- New Namada blockchain protocol will airdrop its token NAM to Zcash holders.
- Namada is aiming at being the most usable multichain-privacy blockchain network.
As the next step in its growth, Namada, an emerging Layer-1 blockchain protocol has announced its plans to distribute airdrops of its native staking token (NAM) to holders of ZEC, the digital currency of the ZCash blockchain protocol. As reported by Coindesk drawing on the Press Release shared by the protocol, the Namada protocol is looking at going live on the Mainnet next month and will share additional details about the airdrop afterward.
Namada is a multichain privacy protocol, which alongside the ZCash blockchain utilizes the ZK-Proof technology to keep users’ transactions secure and anonymous. With ZK Proofs, users making transactions on ZCash or Namada will be able to validate transactions without revealing additional details about such financial activities.
Namada’s plan to airdrop the NAM tokens to ZCash will be the first of its kind airdrop to ZCash holders and while it is billed for all of the latter protocol’s users, those who have been using the anonymous features of ZCash will be more favored.
With the technology underpinning both ZCash and Namada, users have the flexibility and they can choose to set any transaction as public or private. As described in the release to Coindesk, the airdrop will account for a total of 20% of the initial NAM supply which comes in at exactly 1 billion tokens.
The airdrop is designated as a part of the Namada blockchain’s retroactive public goods funding program. This campaign was designed to support as many individuals, startups, and communities that have helped in actualizing the core aims of the protocol.
“Namada is a new privacy-oriented blockchain that they are about to announce, and, it is intended to be a partner with Zcash and to give back to the Zcash ecosystem in terms of both money and technology,” said Zooko Wilcox, CEO of Electronic Coin Company (ECC), creator of Zcash.
ZCash to Amplify Namada Blockchain’s Ideology
The move by Namada blockchain to send airdrop to members of the ZEC community is one of the visible expressions of strong support to float new and innovative protocols irrespective of whether or not they are competing blockchains.
“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.
As part of its move to further increase its bond, Namada said it has sent a proposal to the ZCash ecosystem, which, if approved, will help foster functional research and development initiatives.
The relationship between ZCash and Namada can be likened to that between blockchain payments firm, Ripple Labs Inc and the Flare Network. Earlier this year, Flare Networks started distributing FLR token airdrops to holders of XRP coin based on snapshots that were carried out more than 2 years ago.
