Bittime - Namada, a Layer 1 public blockchain focused on cross-chain privacy, has released governance-based mainnet launch plan. The plan involves launching the network in five stages, which will be run in a decentralized manner by the Namada community through Namada's on-chain governance system.
Namada Mainnet Launching in Five Phases
The multi-phase plan was announced by Namada co-founder Adrian Brink at the Atom Seoul conference on April 1. Each stage will focus on a different aspect of network development and will require approval from the Namada community through voting. The following are the stages of launching the Namada mainnet.
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Stage 1: Block Party
The first stage is Block Party. At this stage, Namada will introduce on-chain governance and enable proof-of-stake (PoS). Users will be able to access the initial balance of Namada's native token, NAM, initiate staking, and vote on governance proposals. Once enough governance participants agree to proceed to stage two, the next stage of the Namada mainnet launch will begin.
Also Read: What is Proof of Stake (PoS)?
Stage 2: Staking Party
In the second stage, Staking Party, Namada will introduce staking rewards for delegators and validators. Public goods funding will also be activated to support the growth of the Namada ecosystem, as well as fund public goods projects outside the ecosystem. Participation in governance is again required to reach consensus before starting the third stage.
Also Read: What are Staking Rewards?
Stage 3: Shielding Party
In the third stage, namely Shielding Party, the transfer and shielding of IBC assets that support governance will be activated. Users can start protecting tokens in Namada's first multi-asset protected pool and familiarize themselves with the network's data protection features. As before, a governance vote will determine when the next stage of the mainnet launch can begin.
Also Read: What is Proof of Work (PoW)?
Stage 4: Shielding Rewards Party
The fourth stage is the Shielding Rewards Party, which introduces shielding rewards for assets that support governance. This is the industry's first system designed to reward users for protecting their data. During this stage, users can start collecting rewards to protect assets and help strengthen Namada's data protection guarantees.
Also Read: What is a Shielded Address?
Stage 5: NAM Party
In the fifth stage, namely NAM Party, Namada will activate the transfer of NAM tokens. At this stage, all major network functions will be operational, with the focus then shifting to developing a unified pool of protected assets.
Also Read: Layer 1 vs Layer 2 Blockchain, What's the Difference?
Namada: Data Protector for Multiple Blockchains
Namada co-founder Christopher Goes stated that they are happy to share Namada's mainnet launch plans with the community. He also wanted to thank everyone who participated in Shielded Expedition, the incentive testnet.
As an independent Layer 1, Namada serves multiple blockchain networks, starting with the Cosmos and Ethereum ecosystems. As the Namada ecosystem expands, its multi-asset protection features will bring leading data protection assurance to any network and asset.
This will not only support the creation of dApps that protect users' personally identifiable information, but will also support data protection to existing transparent blockchains and dapps.
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Towards a Community-Driven Mainnet Launch
Namada is currently in the public testnet stage, where validators perform stress tests on the network. Once complete, the genesis block proposal will be published and discussed by the community before entering the launch process. All major decisions will be handed over to the Namada community and will be carried out through the governance system built in Namada.
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What is Layer 2 in Blockchain? How Layer 2 Blockchain Works & Coins
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