Namada Launches Mainnet, Introducing Shielded Cross-Chain Transactions | BinanX News

[PRESS RELEASE – Zug, Switzerland, December 3rd, 2024]

in the mailThe protected asset hub that enables cross-chain secured transactions, has officially published its genesis block, marking the launch of its mainnet. Along with the beginning of participation and governance, this marks the beginning of the first phase of Namada’s strategy. five stages Decentralized mainnet implementation. This marks an important step forward, offering comprehensive data protection and selective disclosure across the multi-chain 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 (MASP), can support the shielding of user data related to any asset, enabling protected interactions between different blockchain networks. Namada enables selective disclosure, giving users the ability to share transaction data publicly and with specific parties. Additionally, Namada is introducing an exclusive protection reward system for users who protect their personal data.

“The Namada mainnet is a significant achievement for the many contributors and community members who have worked hard to take Namada from an initial idea to an actual operational protocol,” said Christopher Goes, co-founder of Namada. “Individual control of data and freedom of disclosure are necessary for a free society. “We’re not there yet, but the Namada mainnet is an important step in the right direction.”

The launch is completely decentralized, with the Anoma Foundation Support the Namada ecosystem by proposing mainnet candidate software and genesis balances. However, the Foundation refrains from running validators, ensuring that the Namada community retains full control over the launch and direction of the platform.

“Namada is an important missing link for the crypto space. Real adoption has been held back by a lack of user control over sensitive data,” said Namada co-founder Adrian Brink. “Namada’s goal is to provide individual and institutional users, who may have been waiting on the sidelines, the same freedoms and protections they have off-chain.”

Namada Key Features

Namada introduces a set of innovative features designed to protect user data while enabling secure and seamless cross-chain interactions:

• Protection Rewards: Namada’s Multi-Asset Protected Pool (MASP) supports data shielding for multiple assets within a unified protected pool. Users earn protected set rewards for protecting their assets and improving on-chain data protection for everyone.
• Protected actions: Users can participate in cross-chain activities, such as DeFi, while keeping their personal data protected. User data is protected even when interacting with transparent chains and dApps.
• 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 Financing (PGF): A portion of NAM inflation is dedicated to financing public goods, supporting projects that benefit the broader Namada ecosystem and beyond.
• Cubic Proof-of-Stake (CPoS): Namada’s unique staking mechanism incentivizes network security by adjusting staking rewards based on the network’s current staking rate. Validators and delegates are rewarded for protecting the network, with penalties for protocol violations designed to discourage collusion and improve overall security.

Community Driven Genesis Process

This process will unfold in five stages, each driven by community decisions through chain governance. Discussions have been held within Namada on mainnet release candidate software, configurations, draft genesis block and tokenomics. community forumensuring 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 lock-free NAM tokens, distributed among community members, early contributors, and future development initiatives. This decentralized approach ensures that the launch and ongoing governance of the network remains in the hands of its users.

Namada is set to support IBC-based assets initially, but may be updated in the future to support additional ecosystems, with the goal of becoming the data protection layer for the entire multi-chain ecosystem.

About Namada

in the mail It is the secured asset hub that rewards users for securing multi-chain. By leveraging advanced zero-knowledge cryptography, Namada enables selective disclosure of personal data, offering unparalleled data protection across blockchain assets, applications and networks. It introduces protected cross-chain interactions and protection rewards for users that protect their data and strengthen their protected pool.