Mainnet Debut for Cosmos-Linked Namada, Accompanied by Token Distribution Announcement
Namada, a self-governed multi-chain network designed with privacy at its core, has officially launched its mainnet. The project, led by the non-profit Anoma Foundation, aims to bridge the gap between the Cosmos and Ethereum ecosystems while providing a high level of privacy for its users.
The mainnet launch introduces staking and on-chain governance capabilities, allowing developers and users to participate in the decision-making process of the network. The mainnet launch date was set for December 3, 2024, and includes an airdrop of NAM tokens to active community participants.
Namada leverages zero-knowledge proof technology to facilitate cryptocurrency transfers between the Cosmos and Ethereum networks without exposing on-chain data. This technology ensures the privacy of transactions while maintaining the security and transparency of the blockchain.
The unique Cubic Proof-of-Stake (CPoS) consensus mechanism enforces a robust penalty system for validators, ensuring the network's integrity and security. Fees within the Namada network can be paid using multiple tokens, with the accepted assets determined by the developers of future applications.
One of the key features of Namada is the ability for developers and users to customize privacy parameters for compatible assets, decentralized applications, and even entire blockchains, without modifying existing code. This flexibility allows for a wide range of applications to be built on the Namada network while maintaining a high level of privacy.
The financing of the Namada project involved institutions such as the Ethereum Foundation, Paradigm, and Polychain Capital. The Anoma Foundation has secured $57.75 million in funding from backers such as Polychain Capital, Electric Capital, and Coinbase Ventures.
Namada supports Ethereum's Virtual Machine (EVM) via a trustless bridge, enabling seamless integration with existing Ethereum-based applications. The launch of the mainnet also marks the unlocking of NAM token transfers, expected in the coming months.
The public testnet for Namada was debuted in December 2023, providing developers and users with an opportunity to test the network's functionality and features before the mainnet launch. The total supply of NAM tokens is capped at 1 billion.
With the mainnet launch, Namada becomes interoperable with the Inter-Blockchain Communication (IBC) protocol, enabling it to connect with other IBC-compatible blockchains and expand its reach. The launch of Namada's mainnet is a significant step forward in the development of privacy-focused blockchain technology.
