Read on Twitter
1/n
#cardano $ada governance a key dev pillar in 2021.
think not only mechanics but also in terms of social dynamics
what will allow long-term system that is maximally good for as many as possible
Recap of @IOHK_Charles governance YT video. 
Thread
#cardano $ada governance a key dev pillar in 2021. think not only mechanics but also in terms of social dynamics what will allow long-term system that is maximally good for as many as possible Recap of @IOHK_Charles governance YT video. Thread
2/n
Looking beyond March 2021, Project Catalyst is all about
training wheels
teaching people how to participate in voting
how to think about this process as a whole
EDIT: Project Catalyst Fund 2 Dashboard: https://docs.google.com/spreadsheets/d/15R-Vbajy4t4fGs1TipNMfL1pEO9cwdn6WV13lKviX4Q/edit?usp=sharing
Looking beyond March 2021, Project Catalyst is all about
training wheels teaching people how to participate in voting how to think about this process as a whole EDIT: Project Catalyst Fund 2 Dashboard: https://docs.google.com/spreadsheets/d/15R-Vbajy4t4fGs1TipNMfL1pEO9cwdn6WV13lKviX4Q/edit?usp=sharing
3/n
Q1/2020 aspirations:
biggest goal is to maximise participation
get as many ADA holders to register & vote
having Voting Center in main Daedalus & there also is intent on having it in @YoroiWallet
voting app is going to stay
Q1/2020 aspirations:
biggest goal is to maximise participation get as many ADA holders to register & vote having Voting Center in main Daedalus & there also is intent on having it in @YoroiWallet voting app is going to stay
4/n
67% of ADA in circulation is now staked (number 2 cryptocurrency in the world in amount staked).
only small % of that ADA actually participates now in Fund 2 (test phase)
goal is to have at least 50% staked $ADA to actively participate during first half of 2021
67% of ADA in circulation is now staked (number 2 cryptocurrency in the world in amount staked). only small % of that ADA actually participates now in Fund 2 (test phase) goal is to have at least 50% staked $ADA to actively participate during first half of 2021
5/n
What is meaningful participation?
complex ideas need scrutiny
use of institutions to resolve these & form an opinion - crypto industry does not have proper institutions or very few now
thought leaders are also often built around cult of personality (not ideal)
What is meaningful participation?
complex ideas need scrutiny use of institutions to resolve these & form an opinion - crypto industry does not have proper institutions or very few now thought leaders are also often built around cult of personality (not ideal)
6/n
And hence to achieve meaningfulness...
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...
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
Q1 - Q2 -> we'll focus on what are these systematic processes for the governance in Cardano specifically:
what institutions can we reinforce to provide objective information?
and how do we make sure thought leader expert class solidifies with the ecosystem?
Q1 - Q2 -> we'll focus on what are these systematic processes for the governance in Cardano specifically: what institutions can we reinforce to provide objective information? and how do we make sure thought leader expert class solidifies with the ecosystem?
8/n
Convergence To Decisions:
Accepting proposed changes as a community & avoid situations where disagreements lead to literal hard forks - Bitcoin, Cash, SV, etc.
maintaining legitimacy of the system regardless of vote outcomes
How do we avoid maximalism tendencies
Convergence To Decisions:
Accepting proposed changes as a community & avoid situations where disagreements lead to literal hard forks - Bitcoin, Cash, SV, etc. maintaining legitimacy of the system regardless of vote outcomes How do we avoid maximalism tendencies
9/n
Return on Intention (ROI)
social enrichment that wasn't there previously
ROI on asset appreciation is a vanity metric because it is beyond our control (reminder)
Return on Intention (ROI)
social enrichment that wasn't there previously ROI on asset appreciation is a vanity metric because it is beyond our control (reminder)
10/n
What are KPIs of crypto currencies?
It is not here to make you RICH
It is here to be USEFUL
aka their utility, growth & adoption components, sustainability, competitiveness/fitness, etc.
What are KPIs of crypto currencies?It is not here to make you RICH
It is here to be USEFUL
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
Cardano Voting systems presently:
- OFF CHAIN
where Cardano Treasury management sits, developed in Rust, the current Catalyst framework
- ON CHAIN
in development with help of EU funds - protocol level changes, events such as Hard Fork Combinator, etc.
Cardano Voting systems presently:- OFF CHAINwhere Cardano Treasury management sits, developed in Rust, the current Catalyst framework
- ON CHAIN in development with help of EU funds - protocol level changes, events such as Hard Fork Combinator, etc.
13/n
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.
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.
14/n
Your wallet addresses shall consist of:
Value Keys (transactions - $ADA balances)
Staking Keys (delegations & earning rewards)
Voting Keys (in development - using your ADA as a voice in the community)
Your wallet addresses shall consist of:
Value Keys (transactions - $ADA balances) Staking Keys (delegations & earning rewards) Voting Keys (in development - using your ADA as a voice in the community)
15/n
When delegating to your SPO,
...you would choose if you delegate your stake only OR your voting keys only OR both keys!
This would then enable SPOs to vote on behalf of (represent) you in decision making for protocol level Qs.
SPO votes would be public on chain.
When delegating to your SPO,...you would choose if you delegate your stake only OR your voting keys only OR both keys!
This would then enable SPOs to vote on behalf of (represent) you in decision making for protocol level Qs. SPO votes would be public on chain.
16/n
What about them Exchanges? 
intro of $ADA locking with Allegra
EXs are on demand accounts & should not participate - these are not "end owners"
locking mechanism requires you to register before you vote - moving from on demand to no longer on demand
What about them Exchanges? intro of $ADA locking with Allegra EXs are on demand accounts & should not participate - these are not "end owners" locking mechanism requires you to register before you vote - moving from on demand to no longer on demand
17/n
Cardano 2025- big open Q:
building system that can sustain 1 billion users (likes of Facebook, Google, Amazon but decentralised)
DCF - Decentralised Consortium Funding may be the way forward
@InputOutputHK to submit proposal & vision to the community to vote
Cardano 2025- big open Q: building system that can sustain 1 billion users (likes of Facebook, Google, Amazon but decentralised) DCF - Decentralised Consortium Funding may be the way forward @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: http://t.me/ProjectCatalystFund2Chat
TG announcements only: https://t.me/cardanocatalyst
Fund 2 Dashboard: http://cardano.ideascale.com
As usual - want to stay in touch & up to date with #projectcatalyst?
Charles' YT Video on Governance:
TG group: http://t.me/ProjectCatalystFund2Chat
TG announcements only: https://t.me/cardanocatalyst
Fund 2 Dashboard: http://cardano.ideascale.com
