The Cardano development team secured approval for 96 million ADA funding to implement upgrades in the blockchain ecosystem over the next year.
Funding and Project Management
The Cardano development team has approved a funding proposal of 96 million ADA for blockchain upgrades over the next year. Input Output Global (IOG), the core development team behind Cardano, successfully submitted a funding proposal equivalent to $71 million in ADA. This proposal received support from 74% of the community's votes. Funding will be distributed based on milestone achievements, with independent organization Intersect acting as the administrator.
Key Initiatives for Upgrades
One of the major focuses in the proposal is the development of the Hydra protocol, aimed at enabling fast and low-cost transactions. Another initiative is Project Acropolis, which will involve a modular re-architecture of the Cardano node to enhance developer onboarding and network flexibility. IOG is also planning to provide monthly updates and publish engineering timesheets and quarterly budget reports.
Community Feedback and Concerns
Tim Harrison, vice president of community and ecosystem at IOG, noted that this marks the first time Cardano’s community directly approved funding for core protocol development. Some community members raised concerns over the overall cost of the proposal, the transparency of fund allocation, and the accountability mechanisms. Suggestions included breaking the proposal into smaller components, each subject to separate votes.
In conclusion, the approval of funding for Cardano’s development indicates a gradual involvement of the community in decision-making and technological updates within the ecosystem.
