- Namada unveils a five-part plan roadmap to launch its mainnet.
- The roadmap will be controlled by the community via decentralized governance voting.
In an announcement this Wednesday, Namada, the multi-chain data protection layer 1 blockchain, announced a five-part roadmap for the unveiling of its mainnet network. The five-phase plan proposes a decentralized voting system by the Namada community to push forward the project towards its mainnet launch. Via Namada’s on-chain governance system, the community can participate in voting on how each stage proceeds, with a majority vote needed at every stage.
The five-phase roadmap was unveiled at the ATOMSeoul conference, held in South Korea earlier in the week, by Namada’s co-founder Adrian Brink.
Christopher Goes, the other co-founder of Namada showed his excitement at the launch of the roadmap, thanking the community for their efforts during the testnet phase 9currently still ongoing).
“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,” Goes stated.
Namada Blockchain’s five-phase roadmap plan to mainnet
Namada blockchain offers a shielded asset hub that rewards users for protecting its multi-chain. The platform leverages zero-knowledge cryptography to keep the networks secure and enhance data protection for existing assets, applications and platforms. As more users join, the platform becomes more secure – adding to its shielded cross-chain interactions and passive rewards to incentivize users to secure the network.
The five-phase plan will ensure the platform is enterprise-ready on mainnet launch day, expected at the tail end of 2024. The first phase, “Block Party” will introduce on-chain governance and enable proof of stake. Users will be able to access the genesis balances of Namada’s native token, $NAM, begin staking, and vote on governance proposals.
Once the community is satisfied with the completion of Phase 1, a decentralized governance vote will be held to continue the implementation of Phase 2 – “Staking Party”. During the “Staking Party”, staking rewards will be introduced to the platform, rewarding validators and delegators for their role in securing the network. In addition, the public goods funding will be enabled to support the ecosystem and fund public goods that enhance the overall Web 3 ecosystem. The community will also need to reach a consensus after this phase to proceed to Phase 3.
Phase 3, or the “Shielding Party”, will launch the transfers and shielding of governance-enabled IBC assets. Once the launch of this phase is complete, users can begin shielding or masking token transfers within the Namada blockchain. Additionally, users will have the opportunity to use a first-of-its-kind multi-chain asset shielding platform. A governance vote, like previous phases, will determine the start of the next phase.
The penultimate phase, the “Shielding Rewards Party” will introduce rewards for users who use the platform to shield their governance-enabled assets. This will open up a novel utility that allows users to earn rewards for protecting their data and transactional information. Users can begin collecting rewards for shielding assets and helping to strengthen Namada’s data protection guarantees.
The final stage is the mainnet launch, “$NAM Party”. During this stage, all key functionalities on the platform will be live, allowing external users to join Namada and use the platform freely.
The goal towards decentralized data protection
Namada is designed as a multi-chain network aiming to bring decentralized data protection to several blockchains, starting with Ethereum and the Cosmos blockchains. The blockchain allows users to choose between transparent and shielded transactions and balances. The shielding feature allows users to shield their assets, applications or even entire blockchain transactions via zk technology. This protects users’ data from third parties with state-of-the-art data protection guarantees.
Finally, users are also rewarded for joining the unified shielded pool. By joining the pool, the users contribute to strengthening the shielding actions and get paid for it. The blockchain is currently in its public testnet phase, aiming to streamline the network before the five-phase plan commences.
Image: Namada Blockchain
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