Blockchain Privacy Solution, Automata Network, Rolls Out Its Mainnet With A $20 Million Incentive Program
Decentralized service protocol, Automata Network rolls out its mainnet alongside a $20 million ecosystem incentive program aiming at boosting the development growth in the future.
In a statement released on Monday, Automata Network confirmed the successful launch of its mainnet following a three-year development phase. The mainnet is the work of crypto industry leaders who joined the project through invitation-only programs such as Web3 Foundation Grant, Web 3.0 Bootcamp, and the Berkeley Blockchain Xcelerator.
Additionally, Automata will be launching its ‘Automata Ecosystem Incentive Program’, a $20 million fund aiming to shape and improve its privacy-enhanced middleware solution via incentivizing the best of developers building on its platform. The main focus of the program is to identify and support projects that further the core mission of Automata Network – providing fair, secure, and privacy-enabled Web 3.0 applications.
The incentive program offers to fund high-quality contributors on Automata Network working on furthering its goals including developers directly building solutions on its middleware services, research and education on key issues influencing Automata’s growth, and creation of tools/ modules/ extensions/ libraries for products on Automata, a statement from the team reads.
The massive strides taken by Automata lies in support from top crypto VCs who have contributed over $3.4 million in funding the development of the platform. Some of the investors include Jump Trading, KR1, Alameda Research, IOSG Ventures, Divergence Ventures, and GBV Capital.
Automata Network offers a private middleware service for DApps built on Web 3.0 – and has already integrated Ethereum and Polkadot. Speaking on the importance of privacy in promoting mainstream adoption of crypto, Deli Gong, co-founder of Automata Network said,
“In a way to be expected, crypto has shaped and incentivized finance around the strength of communities, but for this human coordination to scale, privacy is sorely needed.”
Following the launch of the Automata Ecosystem Incentive Program, developers will be able to combine unbeatable privacy with decentralized finance (DeFi) “to truly bring applications into the Web 3.0 layer,” Gong added.
The incentive program aims to highlight and enhance the projects and products being built on the Automata Network ecosystem while advancing the privacy-first ethos of Web 3.0. According to the team, in the future, developers building on the platform will have enough funding to offer users a new range of solutions, applications, and business modules emerging at the intersection of privacy and DeFi. Shortlisted projects for the funding will receive support from the Automata team including technical mentoring, and marketing outreach to catalyze their early-stage development.
The mainnet launch will be a critical step in the growth of Automata as a privacy solution for Web 3.0 applications. Over the next few months, the project plans to add more functionalities and features on the platform including onboarding of the first wave of Automata-developed middleware services, external integrations of community-maintained nodes, and upgrading to Nominated Proof of Stake consensus before fully decentralized governance begins.
So far, Automata has integrated top projects promoting decentralization and privacy such as Conveyor, a privacy-enhanced middleware solution that minimizes Maximal Extractable Value (MEV), XATA, a fair liquidity protocol that works independently of any miner bribes or modifications, and Witness, and off-chain governance solution with privacy features that has supported over 13 industry projects, including Polygon Network, Moonbeam Network, and Avalanche.