►
Description
Presentation slides: https://docs.google.com/presentation/d/18sP0EM8yUjZemw9EG0gfKhoZsSCtWDpUodLs1VOkPkQ/edit?usp=sharing
📌 Rewatch Town Hall: https://www.crowdcast.io/e/project-catalyst-fund5-1Â
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📌 Catalyst Discord: https://discord.gg/2RnUtK8Â
📌 Catalyst Dashboard: https://bit.ly/ProjectCatalystDashboard
📌 Community Advisors: https://t.me/CatalystCommunityAdvisors
📌 Proposal Owners: https://t.me/catalystproposers
A
Hello,
everybody
welcome
welcome
to
the
welcome
to
the
launch
of
fund
5
in
our
first
town
hall
and
today
we're
going
to
have
a
special
keynote
by
charles
himself
and
we're
going
to
talk
a
bit
about
catalyst.
Give
you
get
a
bit
give
away
the
background
for
new
people
and
we're
going
to
talk
about
what
we're
going
to
do
in
the
first
week
of
catalyst
and
we're
going
to
present
the
five.
A
The
fund,
five
challenges,
including
the
brand
new
community
selected
challenges
and
one
thing
for
all
the
proposers
out
there
that
are
maybe
maybe
a
bit
nervous
and
want
to
know
the
the
ballot
results
for
fund
three.
So
we're
not
going
to
publish
them
today.
We're
just
going
to
talk
about
the
we're
just
going
to
talk
about
the
selected
challenges,
but
we're
almost
ready.
So
probably
tomorrow
we're
going
to
publish
the
the
results
and-
and
with
that
I
wanted
to
invite
charles.
B
It's
good
to
be
here
door.
Welcome
everyone
to
the
experiment.
Experiment
that
is
catalyst
things
may
break
lack
documentation
differ
greatly
between
iterations
disorient.
You
overload,
you
inspire
you,
but
never
forget
our
goal,
which
is
to
provide
a
safe
and
lively
environment
for
you
to
explore
the
highest
potential
of
human
collaboration,
welcome
to
catalyst.
B
B
Yeah,
let's
talk
about
that,
you
know
when
we
started
catalyst.
Last
year
there
was
a
lot
of
skepticism,
mostly
because
our
industry
has
tried
this
a
few
times
and
every
time
they've
tried
it.
It
hasn't
really
taken
off.
Either
there
wasn't
enough
participation
or
the
the
same
group
of
people
participated
over
and
over
again,
or
it
would
be
exciting
and
strong,
but
you'd
lose
momentum
and
steam
and
the
social
dynamics
didn't
get
to
where
they
needed
to
go
or
wasn't
inclusive
enough
to
really
represent
the
totality
of
a
cryptocurrency
ecosystem.
B
So
catalyst
was
really
our
best
attempt
at
aggregating
together,
lessons
learned
for
a
whole
decade
of
social
dynamics
of
the
cryptocurrency
space
and
attempting
to
create
an
engine
where
iteratively
fund
by
fund
by
fund.
We
would
see
more
and
more
people,
so
the
absolute
level
of
participation
go
up,
but
also
the
depth
of
participation
would
go
up
as
well
and
in
the
end
goal
would
be
that
if
we
align
the
incentives
properly
that
and
ultimately
this
would
end
up
creating
kind
of
a
decision
set.
B
A
a
group
of
people
that
would
be
able
to
take
custody
of
the
philosophy
of
the
protocol
and
the
funding
of
the
protocol
and
the
direction
of
it.
You
know
in
the
future
there's
going
to
be
many
challenges,
there's
going
to
be
governments,
doing
wonky
things,
there's
going
to
be
quantum
computers,
strong
ai
and
whatever
protocol
we
create.
Today,
it's
going
to
have
to
evolve
and
change
to
be
able
to
meet
those
challenges
or
cardano
will
have
to
be
replaced.
B
2
was
really
an
amazing
start,
and
it
was,
I
think,
12
or
so
ventures
got
funded
and
we
had
a
few
hundred
people
participating
and
eventually
it
turned
into
thousands.
And
now
we
look
today
and
we
have
tens
of
thousands
of
people
floating
around
idea
scale
in
the
catalyst
framework
and
we're
just
closing
out
fund
three,
which
is
not
only
overscri
subscribed
in
terms
of
participation,
but
also
in
terms
of
the
amount
of
projects
that
requested
funding
and
dozens
are
going
to
get
funding.
B
As
we
look
to
fund
four,
there
are,
I
think,
233
proposals,
and
if
these
trends
continue,
we
believe
at
least
30
or
40,
perhaps
more
will
get
funded
and
those
proposals,
many
of
which
are
directly
connected
to
dapps,
defy
and
projects
in
the
cardano
ecosystem
and,
what's
so
cool
for
me
commercially?
Is
you
know
a
few
weeks
ago
I
said:
hey
these
nft
things
are
really
hot
and
sexy.
B
Maybe
we
should
do
something
with
that,
so
the
very
first
place
we
looked
was
not
externally
like
open,
sea
or
other
people,
but
we
actually
looked
at
our
own
community.
We
found
that
I
think
there
were
six
proposals
for
nft
marketplaces
currently
floating
around.
We
already
talked
to
one
of
them:
the
art,
tonneau
guys
and
we'll
work
our
way
through
all
three
so
that
innovation
engine
that
decision
engine
that
we've
constructed
and
you
the
community
are
curating
growing
evolving,
is
truly
humbling.
B
Now,
fund
five
is
exciting,
because
we've
now
expanded
from
just
a
few
hundred
thousand
to
now
millions
of
dollars
of
funding
available,
and
if
these
trends
continue,
it's
probably
the
first
fund
that
will
have
more
than
25
000
participants
with
it
and
the
level
of
voting
and
engagement
will
improve.
The
quality
of
dialogue
will
improve
and
we're
actually
getting
to
a
point
where
people
care
enough
to
get
a
little
bit
of
social
friction
as
expected.
B
You
know
focus
and
empathy
is
probably
the
thing
we
could
advise
at
this
juncture
and
we've
brought
in
great
partners
like
governance
alive,
for
example,
to
try
to
help
steer
those
dynamics
in
the
right
way,
because
people
are
caring
enough
to
actually
fight
for
things,
and
it's
very
important
that
we
all
understand
each
other.
We
listen
to
each
other.
We
give
each
other
at
times
the
benefit
of
the
doubt,
but
also
we
think
about
projects
in
terms
of
a
360
view.
B
For
example,
x.com
and
confinity
x
was
started
by
elon
musk
and
his
brother
and
confini
was
started
by
peter
thiel
and
max
levchin,
but
when
they
merged
together,
they
created
paypal
and
paypal
ended
up
becoming
a
pretty
revolutionary
company,
not
just
for
what
it
did,
but
also
for
the
legacy
of
entrepreneurs
who
went
on
and
created,
tesla
and
spacex
and
linkedin,
and
dozens
of
other
really
interesting
and
cool
ventures.
Well.
B
Similarly,
when
we
look
at
233
proposals
that
exist
with
fund
four
currently
and
what's
coming
with
fund
five,
one
of
the
things
that
we
care
a
lot
about
is
the
cross
pollination
of
ideas.
So,
as
you're
proposing
things
and
you
see,
other
people
are
proposing
things
get
to
know
your
neighbor
they're,
not
necessarily
your
competitor.
They
could
end
up
being
your
business
partner.
B
B
The
other
thing
is:
the
community
is
increasingly
taking
a
larger
steer
in
the
funding
priorities
and
the
challenges
now
front.
Five
has
over
10
challenges,
I
believe,
and
two
of
the
ten
were
actually
community
selected
quarter
million
dollars
for
an
africa
specific
fund
and
a
quarter
million
dollars
for
dabs
and
d5.
B
Now,
on
the
africa
side,
we
actually
work
with
a
great
partner,
ice,
addis
and
we've
been
vetting.
Some
other
partners
and
ice
status
in
particular,
has
access
to
25
african
countries
and
another
partner
that
we're,
according
at
the
moment,
has
access
to
over
40
and
they
do
traditional
startups
and
non-traditional
startups
and
accelerate
them
all
across
the
continent.
B
So
it's
very
important
to
us
that
not
only
is
that
funding
available
for
african
development,
but
there
are
great
partners
on
the
ground
that
can
help
those
projects
get
the
resources.
The
marketing
support
the
legal
support
and
other
things
required
for
them
to
execute
properly
and
showcase
what
they
have
so
many
moving
pieces.
A
lot
of
things
are
coming.
You
know
we're,
of
course,
always
working
on
the
experience.
As
I
read
in
the
slide,
the
things
are
going
to
break
things
are
always
iterative
in
the
coming
months.
Hopefully
summertime.
B
We
should
see
hardware
support
with
ledger
and
treasurer
for
voting,
also
we're
working
hard
on
the
voting
center
in
daedalus
and
we're
working
hard
on
other
voting
experiences.
So
our
goal
is
to
improve
absolute
participation
and
also
our
goal
is
to
improve
meaningful
participation,
and
these
are
key
metrics
for
the
success
of
the
project.
But,
what's
so
exciting
to
me
is
every
single
time
we
do
this.
B
We
just
see
more
and
more
people.
We
see
more
and
more
ideas,
and
I
believe
if
these
trends
continue,
not
only
will
we
continue
being
the
largest
decentralized
organization
around.
Eventually,
this
is
going
to
form
a
tangible
government
for
the
ungovernable
you
know.
Cardano
is
a
decentralized
protocol.
It's
a
financial
operating
system,
but
that's
just
a
mechanical
thing:
the
soul
of
cardano.
The
brain
occurred
on
the
heart
of
cardano.
Is
you
and
the
work
you
do
here
make
sure
that
it's
actually
a
good
one?
It's
a
healthy
one.
B
So
thank
you
so
much
for
coming.
Thank
you.
Dora
and
team
for
everything
that
you've
put
in
to
the
new
people
welcome
to
the
old
people,
thanks
for
staying
here
and
being
here
and
to
all
of
you
who
are
proposing
for
funding.
Good
luck.
I
hope
you
get
it
and
I
hope
we
have
a
chance
to
collaborate
and
work
together.
A
Amazing
amazing,
thank
you
charles,
so
much
it's
been
really
inspiring
and
I
think
that
for
me
yeah
I
mean
I
think
I
think
the
having
having
these
two
new
new
challenges
commute
the
community
setting
intentions
for
itself
is
a
huge
leap
forward.
Actually
I
think
I
don't
think
we've
seen
anything
quite
like
this
in
the
blockchain
industry
and
decentralized
governance
and
and
to
think
that
we
made
that
made
this
far.
Only
in
six
months
is
is
astounding.
B
B
The
fact
that
we
have
all
these
leaders
growing
up
and
maturing
experts
forming
and
not
just
about
ballots
and
funding,
but
also
eventually,
this
system
will
encompass
hard,
forks
and
improvement
proposals,
and
it
will
tackle
some
of
the
hardest
challenges
in
the
cryptocurrency
space
like
how
will
cardinal
become
quantum
resistance,
so
quantum
computers
can't
break
us
and
how
will
cardano
scale
to
a
multi-billion
person
system
and
when
nation
states
come
and
build
on
cardano?
How
do
we
manage
that?
What
do
we
do
with
that?
What
infrastructure
is
required
for
it?
B
These
are
super
complex
questions
and,
what's
exciting,
is
we'll
have
an
army,
a
crowd-sourced
army?
That's
deeply
engaged
incredibly
smart
with
great
collaborative
tools
to
be
able
to
navigate
those
and
gives
me
confidence
that
not
only
are
we
here
to
stay,
but
we're
going
to
end
up
making
the
best
decisions
from
the
bottom
up
instead
of
the
top
down
and
there's
a
great
degree
of
permiance
to
that
doesn't
require
a
particular
company
or
founder.
A
Okay,
thank
you.
Charles.
We
have
a
long
agenda
today,
we're
going
to
talk
and
we're
going
to
introduce
you
you
all
to
especially
those
who
are
new
a
bit
to
to
learn
a
bit
more
about
this
project,
and
one
thing
I
wanted
to
start
is
just
like
expect
express
a
guaranteed
because
it's
not
just
it's
not
just
me
and
charles
who
are
like
working
on
this.
It's
actually
a
giant
team
of
people
that
are
so.
A
I
just
want
to
give
a
shout
out
to
nemanja
daniel
enzo
eugene
andrew
marrick,
giacomo
agustina,
juan
florencia,
german
bingshan,
roman
maria
dimitro,
aparna
gera,
roman
charles
tamara
tim
hayley,
anna
rod,
eric
richie,
steve,
danny
kevin
phillip,
alex
matthias
darko
nicola
juncko,
nyam,
lara,
joel
samwell,
john
michael
and
michael
robert
victor
jacob,
carlos,
that's,
been
kicking
us
and
been
working
really
really
hard
to
bootstrap
this
entire
complex
system
and
make
it
run
in
the
way
does
we
we
appreciate
you
for
for
the
hard
work
you're
doing.
Thank
you
so
much.
A
A
A
A
A
A
A
A
A
So
what's
this
whole
challenge
thing
all
right,
so
this
is
about
us
solving
wicked
problems
together.
Okay,
what's
what's
a
wicked
problem,
a
wicked
problem
is
a
very,
very
hard
and
complicated
problem.
It's
a
problem
that
it
was
tried.
People
tried
to
solve
it
before
and
maybe
we're
not
successful
that
there
is
a
bit
of
uncertainty
of
what
exactly
is
the
right
way
to
solve
it?
It's
not
you
can't
like
objectively,
define
it
and
many
times.
A
A
Then
we
deploy
solutions,
okay,
so
the
proposals,
then,
after
these
proposals
are
funded,
we
measure
the
return
on
intention.
Like
did
we
actually
manage
to
set
the
challenge
and
then
we
iterate
and
do
it
again?
Okay,
so
this
iteration
really
is
really
the
the
secret
sauce
of
our
success.
It's
like
tracking
and
measuring
and
improving
and
ending
up
in
a
place,
that's
vastly
different
from
where
we
are
now.
A
Actually,
I
don't
can't
even
imagine
where
we're
going
to
be-
let's
say
a
year
from
now
with
the
current
pace,
so
we're
talking
about
so
to
be,
to
put
it
more
concretely,
here's
three
challenges
that
we
were
tackled
in
fund
for
okay,
and
so
you
can
see
it's
about
developing
gaps
in
integration.
So
how
can
application
developers
drive
adoption
of
cardano
in
2021?
Another
example
is
the
developer
ecosystem
challenge
of?
How
can
we
create
a
positive
developer
experience
that
helps
the
developer
focus
on
building
successful
apps
and
another
example?
A
We
had
we
had
a
total
of.
I
think
seven
challenges
in
front
four.
So
so
these
are
just
three
just
a
sample.
The
third
one
is
distributed
decision
making.
So
how
can
we
actually
help
the
catalyst
community
get
better
at
distributed
decision
making
within
the
next
two
catalyst
rounds?
So
these
are
not
easy
problems.
You
can't
just
like,
let's
say
like
a
hire
an
agency
and
it
solves
it
to
you.
Okay,
these
are
like
giant
open
questions.
It's
like
uncuffed!
That's
why
we
call
it
uncapped
like
a
cast
problem.
A
A
calf
challenge
would
be
like
design
me,
a
better
shoe.
All
right
or
or
let's
say
what
netflix
had
the
the
crowdsourcing
challenge
is
like
to
optimize
their
recommendation
algorithm
all
right,
so
this
is
not
incremental
each
one.
If
we
manage
to
solve
this
each
one
of
this
is
a
world
transformative
outcomes
from
addressing
these
these
challenges,
then
the
second
part
is,
and
then
we
launch
in
fact
we
launched
a
dozen,
but
soon
it
will
be
hundreds
of
projects
that
are
working
together
to
tackle
this
challenge.
A
We
also
also
had
examples
of
like
the
community
landing
page
or
at
the
polls
which
projects
where
people
were
just
like.
You
know,
just
came
and
just
forged
ahead
and
just
built
a
thing
without
asking
for
permission
or
funding,
they
just
did
it,
and
I
think
so
you
know
it.
It
just
shows
that
it's
a
community,
that's
about
doing
and
experimenting
and
discovering
what
works.
Okay.
So
we
see
this
and
we
see
this
trend
right.
A
We
see
how
how
in
fact
we
have
78
ideas,
funds350
funds
for
284
ideas,
you
see
the
trendline
and
we
know
that
we
know
for
sure
that
we
have
around
20
proposals
that
are
going
to
be
funded
in
infant
3
and-
and
we
are-
I
mean
I
can.
I
can
share
that
because
we
have
because
the
voting
results
showed
us
that
we
have.
A
We
were
oversubscribed
where
the
community
approved
two
and
a
half
around
two
and
a
half
million
worth
of
proposals.
While
we
were
only
having
a
four
hundred
thousand
budget
for
proposal,
rewards
that
we're
now
now
considering
increasing
that
funding
a
bit
and
and
and
we're
we're
doing
some
we're
doing
some
tests
and
checks
about
that
and
what
can
be
done
and
what's
reasonable
and
we
will.
A
And
then
we
track
right
so
then
we
track
the
outputs
like
we're
asking
ourselves.
Did
these
funded
proposals
actually
achieve
the
intention
right
so
fund
two?
The
intention
was:
can
we
encourage
developers
and
entrepreneurs
to
build
gaps
and
businesses
on
top
of
cardano
within
the
next
six
months?
And
what
we
see
is
that
we've
attracted
250
devs
so
far
and
82
entrepreneurs
and
we
had
four
deficits-
are
billed
and
around
half
the
projects
have
already
launched
and
are
generating
these
generating
these
numbers.
A
Another
unique
feature
of
the
catalyst
process
is
the
non-rivalrous
aspect
of
it:
okay,
so
basically,
what
it
means
is
that
as
a
as
you
journey
through
the
system
as
you
go
through,
these
funding
rounds,
you're
learning
and
you're
growing
and
we're
here
for
each
other
to
do
it
together.
So
in
the
first
week-
and
I'm
gonna
talk
about
the
first
week
later
today,
but
we're
sharing
insights,
we're
sharing
knowledge
and
information
between
us,
so
we
can
prepare
better
proposals
and-
and
proposers
can
only
start-
can
can
already
start
ask
for
mentoring
from
community
advisors.
A
Then
you
have
the
ability
to
in
week
two
and
three
to
to
share
and
receive
constructive
feedback
about
your
proposal
draft.
So
it's
a
completely
open
submission
process.
Okay,
compare
it
to
some
like
grant
funding
program
or
a
government
rfp,
okay,
where
everything
is
like
in
the
dark
and
it's
like
not
clear
if
people
but
people
are
thinking
about
your
proposal
and
it's
very
competitive
okay.
So
here
we
actually
all
lifting
each
other
up
and
and
learning
and
sharing
this
information.
So
we
can
improve
and
there's
also
a
matchmaking
aspect.
A
The
week
after
that,
it's
where
people,
after
giving
receiving
all
this
feedback,
we're
giving
an
opportunity
to
finalize
their
proposals
and
also
merge
together,
as
charles
charles
mentioned
before.
So
it's
a
chance
to
identify
you
know,
co-travelers
and
and
maybe,
and
maybe
figure
out
ways
how
working
together
is
better
than
having
separate
efforts.
A
A
There
is
an
aspect
of
judgment
there,
because
in
the
end
we
need
to
make
decisions,
but
there's
an
aspect
of
giving
all
the
proposers,
even
if
their
proposal
doesn't
look
that
amazing
or
even
if
there
needs
a
lot
of
work,
you're
going
to
receive
support,
you're,
going
to
receive
feedback
and
ability
to
to
learn
and
iterate.
So
you
can
come
back
a
stronger
and
better
for
the
freddie
next
fund
and
post
funding.
We
have
this
core
support
again
like
so
so
right.
Now,
it's
more
like
in
fan
two.
A
We
had
a
pioneers
that
are
it's
more
like
almost
like
a
group
of
self-supporting
group
that
we
all
meet
and
and
uncover
problems
and
resolve
them
and
going
forward.
There
will
be
much
more
an
aspect
of
incubation
and
bringing
experts,
expert
advisors
and
technical
assistants
for
the
team
to
do
their
best.
A
So
talking
about
this,
this
non-rivals
process,
I
wanted
to
invite
a
work
on
stage
just
to
share
a
bit
about
his
experience,
and
so
let
me
just
like
close
close
the
presentation
for
a
second
just,
so
they
can
see
you
hi
hello,
happy
day
happy
day.
So
can
you
can
you
tell
us
a
bit
about
about
yourself?
How
did
you
like?
Who
are
you?
What
brought
you
to
catalysts.
A
Awesome
so
I
wanted
you
to
okay,
so
I'm
gonna
we
share
the
slides
just
so
it's
so
because
you
made
like
really
nice,
great,
slides
and-
and
I
want
you
to
to
maybe
talk
talk
us
through
about
the
the
journey
you
went
from
between
fun,
three
and
and
found
four.
Let
me
know
if,
when
you
want
me
to
move
to
the
next
slide,.
C
For
me,
I
wasn't
exactly
sure
how
it
would
resonate
and
I
had
a
lot
of
really
great
feedback
from
the
community
and
from
the
community
advisors.
On
my
fun
three
proposal,
I
ended
up
around
like
I'd,
say:
like
half,
you
know
very
positive
feedback.
Half
a
lot
of
constructive
feedback,
and
then
then
I
decided
to
resubmit
for
for
fun.
C
Four
and
that's
you
know
where
I
came
up
with
carano
pie
and
one
of
the
kind
of
major
lessons
that
I
think
that
I
learned
from
the
feedback
that
I
got
from
fun.
Three.
Was
there
there's
a
lot
of
people,
don't
know
me
and
and
don't
have
an
understanding
of
like
what
I
could
contribute
to
the
community
and
any
of
my
experience.
C
The
immediate
need
for
etl,
like
wasn't,
is
exactly
clear
to
the
community
there's
just
a
lot
of
like
really
constructive
feedback
from
the
fun
theory,
and
so
I
actually
decided
to
just
start
working
on
it
and
start
doing
it
and
get
an
experience
of
like
you
know
how
hard
is
this
and
what
are
some
of
the
problems
and
in
that
process
I
realized
actually
there's
some
things
that
I
think
I
could
you
know
do.
Even
before
I
get
to
the
etl
data.
C
C
So
then
I
resubmitted
as
a
updated
proposal
for
for
fund
for,
and
I
got
a
lot-
you
know
a
very
positive
feedback
from
this
from
this
round
of
the
funding,
I
think,
there's
you
know
I'd
honestly,
really
think
the
community
like.
I
was
a
lot
of
chats
and
a
lot
of
the
advisor
feedback.
I
also
use
the
proposal,
moderator,
sorry
mentor
program
to
give
me
feedback
and
I
think,
just
kind
of
engaging
on
both
ends
on
my
side
and
also
listening
and
trying
to
understand.
As
best
I
could
to
apply.
A
Amazing,
you
know,
I
really.
I
really
appreciate
your.
The
first
of
all:
courage
come
to
come
to
the
town
hall
and
talk
to
everybody
here
and
be
be
open
about
the
process.
Okay,
because
I
think
we're
all
been,
you
know,
those
of
us
who
you
know
were
in
in
regular
classrooms
or
you
know,
went
to
school.
You
know
they're,
they
used
to
being
a
bit
like
it's
like
a
bit.
A
A
A
It's
like
it's
terrible
to
think
that
27
was
such
a
long
time
ago,
but
but
at
that
time
you
know
they,
the
seed
funding
was
twenty
thousand
dollars
and
and
look
how
far
they
look,
how
far
they
they
became.
Okay,
and
I
think
we
can
do
something
similar
and
and
or
even
better
and
with
ethereum.
You
can
see
that
they
created
an
ecosystem
that
had
with
520
new
dapps
created
in
a
year
with
20
million
ethereum
accounts
created
and
and
created
a
very
large
ethereum
developer
community
okay.
A
So
this
is
a
good
good
reference
points.
Okay,
like
of
how
an
innovation
fund
can
can
lead
the
charge
and-
and
I
I
actually
think
we
can
even
get
better
outcomes
than
these
two.
I'm
setting
the
goals
for
gold
posts
pretty
high
here
more
than
this
we
have.
We
have
the
possibility
to
become
you
know
when
you
look
at
all
these
products
like
linux
or
bitcoin
or
wikipedia
you
know
they
all
started.
A
They
all
sounded
very
crazy,
okay,
very
unreasonable,
okay,
the
the
the
the
the
concept
of
linux;
okay,
the
concept
that
the
company
that
that
that
a
bunch
of
developers
you
know
working
across
the
globe
and
developing
open
code
source
can
compete
with
a
giant
monopoly
like
microsoft,
okay
and
they
beat
them
handedly
in
some
markets,
linux.
It
sounded
ridiculous.
You
know
same
for
bitcoin
same
for
for
wikipedia
and
many
many
people,
I'm
sure
like
think.
A
The
idea
of
of
actually
a
fund,
that's
governed
by
tens
of
thousands
of
people
and
works
collaboratively,
is
crazy
and
unheard
of,
and
that's
true-
and
I
think
we
have
a.
We
have
a
real
shot
at
joining
this
like
exquisite
club,
because,
never
doubt
a
small
group
of
thoughtful
committed
citizens
can
change
the
world.
A
This
goal
well,
a
good
way
to
look
at
it
is
to
compare
how
a
regular
company
works
and
it's
and
the
issues
they
have
versus
how
what
a
catalyst
fund
can
accomplish.
Okay,
so
a
company
can
hardly
pivot
right,
like
even
a
super
lean
startup,
you
know,
can
maybe
pivot,
maybe
three
or
four
times
a
year.
That
is
like
they
work
at
breakneck
speed
and
kind
of
kill
themselves
with
work.
A
Actually,
research
show
that
that
companies
that
that
try
to
do
both
things
have
around
75
failure
rates.
We,
on
the
other
hand,
we
can
just
we
can.
We
can
do
both
because,
because
of
our
decentralized
nature,
a
regular
company
in
order
to
hire
on
board
a
new
person
and
or
fire
a
new
person,
this
process
can
that
can
take
months
and
huge
amounts
of
effort
and
red
tape
and
processes
and
tremendous
amount
of
risk.
A
A
You
don't
need
consensus.
You
need
results
like
us
as
a
community.
That's
what
we're
going
to
look
for,
and
care
for.
Those
who
do
and
create
and
generate
results
will
get,
will
get
the
funding
and
support
and
they
need
okay.
They
don't
need
to
go
on
giant
campaigns,
getting
getting
everybody
aligned
around
their
initiative.
It's
it's!
It's
such
an
important
aspect.
A
Another
element
is-
and
you-
and
this
is
a
trillion
dollar
problem
like
across
international
corporations.
You
know
in
in
in
in
large
companies
when
departments
try
to
collaborate,
things
break
down.
Okay,
there's
like
there's
a
a
terrible
misalignment
of
incentives
in
hierarchical
organizations
where
everybody's
role
is
like
to
please
their
boss
right.
But
what?
If
people
have
a
separate
bus
in
different
departments?
What's
the
incentive
for
them
to
actually
work
together
and
there
isn't
much?
A
So
when
you
take
all
these
advantages
of
us
and
if
we
play
them
right,
we
can
go
really
really
really
really
far
really
really
fast
and
then
the
question
is:
is
for
you
the
individual,
like
what
what's
in
it
for
me,
why?
Why
should
I?
Why
should
I
care?
Okay?
So
I
you
know
just
a
few,
a
few
points,
okay,
that
we
learned
we
learned
from
earlier
funds.
A
So
the
first
thing
is
the
majority
when,
when
we,
when
we
service
people
about
what's
the
best
part
of
catalyst,
they
said
it's
a
chance
to
interact
with
other
awesome
community
members,
it's
a
it's
a
great
chance
to
form
a
network,
create
really
meaningful
relationships
and
kind
of
go
beyond.
You
know
just
having
a
person
being
like
a
name
on
telegram
or
something
like
that
into
actually
building
and
doing
meaningful,
world-changing
stuff
together,
and
it's
an
opportunity
to
work
on
something
impactful
and
meaningful.
A
It's
a
great
opportunity
to
learn
and
grow
the
type
of
type
of
collaboration,
skills
that
you're
gonna
and
communication
skills
that
you're
gonna
acquire
by
working
in
catalyst
is,
is
developing
like
21st
century
skills
that
are
extremely
valuable
and
you
know
it's
going
to
be
a
pretty
scarce
resource,
especially
at
the
start.
So
this
is
like
a
wonderful
time
to
learn
these
skills.
A
It's
an
opportunity
for
you
to
build
your
reputation
and
it's
an
opportunity
to
make
a
living
or
this
or
a
supplemental
income
for
doing
something.
You
you
love
and
passionate
about,
and
for
you,
as
an
ad
holder
investor,
it's
here
is
how,
from
being
a
you
know
like
like,
instead
of
a
spectator,
sport
is
a
participation,
this
participatory,
it's
a
full
contact.
Sport
right,
it's
a
chance
for
you
for
to
actually
have
your
actions
directly
impact
the
token
price
go
for
it.
A
A
A
Then
we
have
the
role
of
the
community
advisor
okay,
so
the
community
advisor
comes
and
supports
proposers
and
supports
the
voters
by
providing
a
review
and
assessment
and
also
mentoring
and
providing
constructive
feedback
to
to
proposers,
and
you
know
nudge
them
in
the
right
way
to
be
more
impactful
and
address
and
dress.
This
address
the
challenges
in
the
best
way
possible
and
we're
allocating
for
this,
a
hundred
thousand
dollars
worth
of
ada,
and
you
can
also
see
here
a
link
for
a
special,
very
specific
telegram
channel
just
for
community
advisors.
A
A
I
can
already
give
you
a
little
scoop
that
in
in
for
fun
three
and
so
in
order
to
win
refer
rewards.
You
know
the
the
proposal
you
refer
needs
to
be
get
funded
and
then
all
that
reward
is
split
across
those
those
winning
referrers
so
fund.
Three.
So
far
we
had
one
one
referrer
winning
refer
so
and
and
then
the
price
was
five
thousand
dollars
worth
of
ada.
A
A
A
I
do
encourage
you
to
kind
of
pick
one
and
kind
of
try
to
like
pick
a
few
or
you
know,
focus
on
them,
because
it
can
be
a
bit
overwhelming
as
we
as
as
we
as
we
know.
As
you
all
know,
those
who
have
experience
with
catalyst
before
then
so
another
thing
I
would
recommend
for
you
to
do
in
your
first
week.
Besides
deciding
on
your
role,
is
to
participate
in
our
very
first
week,
which
is
the
inside
sharing
phase,
and
this
one
is,
is
a
really
important
thing.
A
For
example,
you
know
none
of
these
challenges
are
not
you
know
it's
like
like
have
zero
treatment.
You
know
like
sometimes
you
you
got
iog
or
cf
or
emergo,
or
some
other
initiative
that
are
already
touching
these
things,
or
maybe
something
they're
already
touched
in
catalyst,
but
they're
wide
gaps.
Okay,
help
us
identify
the
gaps,
help.
The
proposers
like
read
through
your
comments
and
see
where
there's
opportunities
to
add
lots
of
value,
and
another
thing
we're
going
to
ask
you
to
do
is
share
your
insights
share.
Your
thoughts,
share.
A
You
know
by
by
merging
all
these
perspectives
and
putting
them
in
one
place.
We
we
become
much
wiser,
together
and
and
and
and
our
our
the
outcomes
become
more
impactful.
You
know-
and
this
is
not
just
wishful
thinking-
this
has
been
proven
with
empirical
research,
so
work
from
anne
martick
and
arvin
malhotra
really
showed
that
when
you
compare
crowdsourcing
campaigns
that
start
with
this
kind
of
phase,
so
this
is
a
a
what
they
call
a
collaborative
innovation
fund.
A
Okay,
like
you
might
say,
like
wait,
wait
what's
this
26
well,
I
mean
this
is
this
is
measured
by
reviews,
okay
of
assessors,
that
looked
at
these
look
to
these
solutions,
but
this
is
really
great
data.
This
is
this
is
literally
like
dozens
of
the
comparisons
between
dozens
of
collaboration
campaigns
that
were
done
so,
let's
head
to
it
and
respect
the
data
to
make
a
long
story
story
short
how
to
how?
How
do
you
participate
in
the
inside
sharing
phase?
A
A
You
look
at
the
list
of
the
challenges
that
are
going
to
spread
out
there
so
today
we're
going
to
publish
some
new
challenges
and
tomorrow
we're
going
to
launch
a
a
few
of
the
a
few
more
challenges
that
we
didn't
able
to
to
submit
today,
but
go
for
them
and
then
post
your
insights
about
them.
Okay,
and
you
can
post
one
insight
or
you
can
go
in
many
different
challenges
and
post.
It
start
there
and
don't
forget
to
read
other
people's
insight
as
well.
A
All
these
we're
going
to
archive
and
store
all
these
insights
in
a
special
place
in
this
scale
that
you
can
access
throughout
the
challenges
so
also
for
proposers.
Looking
for
inspiration,
this
is
where
you
go
now.
One
thing
that
we
know
from
previous
funds
is
that
a
lot
of
people,
maybe
because
they're
so
excited
to
get
started
that
that
they
they
post
a
pr
the
proposal
and
they
post
a
proposal
and
they're
surprised.
Why
there's
isn't
that
much
room
to
write
about
it?
A
So
if
you
have
a
wild
thought
and
you
want
to
share
it
and
get
a
bit
of
feedback
feel
free,
but
it's
only
next
week
that
we're
going
to
actually
open
the
submission
phase
and-
and
there
will
be
like
a
different
kind
of
form,
to
submit
that
all
right.
So
let's
talk
about
the
challenges
now
that
we're
here,
okay,
so
this
is
like
a
big
overview.
A
I
think
the
as
I
think
the
big.
The
big
interesting
thing
is
how
that
the
dev
ecosystem
challenge
is
huge.
Six
hundred
thousand
dollars
worth
of
ada
and
I
think
another,
the
the
depths
of
integration
is
a
quarter
million
dollars
worth
of
ada
all
the
smaller
challenges
and
we're
going
to
go.
You
know
one
by
one.
A
Don't
worry
I'll,
explain
all
of
it
to
you,
but
all
these
smaller
challenges
for
cats,
for
for
catalysts,
for
improving
their
processes
as
catalysts
like
doubled
in
size,
so
we're
really
putting
much
more
energy
into
that,
and
also
and
also
you
can
see
a
new
metadata
challenge.
So
it's
kind
of
like
an
experiment
see
how
that
works.
A
Then
you
see
that
we
got
two
new
shiny,
a
community
community
driven
challenges.
All
right,
one
is
the
grow.
Africa
grow
cardano
that
was
selected
there
during
funds3
and
the
second
one
is
the
scale
up,
the
cardano's
defy
ecosystem
and
so
fresh
new
challenges,
along
with
the
metadata,
and
another
thing
is
like
when
we're
seeing
that
the
challenge
setting
is
well
itself.
A
Okay.
So
now
we'll
start
to.
I
want
to
start
to
walk
you
through
and
these
these
challenges,
so
proposing
teams
and-
and
everybody
open
your
up
on
your
ears,
and
I
want
to
give
a
big
big
thanks
for
to
greg
and
greg
bell
and
steve
lockhart
that
made
the
wonderful
greg.
I
see
you,
I
see
you,
I
see
you
in
the
chat,
I
hope
you're.
I
hope
you're
you're
happy
and
because
you
deserve
it
and.
A
Okay,
there's
and
it's
like
and
there's
like
also
a
link
here
to
to
read
a
bit
more
in
detail
and
tomorrow,
we'll
post
a
complete
brief
and
at
the
end
of
this
challenge,
we're
going
to
ask
ourselves:
did
we
develop
viable
solutions
in
partnership
with
the
people
of
africa?
So
we're
going
to
look
at?
Actually,
you
know
how
many
people,
like
did
you
actually
basically
like
set
a
number
of
metrics
to
see,
like
you
know,
were,
were
these
solutions
viable
and
was
this?
A
A
So
so
now,
that's
like
the
for
the
community
asking
we're
asking
you
to
to
figure
out
with
us.
How
can
we
encourage
deafi
teams
to
build
and
deploy
open
finance
solutions
on
cardano
in
the
next
six
months,
and
success
is
having
a
positive
answer
to
saying:
did
our
efforts
generate
an
ecosystem
and
valuable,
defy
applications
for
end
users
and
there's
lots
of
challenges
to
hear
so
I'm
not
going
to
go
through
all
the
metrics,
but
you
can
you
can
review
them
later.
A
Then
then,
we're
back
to
the
good
old
classic,
developer
ecosystem,
and
probably
the
one
that's
going
to
have
the
at
least
at
this
stage.
Then
age
with
their
smart
contracts
on
the
verge
of
being
enabled,
and
how
can
we?
How
can
we
create
a
positive
developer
experience
that
helps
the
developer
focus
on
building
successful
apps?
A
This
been
a
wonderful
challenge
so
far
with
with
like
the
the
highest
rated
challenge
with
so
much
quality
proposers
like
before,
and
you
know
we
just
want
to
continue,
nurturing
and
and
and
nourishing
this.
This
amazing
challenge.
So
good
luck,
you
know
we're
gonna,
look
at
we
if
we
actually
managed
to
generate
a
good
experience
and
successful
depths
that
were
created.
A
So
here
there's,
like
you
know,
maybe
some
people
will
ask
like
well:
what's
the
difference
between
this
and
this
right,
the
developer
ecosystem
so
notice
that
the
developer
ecosystem
is
about
it's
about
the
developer.
Okay,
it's
about
the
experience
of
the
developer,
the
ease
of
use-
and
you
know
how
fun
and
great
it
is
to
be
a
developer
and
easy
to
to
launch
build
stuff
and
cardano.
Okay.
So
that's
like
the
center
here.
The
center
is
the
end
user.
Okay.
So
here
the
here,
it's
like
just
just
a
person
doesn't
need
to
know.
A
A
Do
we
build
sustained
sustainable
companies,
sustainable
projects,
sustainable
open
source
projects
and
from
this
initiative
now
we
go
into
okay,
so
these
were
like,
like
the
big,
the
big
like
meaty,
changing
the
world
stuff,
and
now
this
is
all
about
the
next
differences
are
all
about
improving
catalyst.
Sharpening
our
own
tools,
so
the
first
tool
is
about
decision
making
and,
as
you
know,
decision
making
is
one
of
the
biggest
unsolved
problems
right
now,
not
not
just
for
cardano
but
for
the
entire
world.
A
A
A
A
A
So
you
can
look
at
metadata
challenge
as
kind
of
extensions
of
the
adapts
integration
challenge,
but
that's
very
specific
to
one
type
of
technology,
which
is
the
metadata
technology.
What's
nice
about
metadata
is
that
you
can
start
right
away?
You
know
you
don't
need
to
wait
for
smart
contracts
to
start
it's
already
fully
fully
deployed
and
operating.
A
So
this
is
a
huge
huge
opportunity
for
those
who
just
want
to
start
and
build
and
get
stuff
done,
and
and
we're
going
to
look
at
we're
going
to
ask
ourselves
did:
did
the
metadata
based
apps
that
were
developing
developed,
follow
this
challenge
actually
were
successful
as
providing
value
to
the
end
users?
So
we're
going
to
look
what
what
the
outcomes
are.
We're
going
to
also
present
lots
of
prototypes
and
get
the
get
the
community
feedback
about
the
prototypes
generated.
A
All
right,
last
and
sweet
left
in
sweet
is
our
own
source
of
emancipation
right,
setting
our
own
challenges
and
asking
ourselves
what
next?
What
other
challenges
should
we
prioritize
as
we
address
in
front
seven?
Okay,
so
why
am
I
saying,
fund
seven
and
not
fund
six
right,
because
I
only
refund
five.
A
So
this
is
for
fund
seven,
and
this
is
eight
hundred
thousand
dollars
worth
of
ada
and
and
we're
gonna
ask
ourselves
and
we're
gonna
ask
ourselves
for
the
for
the
africa
and
the
fight
challenge
too
right
we're
going
to
ask
ourselves:
how
did
how
do
these
challenges
perform?
Did
they
really
engage
the
community
that
did
they
generate
high
quality
proposals
and,
and
so
there's
like
so
so,
these
two
types
of
challenges
can
lead
to
a
lot
of
confusion,
like
you
know,
between
the
what
we
call
the
regular
challenges.
A
A
Okay,
not
new
proposals
and
the
funds
are
not
allocated
to
the
team
they're
like
allocated
to
the
community
they're
like
they're,
like
they
become
the
budget
of
the
of
the
new
challenge,
and
we
still
don't
know
where
those
the
people
who
who
propose
the
challenge
setting
we
know
where
they
go.
I
think
we
should
direct
a
statue
for
them
in
our
virtual
town,
in
a
virtual
town
square
for
being
pioneers
and
setting
the
directions,
but.
A
We
haven't
quite
done.
It
really
quite
figured
out
what
that's
going
to
look
like,
but
but
you
know
we
definitely
want
to
engage
them
and
we're
thinking
about
maybe
having
actually
really
a
group
of
experts
around
each
specific
challenge
that
are
going
to
to
accompany
it
and,
let's
prototype
something
for
the
defy
in
africa,
a
kind
of
like
an
accompanying
group
of
of
specific
community
advisors
that
it's
really
their
their
forte.
A
A
That
was
a
lot
of
information.
I
hope
you,
I
hope,
your
your
head's,
not
spinning.
We
have
two
two
next
steps:
okay,
like
now,
it's
time
to
go
to
this
scale,
submit
your
insights
and
we'll
have
some
some
of
the
challenges
open
today.
Some
of
them
tomorrow
look
for
the
f5
prefix
to
identify
the
new
challenges,
and
we
also
have
this
really
nice
announcement
announcement
telegram
channel.
A
So
if
you
just
want
to
be
informed,
what's
going
on
like
when
voting
starts,
when
registration
starts,
when
proposal
submission
ends
like
and
all
sorts
of,
there's
gonna
be
a
lot
of
details.
Okay,
it's
hard
to
keep
up,
but
if
you'll
be
subscribed
to
this
telegram
channel,
will
give
you
the
essence
of
what
what's
the
next
steps,
what
needs
to
be?
A
What
needs
to
be
done
so
do
join
it
and,
lastly,
I
wanted
to
share
you
know:
let's
hang
out
with
this
slide
for
a
second
and
look
at
all
these
amazing
resources
and
a
lot
of
them
were
basically
made
a
grassroots
like
initiatives,
and
so
we
have
the
town
hall
that
you
can
rewatch
there's
like
a
descale
there's
the
telegram,
there's
there's
the
main
telegram
group
for
catalyst.
So
it's
more
like
kind
of
like
a
support.
A
A
The
center,
like
you,
know,
grassroots
projects
with
way
more
than
a
thousand
participants
there,
with
like
lots
and
lots
of
different
channels.
If
you're
a
proposer,
you
can
set
up
your
own
channel
there
and
start
to
engage
in
conversations
with
people
around
the
around
your
initiatives.
You
can
call
for
mentors
it's
like
and
we
don't
think
they
can
do
any
discord
and
we're
going
to
talk
about
more
about
this
functionality
in
the
next
few
weeks
and
the.
A
But
you
can
also
just
like
jump
in
and
see
see.
What's
up,
then
we
have
the
dashboard.
So
collective
awareness,
like
you,
know,
learning
all
the
statistics
and
where
all
the
documents
are
and
where
you
know,
and
all
that
and
the
timeline
and
the
funding
amounts
and
all
the
numbers
and
all
the
urls
that
are
are
relevant,
okay
and
all
nicely
concentrated
in
one
place.
Thank
you
danny
for
creating
this
amazing
resources
for
for
us,
then
we
have
the
for
those
who
want
to
be
the
community
advisors.
You
have
a
telegram
channel
as
well.
A
They
also
have
a
spot
in
the
discord,
but
this
is
a
good
gateway
and
for
you
proposers,
you
also
have
your
own
support
telegram
to
to
join
and
again
great
place
for
figuring
out
co-pilots
right
in
the
journey.
You
know
you
might
find
your
co-founder
there.
You
might
find
a
proposal.
That's
like
really
completes
yours
and
you
can
merge
it
together.
A
So
that's
about
it
for
me
and
I'm
sure
some
of
you
have
some
questions
and
you
know
want
to
kind
of
get
some
responses.
So
what
I'm
gonna
do
is
I'm
gonna
take
a
few
more
minutes
and
look
at
the
there's
like
this.
Ask
a
question
section
here
in
crowdcast.
So
make
sure
to
vote
on
questions
that
are
relevant
for
you
and
I'll
try
to
answer
them
in
order
of
like
how
how
many
votes
they
got.
A
Well,
next
week
we're
going
to
launch
fund
four
like
we're,
gonna
launch
registration
for
front
four,
and
right
now
we're
conducting
tests
to
see
how
well
the
roy
voting
is
working.
I
did
not
yet
receive
confirmation
that
the
registrations
for
your
roy
is
working
correctly,
but
once
we
once
we
get
cleared
it
up
and
I
believe
in
like
99
certainty
that
it's
gonna
cleared
up,
then
we're
going
to
announce
it
loud
and
clear.
A
Sorry,
sorry
for
three
euro
users-
and
it's
been
a
learning
experience
for
us
and
now
now
we
now
we
know
to
test
thoroughly
all
the
tools.
Even
if
they're
not
you
know
an
iohk
project,
but
also
external
projects,
to
test
them
thoroughly
and
before
recommending
people
to
use
them.
So
I
feel
very
optimistic
that
this
time
it's
gonna
be
much
better.
A
A
I
want
to
finance
new
projects
with
parts
of
previous
earnings
that
land
in
the
company's
crypto
fund
seems
like
you
have
two
options.
I
mean
one
option
is
write
it
up
in
the
proposal
and
see.
If,
if
voters
are
you
know,
if
it
matches
one
of
the
challenges
and
proposes
within
that
challenge
and
see,
if
you
get
traction,
the
the
other
option
is
like
you
know
you
can.
A
You
can
propose
it
as
as
a
challenge
in
catalyst,
and
it
could
be
that
part
of
the
conditions
of
the
challenges
that
that
it
actually
gets
incubated
and
accelerated
by
your
consultancy.
Okay,
maybe
that
could
be
also
an
interesting
approach,
so
so
think
about
it.
I
would
recommend
you
just
write
up
a
draft
and
go
to
discord
and
ask
people
to
for
some
feedback,
and
people
can
help
you
direct
it
in
the
right
place
where
it
has
the
best
chances
of
success.
A
A
So
definitely
yes!
So
if
you
know,
if
you,
if
you're,
if
you're
a
veteran
you're
a
veteran,
it's
not
like
someone
in
in,
doesn't
ask
you
if
you're
a
veteran
in
world
war
ii
or
world
war
one,
you
know
they're
all
they're,
all
veterans,
so
I
think
we're
going
to
keep
that
logic
too.
So,
good
luck,
louise
being
a
veteran
community
advisor
in
fund
five.
A
A
A
You
can
dm
in
like
this
scale
and
look
for
collaborators,
and
I
would
also
visit
discord
and
raise
it
and
maybe
ask
for
a
community
advisor
mentor
to
come
and
also
show
you
around.
Thank
you.
Thank
you,
so
much
roz
and
looking
forward
to
see
how
your
experience
is
turning
out
to
be
all
right.
I
think
that's
going
to
be
the
final
final
question.
I'm
going
to
respond
to
because
I've
been
talking
for
an
hour
and
a
half.
A
When
will
the
result
of
fund
three
gets
announced?
Satish
is
asking
so
guys
we
have
the
results,
but
we're
formatting
them
into
we're.
Getting
all
the
data
and
like
double,
checking
and
like
I
think
tomorrow
is
the
day
we're
gonna
announce
it
on
the
telegram
channel.
I'm
sure
you're
gonna
hear
it
on
reddit.
You
know
there
will
be
like
a
pdf
with
with
the
results
so
hang
in
there
proposes.
I
know
it's
been
a
long
journey
waiting
and
I
also
want
to.
A
I
also
want
to
say
to
that
we're
because
of
we
had
this
thing
called
overage
okay,
so
we
had
a
lot
of
approved
proposals
that
kind
of
ran
out
of
funding.
We
actually
had.
We
have
a
budget
of
400
000
and
for
fund
three,
but
we
had
around
two
and
a
half
million
dollars
worth
of
proposals
that
were
approved.
Okay,
so
so
that
got
way
more
yes
than
no
votes,
and
so
there's
like
a
big
gap
here,
okay,
like
in
fund
two,
we
had
an
overage,
the
average
we
had
was.
A
But
for
you,
when
you
see
the
results
tomorrow
and
you
know,
maybe
your
proposal
was
almost
funded.
You
know
it
was
very
close
to
being
funded,
but
almost
don't
don't
despair.
Okay,
there
might
be
next
week.
You
know,
don't
don't
like
you
know,
don't
give
hope,
wait,
wait!
One
more
week,
we'll
give
you
an
update.