Namada Officially Marks Mainnet Launch, Enabling Shielded Cross-Chain Transactions
Namada, the innovative shielded asset hub facilitating secure cross-chain transactions, has proudly unveiled its genesis block, signaling the launch of its mainnet. With the launch of staking and governance, we are witnessing the initiation of the first phase in Namadas ambitious five-stage decentralized mainnet rollout. This represents a significant advancement, providing robust data protection and targeted disclosure throughout the multichain ecosystem.
Unveiling Namada
Namada is crafted to safeguard users data while interacting with on-chain assets and participating in cross-chain transactions. The groundbreaking Multi-Asset Shielded Pool (MASP) introduces a revolutionary way to safeguard user data across various assets, facilitating secure interactions across multiple blockchain ecosystems. Namada empowers users with selective disclosure, allowing them to share transaction data with designated parties publicly. Namada is rolling out an innovative shielding rewards system designed for users who prioritize protecting their data.
Namadas 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 arent there yet, but the Namada mainnet is an important step in the right direction.
The launch is entirely decentralized, with the Anoma Foundation backing the Namada ecosystem through the proposal of the mainnet candidate software and genesis balances. The Foundation deliberately refrains from operating validators, empowering the Namada community to maintain complete authority over the platforms launch and trajectory.
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: Namadas 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 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 networks evolution.
- 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 Proof-of-Stake (CPoS): Namadas unique staking mechanism incentivizes network security by adjusting staking rewards based on the networks 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.
Genesis Process Fueled by the Community
The journey will progress through five stages, each propelled by community choices through on-chain governance mechanisms. Conversations surrounding the mainnet release candidate software, configurations, genesis block draft, and tokenomics have been actively happening in the Namada community forum, fostering a transparent, decentralized, and collaborative approach to the launch.
The Anoma Foundation proposed the initial set of genesis allocations, including 1 billion NAM tokens with no lockups, distributed among community members, early contributors, and future development initiatives. This decentralized model guarantees that the networks initiation and continuous management are firmly in the control of its community members.
Namada is set to initially back IBC-based assets, with the potential for future upgrades to encompass a broader range of ecosystems. The ultimate goal is establishing itself as the data protection layer for the entire multichain landscape.
Text source: ZyCrypto
