Who Pays, Who Decides
Project Catalyst is based upon the question of “Who Pays, Who Decides”.
Its main challenge is the fact that the blockchain (Cardano) lacks agency. It is not a real thinking person, and has no ability to judge good RO”I”, or Return on Intention, on the grants it gives out.
After the submission and discussion phases on Ideascale, we go into the phase of Final Ballot, before voting takes place. There are two “who” questions here:
- Who gets the money?
- Who holds them accountable?
On the accountability portion, a separate entity/person (such as PWC or equivalent) can come in on a ballot-by-ballot basis to provide the oversight function. They would ensure regular reports are produced, audit the code, and verify the claims made by the fundee.
Essentially, they act as a stand-in for the fact that Cardano lacks agency, and act as the eyes and ears of the community.
For smaller projects where the funding outcomes are clear to the community, such as a podcast, it is not necessary for this entity to step in. But for larger projects, it is essential to have this counter-party mechanism to hold the person receiving funding accountable.
Structures of Accountability
After the ballots have been approved, the business and social structures that are required to maximize project successes involve different contractual relationships among custodians, auditors and clients.
And to address project failures, there will be feedback loops to both the Structures of Accountability and the initial ideation phase in Ideascale, to remove ballots with historical high failure rates.
These feedback loops will form part of the learning phase to fine-tune project suitability. As a result, Project Catalyst evolves and improves in execution, and funding can increase gradually as the process stabilizes.
Over the coming years, with inputs from a dedicated group of academics, entrepreneurs and consultants, Cardano will have a best-in-class innovation management platform built right into the global system.
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