny.
7/n
π Q1 - Q2 -> we'll focus on what are these systematic processes for the governance in Cardano specifically:
1β£ what institutions can we reinforce to provide objective information?
2β£ and how do we make sure thought leader expert class solidifies with the ecosystem?
π Q1 - Q2 -> we'll focus on what are these systematic processes for the governance in Cardano specifically:
1β£ what institutions can we reinforce to provide objective information?
2β£ and how do we make sure thought leader expert class solidifies with the ecosystem?
8/n
Convergence To Decisions:
π Accepting proposed changes as a community & avoid situations where disagreements lead to literal hard forks - Bitcoin, Cash, SV, etc.
π maintaining legitimacy of the system regardless of vote outcomes
π How do we avoid maximalism tendencies
Convergence To Decisions:
π Accepting proposed changes as a community & avoid situations where disagreements lead to literal hard forks - Bitcoin, Cash, SV, etc.
π maintaining legitimacy of the system regardless of vote outcomes
π How do we avoid maximalism tendencies
9/n
Return on Intention (ROI)
π social enrichment that wasn't there previously
π ROI on asset appreciation is a vanity metric because it is beyond our control (reminder)
Return on Intention (ROI)
π social enrichment that wasn't there previously
π ROI on asset appreciation is a vanity metric because it is beyond our control (reminder)
10/n
π What are KPIs of crypto currencies?
It is not here to make you RICH π€
It is here to be USEFUL π
π€ aka their utility, growth & adoption components, sustainability, competitiveness/fitness, etc.
π What are KPIs of crypto currencies?
It is not here to make you RICH π€
It is here to be USEFUL π
π€ aka their utility, growth & adoption components, sustainability, competitiveness/fitness, etc.
11/n
Thus - the point is to come up with those ideas that will be measured against Return on Intention (RoI) & then voted upon them as a community...
...whether to update/implement protocol level changes or simply to fund development of something via Cardano Treasury
Thus - the point is to come up with those ideas that will be measured against Return on Intention (RoI) & then voted upon them as a community...
...whether to update/implement protocol level changes or simply to fund development of something via Cardano Treasury
12/n
2β£ Cardano Voting systems presently:
βοΈ- OFF CHAIN
where Cardano Treasury management sits, developed in Rust, the current Catalyst framework
βοΈ- ON CHAIN
in development with help of EU funds - protocol level changes, events such as Hard Fork Combinator, etc.
2β£ Cardano Voting systems presently:
βοΈ- OFF CHAIN
where Cardano Treasury management sits, developed in Rust, the current Catalyst framework
βοΈ- ON CHAIN
in development with help of EU funds - protocol level changes, events such as Hard Fork Combinator, etc.
13/n
π‘ AKA bi-cameral model with two housing/voting pools.
E.g. hard fork changes - ADA holders would vote off-chain in private & if passed it would go on-chain for SPOs to vote again in public.
Or Treasury fund dispersion - can be handled via off-chain mode entirely. π
π‘ AKA bi-cameral model with two housing/voting pools.
E.g. hard fork changes - ADA holders would vote off-chain in private & if passed it would go on-chain for SPOs to vote again in public.
Or Treasury fund dispersion - can be handled via off-chain mode entirely. π
14/n
Your wallet addresses shall consist of:
1β£ Value Keys (transactions - $ADA balances)
2β£ Staking Keys (delegations & earning rewards)
3β£ Voting Keys (in development - using your ADA as a voice in the community)
Your wallet addresses shall consist of:
1β£ Value Keys (transactions - $ADA balances)
2β£ Staking Keys (delegations & earning rewards)
3β£ Voting Keys (in development - using your ADA as a voice in the community)
15/n
π‘ When delegating to your SPO,
...you would choose if you delegate your stake only OR your voting keys only OR both keys!
π€ This would then enable SPOs to vote on behalf of (represent) you in decision making for protocol level Qs.
π SPO votes would be public on chain.
π‘ When delegating to your SPO,
...you would choose if you delegate your stake only OR your voting keys only OR both keys!
π€ This would then enable SPOs to vote on behalf of (represent) you in decision making for protocol level Qs.
π SPO votes would be public on chain.
16/n
π€·ββοΈ What about them Exchanges? π
π intro of $ADA locking with Allegra
π EXs are on demand accounts & should not participate - these are not "end owners"
π locking mechanism requires you to register before you vote - moving from on demand to no longer on demand
π€·ββοΈ What about them Exchanges? π
π intro of $ADA locking with Allegra
π EXs are on demand accounts & should not participate - these are not "end owners"
π locking mechanism requires you to register before you vote - moving from on demand to no longer on demand
17/n
π€ Cardano 2025- big open Q:
π building system that can sustain 1 billion users (likes of Facebook, Google, Amazon but decentralised)
π DCF - Decentralised Consortium Funding may be the way forward
π @InputOutputHK to submit proposal & vision to the community to vote
π€ Cardano 2025- big open Q:
π building system that can sustain 1 billion users (likes of Facebook, Google, Amazon but decentralised)
π DCF - Decentralised Consortium Funding may be the way forward
π @InputOutputHK to submit proposal & vision to the community to vote
18/18
As usual - want to stay in touch & up to date with #projectcatalyst?
Charles' YT Video on Governance:
TG group: t.me/ProjectCatalysβ¦
TG announcements only: t.me/cardanocatalyst
Fund 2 Dashboard: cardano.ideascale.com
As usual - want to stay in touch & up to date with #projectcatalyst?
Charles' YT Video on Governance:
TG group: t.me/ProjectCatalysβ¦
TG announcements only: t.me/cardanocatalyst
Fund 2 Dashboard: cardano.ideascale.com
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