Cardano Approves $71M in ADA for Core Development and Network Upgrades

• Scalability, developer experience, and interoperability are the three main areas that will be addressed in the 12-month development plan.
• According to IOG, payments would be disbursed upon delivery of enhancements, and further monitoring will be provided.

The treasury has authorized the payment of 96 million ADA to the Cardano core development team so that they may go on with the planned network enhancements.

The request, put forward by Input Output Global (IOG), the primary development team of Cardano, for the amount of $71 million in Cardano, was approved by a 74% majority, or 200 votes, with six voting against and seven abstaining, as recorded in the governance action.

Key Areas Targeted

Scalability, developer experience, and interoperability are the three main areas that will be addressed in the 12-month development plan. The community was still concerned about the expenses, general accountability, and lack of openness. Intersect, an independent administrator, is a Cardano member-based organization. Funding will be based on milestones.

According to IOG, payments would be disbursed upon delivery of enhancements, and further monitoring will be provided via a dedicated committee and smart contracts. Engineering timesheets, quarterly budget breakdowns, and monthly updates must all be published by IOG.

Project Acropolis, a modular re-architecture of the Cardano node for more flexibility and faster onboarding of new core developers, and Hydra, a protocol for quick, low-cost transactions, are among of the important projects in the IOG proposal.

Along with laying the groundwork for more sophisticated smart contracts and frictionless interoperability, IOG aims to optimize speed, which will decrease RAM use and operating expenses for stake pool managers. According to a statement released on Saturday by Tim Harrison, IOG’s VP of community and ecosystem, this is the first occasion on which the Cardano community has directly sanctioned money for core development.