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The Cardano community has given a decisive vote of confidence to its core development team, Input Output Global (IOG), by approving a 96 million ADA (equivalent to $71 million) funding proposal from the network’s treasury. This significant financial commitment is earmarked for a comprehensive 12-month development plan designed to enhance Cardano's scalability, improve the developer experience, and bolster its interoperability. The approval marks a major step forward for the blockchain, signaling a strong community consensus on its future direction.
A New Framework for Accountability and Transparency
[embed]https://www.twitter.com/AdamRusch/status/1916969342027039229[/embed] The new funding model is structured to ensure maximum accountability and transparency. Instead of a lump sum payment, the funds will be released on a milestone-based schedule as IOG delivers on key upgrades. An independent, member-based organization named Intersect will serve as the administrator, overseeing the process alongside a dedicated committee and smart contract oversight. To further build trust, IOG has committed to providing monthly progress updates, detailed engineering timesheets, and quarterly budget breakdowns, ensuring the community has a clear view of how the funds are being utilized.
Key Projects on the Horizon
The approved proposal includes several critical projects aimed at pushing the Cardano ecosystem forward. Among them is Hydra, a protocol designed to facilitate faster and more cost-effective transactions, which is seen as a key component for scaling the network. Another notable initiative is Project Acropolis, a modular re-architecture of the Cardano node. This project is intended to make the network more flexible and streamline the onboarding process for new core developers, paving the way for a more decentralized and robust ecosystem. This substantial funding and transparent governance model underscore the community's commitment to fostering a resilient and innovative future for Cardano.