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Announcing the First Catalyst Natives with COTI

This article was published by IOHK on November 10th, 2021. To see the original article, click here.

We are excited to be able to announce the first Catalyst Natives pilot, as part of Project Catalyst, Cardano’s community-driven innovation engine. Catalyst Natives enables any organization the ability to leverage the power of the crowd to solve business problems and outsource the implementation of solutions. This project opens up the potential of blockchain technology to new use cases for everyday businesses, both large and small.

We’re launching a series of pilots, firstly in conjunction with COTI, an enterprise-grade fintech company that empowers organizations to build their own payment solutions. COTI has developed, in partnership with Cardano, a very user-friendly and scalable ada payment solution for the community. As a result, online merchants from a small hotel in Europe to a big e-commerce website in Asia can easily accept hundreds or thousands of ada transactions by integrating adaPay into their site.

When asked about the partnership Shahaf Bar-Geffen the CEO of COTI said “We are very excited to be the first company to launch a Catalyst Native fund. As close partners, it is only natural for COTI, IOHK, and Cardano Foundation to collaborate once again to allow teams from all over the world to take part in the adaPay development and participate in our challenge. Finding new innovative ways to enrich adaPay will value not only the Cardano and COTI communities but the entire world by allowing a very wide variety of merchants to accept ada as a payment method”.

Project Catalyst

In less than a year, Project Catalyst has grown to become the world’s largest decentralized innovation fund. It is a center for future development and sustainable innovation, driven by the Cardano community, for the Cardano community. In this initial pilot of Catalyst Natives, we are opening the gateway to organizations outside of the Cardano ecosystem to harness the transformative power of the Project Catalyst innovation engine.

At each funding round, Project Catalyst has presented several challenges for the community to collaborate on and deliver solutions. Now, with the launch of Fund 7, there is $8m dollars worth of ada available, 80% of which is set aside for project funding and 20% is available for rewards incentives for voters and community advisors. Fund 7 consists of 24 challenges, 21 of those challenges were proposed by and voted for by the community, two challenges were proposed by IOG, and the Catalyst natives pilot in collaboration with COTI. The Catalyst community votes on the presented solutions and the winners of that vote receive funding to complete their projects.

Catalyst Natives

Catalyst Natives extends access to Project Catalyst functionality like the Cardano native tokens feature extends the range of tokens on the Cardano blockchain.

With the introduction of Catalyst Natives, organizations outside of the Cardano/Catalyst ecosystem can also present challenges and offer incentives and rewards to those who successfully meet the challenge with their proposed innovations.

In this pilot of Catalyst Natives, COTI offers an innovative technical challenge to our communities. All small and medium enterprises currently using platforms such as Shopify and WooCommerce will be able to benefit from new and creative ways to accept ada payments with seamless integration by adding a plug-in to their site.

Following the pilot, we will be opening Catalyst Natives to receive further challenges from other external organizations.

Catalyst Natives is a fantastic proposition for businesses of all shapes and sizes to gain access to a veritable trove of ideas and to those with the skills to realize them. Businesses can address specific pain points that they either do not have the resources to resolve or simply do not have a solution for and outsource them as Catalyst challenges.

As the future rolls toward us at an ever-increasing pace, businesses must adapt to constantly changing market conditions. Emerging markets make planning exceptionally challenging. This uncertainty is why the ability to tap into a think tank as and when needed and outsource implementation is highly valuable and may be the differentiating factor in competitive market spaces.

To read COTI’s announcement, click below:

For all of our updates and to join the conversation, be sure to check out our channels:

Website: https://coti.io

Twitter: https://twitter.com/COTInetwork

Telegram: https://t.me/COTInetwork

Github: https://github.com/coti-io

Discord: https://discord.me/coti

Technical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf