Zug, Switzerland, December 3rd, 2024, Chainwire
Namada, the shielded asset hub enabling shielded cross-chain transactions, has officially published its genesis block, marking the launch of its mainnet. Along with the commencement of staking and governance, this marks the start of the first phase of Namada’s five stage decentralized mainnet rollout. This marks an important step forward, offering comprehensive data protection and selective disclosure across the multichain landscape.
Introducing Namada
Namada is designed to enable the protection of users’ personal data when using on-chain assets and engaging in cross-chain transactions. Its key innovation, the Multi-Asset Shielded Pool (NASDAQ: POOL ) (MASP), can support the shielding of user data related to any asset, enabling shielded interactions across different blockchain networks. Namada enables selective disclosure, giving users the ability to share transaction data publicly and to specific parties. Additionally, Namada is introducing a unique shielding rewards system for users protecting their personal data.
“Namada's mainnet is a major accomplishment for the many contributors and community members who have worked hard to take Namada from an early idea to a real, operational protocol,” said Christopher Goes, Namada cofounder. “Individual control of data and freedom of disclosure is necessary for a free society. We aren't there yet, but the Namada mainnet is an important step in the right direction.”The launch is fully decentralized, with the Anoma Foundation supporting the Namada ecosystem by proposing the mainnet candidate software and genesis balances. However, the Foundation abstains from running validators, ensuring that the Namada community retains full control over the platform’s launch and direction.
“Namada is an important missing link for the crypto space. Real adoption has been held back by the lack of user control over sensitive data,” said Namada cofounder Adrian Brink. “The goal of Namada is to give both individual and institutional users, who may have been waiting on the sidelines, the same freedoms and protections they have off-chain.”Key Features of Namada
Namada introduces a suite of innovative features designed to protect user data while enabling seamless shielded cross-chain interactions:
- Shielding Rewards: Namada’s Multi-Asset Shielded Pool (MASP) supports the shielding of data for various assets within a unified shielded set. Users collect shielded set rewards for shielding their assets and enhancing on-chain data protection for everyone.
- Shielded Actions: Users can engage in cross-chain activity, such as DeFi, while keeping their personal data shielded. User data is protected even when interacting with transparent dApps and chains.
- On-Chain Governance: NAM token holders participate in governance by staking their tokens to vote on protocol upgrades and other decisions. This mechanism ensures that the community has a direct role in the evolution of the network.
- Public Goods Funding (PGF): A portion of the NAM inflation is dedicated to funding public goods, supporting projects that benefit the broader Namada ecosystem and beyond.
- Cubic (NYSE: CUB ) Proof-of-Stake (CPoS): Namada’s unique staking mechanism incentivizes network security by adjusting staking rewards based on the network’s current staking ratio. Validators and delegators are rewarded for securing the network, with penalties for protocol violations designed to discourage collusion and enhance overall security.
This process will unfold in five stages, each driven by community decisions via on-chain governance. Discussions around the mainnet release candidate software, configurations, genesis block draft, and tokenomics have taken place within the Namada community forum, ensuring a transparent, decentralized, and collective approach to the launch.
The Anoma Foundation proposed the initial set of genesis allocations, including a total supply of 1 billion NAM tokens with no lockups, distributed among community members, early contributors, and future development initiatives. This decentralized approach ensures that the network’s launch and ongoing governance remain in the hands of its users.
Namada is poised to support IBC-based assets initially, but can be upgraded in the future to support additional ecosystems, with the aim of becoming the data protection layer for the entire multichain ecosystem.
About Namada
Namada is the shielded asset hub rewarding users to protect the multichain. By leveraging advanced zero-knowledge cryptography, Namada enables selective disclosure of personal data, offering unparalleled data protection across assets, applications, and blockchain networks. It introduces shielded cross-chain interactions and shielding rewards for users who protect their data and strengthen its shielded set.
Contact PR Representative Patrick Kennedy Serotonin patrick@serotonin.co
This article was originally published on Chainwire