Automata Network, a middleware service for decentralized applications on Ethereum and Polkadot, announced the official launch of its mainnet alongside a $20 million incentive fund to help grow its network. According to a statement, the incentive program aims to identify and sponsor projects built on the network, which will further the goal of blockchain privacy and promote a “fair and responsible Web 3.0”.
Following a three-year development phase, Automata Network finally launched its mainnet working with leading firms in the crypto industry including Web3 Foundation Grant, Web 3.0 Bootcamp, and the Berkeley Blockchain Xcelerator. The Automata Network Ecosystem Incentive Program has raised over $3.4 million from top crypto venture capital firms including Jump Trading, KR1, Alameda Research, IOSG Ventures, Divergence Ventures, and GBV Capital.
Currently ranking as the 352nd largest cryptocurrency, Automata Network provides a decentralized service protocol that provides middleware services for dApps on Ethereum and Polkadot to achieve traceless privacy, high assurance, and frictionless computation. The latest mainnet launch will preserve and shape crypto’s main ethos of privacy and solve pertinent privacy issues surrounding the blockchain ecosystem.
Speaking on the mainnet launch and the new incentive program, Deli Gong, Co-founder at Automata Network remarked,
“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. With the rollout of our Mainnet and the launch of the Automata Ecosystem Incentive Program, we’re proud to support DeFi with the privacy it so deserves to truly bring it into the Web 3.0 layer.”
The Automata Ecosystem Incentive Program will enhance the development of the network and support developers building on the platform. The incentive program aims to sponsor and mentor high-quality developers building on Automata’s middleware services, research, creation of modules, and education on blockchain projects’ privacy enhancements to give users a true sense of the growing Web 3.0 ecosystem.
As the first of its kind platform, Automata’s incentive program aims to partner with developers and projects building along with its vision and providing support across milestone funding, technical mentoring, and marketing outreach to catalyze their early-stage development. Notwithstanding, the incentive will introduce new features, solutions, DApps, and business models built to enhance privacy and decentralized finance.
Leveraging the XATA platform, a Fair Liquidity Provisioning Protocol, and Conveyor, a middleware solution that minimizes Maximal Extractable Value with ordered privacy, the platform will offer decentralized governance of the platform to ensure transparency and independence of miners on the platform. Additionally, the platform also leverages Witness, an off-chain private solution for participants to vote without revealing either their identity or preference in blockchain governance. The platform has supported over 13 industry projects, including Polygon Network, Moonbeam Network, and Avalanche.
Following the mainnet launch, the Automata development team aims at advancing the features, functionalities, and solutions available to the users. Some of the planned developments include external integrations of community-maintained nodes, onboarding the first wave of Automata-developed middleware services, and the eventual upgrade to Nominated Proof of Stake consensus before fully decentralized governance begins.
Recently, the Automata team launched its Node Championship games awarding winners 2,000 $ATA tokens (the native token) in an aim to boost the nodes available on the network.