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Anoma Foundation Plans to Launch Privacy-Focused Namada Blockchain
The mainnet joins the ranks of at least 50 other blockchains in the crypto ecosystem as of Tuesday.
Updated Sep 14, 2023, 5:36 a.m. Published Sep 6, 2023, 9:12 a.m.
KOREA BLOCKCHAIN WEEK, SEOUL — Blockchain non-profit Anoma Foundation today said it plans to create a standalone privacy-focused blockchain Namada that would support private transactions and features for any existing applications or networks.
Namada co-founder Awa Sun Yin revealed the plans at the Korea Blockchain Week (KBW) in Seoul, attended by CoinDesk. Namada would join the increasingly competitive and crowded ranks of over 50 other blockchains but differs with its privacy-focused approach.
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Namada is a blockchain protocol with a focus on privacy. It uses a technology called zero-knowledge cryptography that allows users to transfer fungible or non-fungible assets from Ethereum or Cosmos networks without revealing their addresses or other on-chain footprints.
The protocol lets developers or users attach its privacy features to any existing assets, decentralized applications, and or even entire blockchain networks—without requiring alterations to their existing codebase.
“The lack of privacy in crypto is becoming an existentially threatening centralization point,” said Awa Sun Yin, co-founder of Namada, during a KBW panel. “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,” Awa added.
The Namada mainnet launch is scheduled for Q4 this year, representatives told CoinDesk in a follow-up message.
UPDATE (Sept. 14, 05:35 UTC): Corrects to say Namada is a standalone blockchain and not a protocol. Adds details.
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