The privacy-focused layer-one blockchain project Namada has launched its mainnet and announced a distribution of native tokens among active community participants.
One shield to protect them all. One shield to guard the multichain.
NAMADA IS LIVE. SHIELDS UP! pic.twitter.com/uu22jk9vb3
— Namada (@namada) December 3, 2024
The first phase of the process includes the launch of staking and on-chain governance capabilities.
Namada is an autonomous multichain network focused on privacy. The blockchain employs zero-knowledge proof technology, enabling cryptocurrency transfers between the Cosmos and Ethereum ecosystems without revealing on-chain data.
The protocol allows developers and users to set their own privacy parameters for any compatible assets, decentralized applications, and entire blockchains without requiring changes to existing code.
The blockchain’s consensus mechanism, known as Cubic Proof-of-Stake (CPoS), involves a detailed penalty system for validators. Network fees can be charged in multiple tokens, the list of which will be determined by developers of future applications.
The project was founded by the non-profit Anoma Foundation, which secured $57.75 million in funding from Polychain Capital, Electric Capital, Coinbase Ventures, and other major players.
Namada is compatible with the IBC (Inter-Blockchain Communication) protocol and the Ethereum Virtual Machine through a “trustless” bridge.
The mainnet launch also includes an airdrop of NAM tokens to active community participants. The ability to transfer coins will be unlocked in the fifth phase of the project’s development, expected in a few months.
The total supply amounts to 1 billion NAM.
Back in December 2023, Namada launched its public testnet.