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The data protection Layer 1 blockchain will launch its mainnet in five steps, allowing the community to conduct a decentralized governance vote for each phase of the launch.
Namada, a Layer-1 blockchain that provides data shielding for assets, applications and blockchains, announced the launch of its mainnet at the ATOMSeoul conference held on April 1, 2024. Namada co-founder Adrian Brink unveiled a five-stage roadmap plan for the launch, with each stage requiring a governance vote from the community to go through. The five-step roadmap includes the ‘Block Party’, Staking Party’, ‘Shielding Party’, ‘Shielding Rewards Party’, and ‘NAM Party’, which will signify the mainnet going live.
The multi-chain data protection blockchain aims to provide users’ assets, applications, and blockchains with private and secure transactions and balances by leveraging zero-knowledge cryptography. Currently in its public testnet phase, Namada serves the Cosmos and Ethereum ecosystems and plans to add other blockchains in the future. The platform will not only support the creation of DApps that protect users’ personally identifiable information but will also retrofit data protection to existing transparent blockchains and other platforms.
Speaking on the launch of its five-phase plan, Christopher Goes, co-founder of Namada, thanked the community’s support so far stating:
“We'd like to thank everyone who has been participating in the Shielded Expedition incentivized testnet and stress-testing the protocol - your support is invaluable - and we hope to move forward together with the next steps along the road to bring data protection to the multichain landscape."
The first phase of Namada’s mainnet launch – “Block Party” – will introduce decentralized governance voting and enable a proof of stake (POS) consensus mechanism. This will allow users access to the genesis balances of the $NAM token, Namada’s native token, and they can begin staking, and voting on governance proposals from the community.
Once complete, the community will conduct a decentralized governance proposal on the launch of the second phase – “Staking Party”. If successful, the ‘Staking Party’ will introduce staking rewards for delegators and validators. In addition, the platform will also launch its public goods funding, which will support the development and growth of the Namada blockchain as well as other projects outside the ecosystem. Then another governance vote will be carried out to launch Phase 3.
Phase 3, or the “Shielding Party”, is the stage in which users will be allowed to participate in the unified shielding pool. Here, users can begin shielding multiple assets, applications and blockchain transfers and familiarize themselves with the network’s data protection features. Once the multi-chain shielding actions are fully launched, stakers can vote on launching the penultimate stage.
The “Shielding Rewards Party” is the fourth phase, which introduces rewards to those who participate in shielding actions. This boasts as an industry-first “protect-to-earn” module, designed to reward users for protecting their data. At this stage, users can begin earning rewards for shielding actions, as they help strengthen Namada’s data protection guarantees.
Once the final governance vote is complete and the community agrees, Namada will launch the last phase of its mainnet launch, the “NAM Party”. This will represent a full-scale launch of the platform when all the features on Namada go live. Once live, the community will turn its focus to growing the unified shielded set and providing data protection and privacy to its users.
The five-phase plan will commence once the testnet period is complete. A genesis block proposal will be published, discussed, and voted for by the community before moving into the launch process.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
