The SEOUL-based KOREA BLOCKCHAIN WEEK Anoma Foundation, a blockchain non-profit, today announced its ambitions to build an independent blockchain for the privacy-focused Namada protocol, extending its private transactions features to any applications developed on that network.
At the Korea Blockchain Week (KBW) in Seoul, co-founder of Namada Awa Sun Yin disclosed the ambitions. Namada would join the ranks of more than 50 other blockchains, which are getting more crowded and competitive.
A blockchain protocol with an emphasis on privacy is called Namada. It employs a system known as zero-knowledge cryptography that enables users to move fungible or non-fungible assets from the Ethereum or Cosmos networks without disclosing their addresses or other on-chain fingerprints. The protocol enables developers to add privacy features to any current assets, decentralised applications, and even entire blockchain networks without changing their existing code.
Awa Sun Yin, co-founder of Namada, stated during a KBW panel that “the lack of privacy in crypto is becoming an existentially threatening centralization point.” The ability to provide the best privacy to every user has been made feasible by recent significant advancements in encryption and a more developed and expanding multichain landscape.
Making privacy possible for everybody in crypto at this time isn’t rocket science anymore; it’s just a matter of prioritisation, continued Awa.