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Discuss dReps on Catalyst

dReps on Project Catalyst
metaversehodler4719
Feb 7, 20244 min read183 views

Introduction

Although dReps is a new concept and has not yet been applied in Fund 11 of Catalyst, in the Cardano community this topic is being discussed very enthusiastically. Thereby, it can be seen that dReps will create a great attraction in the upcoming Funds. By the way, the writer would like to share some discussions about dReps that the writer has received from the community.

To discuss dReps, we need to find out what dReps is?

dReps is an authorized representative. To be more specific, ada holders will delegate their voting rights to authorized representatives (dReps) and then the authorized representatives will conduct the voting. dReps can be anyone. That means anyone can become dReps. dReps will make voting on Catalyst more diverse. In addition, dReps also contributes to helping individual voters have the opportunity to speak up.

It is clear that the role of dReps will bring positive impacts to Catalyst, but dReps still have some issues to consider.

First, because dReps hold large voting rights, they can completely vote for their own projects. If their project is good, it's not just for discussion, but what if dReps draws up a project to profit from Catalyst?

Second, dReps will be "hunted" for projects. Projects will try to please dReps and even bribe them. And dReps, facing monetary benefits, will easily be inclined to vote for those projects. The results of the votes become a game for dReps.

Third, the appearance of dReps and their public information will attract whales and investment funds to participate in Catalyst. Because of the information and communication methods, dReps, whales and investment funds have the ability to come together to propose projects and vote on these projects. As a result, Catalyst will no longer be a place to sponsor projects that benefit Cardano, but Project Catalyst will become a gold mine for "bad guys" to exploit for free. From there, private interests and benefits will grow massively on Cardano.

Above are the concerns that the Cardano community is discussing about dReps.

Disclaimer:

This is not an investment advice and does not constitute investment advice. This article holds author's independent perspective and not endorsed or moderated by Cardano Spot.

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