Namada, a new blockchain that focuses on multichain privacy, has proposed an airdrop of its upcoming Namada staking token (NAM) to holders of zcash (ZEC), the cryptocurrency native to privacy-focused blockchain Zcash, according to a release shared exclusively with CoinDesk.
This will be the first ever direct airdrop to shielded ZEC holders – zcash users who choose to keep their transaction details private. They will not only be able to anonymously claim the NAM, but also receive more of it than transparent ZEC holders (who will also be recipients of the airdrop).
Both Namada and Zcash use zero-knowledge proofs (ZK-proofs), a type of cryptography, to verify transactions without revealing the sender, receiver or the transaction amount. ZK-proofs are a technique for proving the validity of information without revealing the information itself. ZEC users can either keep transaction details confidential (shielded) or public (transparent).
The Anoma Foundation, the organization behind Namada, says it’s targeting a May 2023 mainnet launch, after which the exact timing and mechanics of the airdrop will be finalized. The foundation also stewards Anoma, a separate privacy-preserving protocol.
The airdrop will be part of Namada’s retroactive public goods funding – a way of giving back to specific projects and communities such as Zcash, that have contributed to Namada’s technology. The foundation will allocate at least 20% of the initial NAM supply – projected to be 1 billion NAM – to retroactive public goods funding.
“They are giving to the entire Zcash community and ecosystem at evvel, in a credibly neutral way,” said Zooko Wilcox, CEO of Electronic Coin Company (ECC), creator of Zcash.
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Namada and Zcash have proposed an alliance to their respective communities for the purposes of collaborating on research and development.
“Namada couldn’t have come into existence without the technical contributions and socio-economic program of the Zcash community,” said Christopher Goes, a board member of the Anoma Foundation.