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Anoma Foundation's Ambitious Project: Creating a Native Blockchain for the Privacy-Centric Namada Protocol

Sep 6, 2023 at 04:20 pm

The mainnet launch marks a significant addition to the ever-expanding array of blockchain networks within the cryptocurrency ecosystem, with over 50 such networks currently in existence.

KOREA BLOCKCHAIN WEEK, SEOUL — The Anoma Foundation, a blockchain-focused non-profit organization, has announced its ambitious plan to develop an independent blockchain tailored for the privacy-centric Namada protocol. This blockchain endeavor aims to extend the protocol's advanced privacy features to any application operating on its network.

Awa Sun Yin, one of the co-founders of Namada, unveiled these strategic intentions during the Korea Blockchain Week (KBW) held in Seoul, where Bitsday was in attendance. Namada's entry into the blockchain arena adds to the ever-growing pool of more than 50 competing blockchain networks.

Namada stands out as a blockchain protocol that places a strong emphasis on privacy. It leverages zero-knowledge cryptography technology, enabling users to conduct transfers of both fungible and non-fungible assets from Ethereum or Cosmos networks without exposing their addresses or leaving other on-chain traces.

What sets Namada apart is its unique capability to empower developers to integrate its privacy features into existing assets, decentralized applications, or even entire blockchain networks, all without necessitating substantial alterations to their existing codebase.

Awa Sun Yin emphasized the critical importance of addressing the privacy issue in the cryptocurrency realm, characterizing it as a centralization vulnerability with existential implications. During a panel discussion at KBW, Awa Sun Yin, the Namada co-founder, stated, "In recent years, we've witnessed significant advancements in cryptography, coupled with a more mature and expanding multichain landscape, which has made it feasible to provide top-tier privacy to every cryptocurrency user."

"At this juncture, making privacy accessible to anyone in the cryptocurrency sphere is no longer a complex task; it's a matter of prioritization," Awa added, underscoring the mission's significance.

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