Automata network unveils mainnet and $20M ecosystem incentive program

Automata network launched its official mainnet of an ecosystem incentive worth $20 million. This is after working for three years with industry leaders.

Mainnet launch will make most features available to its users.

Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

This program’s support contributions were from Web3 Foundation grant, Berkeley Blockchain Xcelerator, and Web 3.0 Bootcamp via an invite-only program, with more than $3.4 million coming from distinguished investors.

The investors included IOSG Ventures, Divergence Ventures, Alameda Research, KR1, Jump trading, and GBV Capital.

Automata network unveils mainnet

The mainnet launch is a vital step in Automata’s roadmap.

It comes with several benefits including onboarding the first wave of Automata-developed middleware services. Integrating the external community-maintained nodes, and upgrading to the Nominated Proof-of-Stake (NPoS) consensus mechanism.

Upgrading to NPoS will however happen just before the network fully switches to decentralized governance.

Automata Ecosystem Incentive program

The main objective of the Automata Ecosystem Incentive program is to supplement the privacy ideologies of Web 3.0 by highlighting the key products and use cases that link up with its ecosystem.     

According to Automata Co-Founder:

‘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 long-term goal will be to have business models, new solutions, and applications that will help in interconnecting DeFi and privacy-focused products.

Automata network intends to partner with projects to support them hit their future milestones like marketing outreach, milestone funding, and technical monitoring.

Automata’s privacy-focused product collection will cub critical issues arising from blockchain’s transparency.