The current voting process is anonymous. It will be impossible to prevent any major ADA holders from influencing voting to favor a particular project proposal and take money from Treasury. However, robust safeguards are in place. These are as follows:-
- The proposal goes through an open assessment process. Most probably, a
pure money-draining proposal will get highlighted and will be assigned a lower rating.
- Voting security has features very similar to the proof of stake therefore even for a major exchange, and it will be almost impossible to push through a wrong project.
- Most importantly, Catalyst projects are the ones that are going to add value to
Cardano. Therefore any major holder of Cardano will not be
undermining Project Catalyst since it is only going to hurt his
Like all features of Cardano, the catalyst process seems to be designed following "game theory". It is designed so that unless one is in self-harming mode and holds more than 50% of ADA in circulation, a successful proposal is not likely to be a pure scam. Will they be able to influence the outcome? Yes, they can and should in a positive way for their own good.