The Anoma Foundation, a charitable organization focused on blockchain technology, made public its plans for the Namada mainnet on September 6 at Korea Blockchain Week in Seoul, one of the co-founders of Namada, Awa Sun Yin revealing the news.
Namada is a blockchain system that runs at the Layer-1 level, with the primary focus being on asset-neutral privacy across various blockchains.
The implementation of cutting-edge zero-knowledge cryptography by Namada, can accommodate any fungible or non-fungible assets from Ethereum or Cosmos chains and maintains the integrity of multichain transactions, is one of the primary differentiators that sets Namada apart from its competitors, as per the latest information shared with Finbold.
Namada composable privacy
Namada is revolutionary in the way it approaches problems and overcomes traditional restrictions by introducing the concept of composable privacy. This feature makes it possible to retrofit current assets, decentralized applications, and even entire blockchain networks with privacy features in a seamless manner, without having to make any changes to the fundamental architecture of these things.
Namada assures that user privacy is not compromised in any situation, including those in which users are interacting with decentralized applications or transparent chains that do not have their own native privacy protections. This high level of privacy integration is made possible through a cutting-edge feature called “shielded actions,” which enables users to have confidential interactions across a variety of platforms and applications.
Co-founder of Namada, Awa Sun Yin stated:
“The lack of privacy in crypto is becoming an existentially threatening centralization point. In recent years, we’ve seen large improvements in cryptography, combined with a more mature and growing multichain landscape – making it possible to make the best privacy accessible for any user. At this point, making privacy practical for anyone in crypto is no longer rocket science – it’s a matter of prioritization.”
As of December 2022, Heliax, the blockchain R&D corporation behind both Anoma and Namada, has coordinated the largest trusted setup ceremony ever, with a staggering 2,510 people. Namada has also passed public testnets that were known for their difficulty, gaining the attention of over 200 independent and institutional validators.
In the near future, more details will be shared on Namada’s official debut, roadmap to mainnet, token economics, and genesis proposal.