Manta Network is another Layer 1 blockchain that employs ZK technology. So, what exactly is Manta Network? Let’s learn about this project with Coincu.
What is Manta Network?
Manta Network is a Layer 1 blockchain built on Polkadot’s Substrate platform that employs zkSNARK technology for anonymity, cross-chain interoperability, and high speed. Manta, for instance, operates in parallel on both Polkadot and Kusama networks, with Manta Network operating on Polkadot and Calamari Network running on Kusama.
A team of seasoned entrepreneurs from major universities such as Harvard, MIT, and Algorand built the idea. During 2019, the team has been doing research on Zero Knowledge Proof as part of a cross-border payment research project funded by the MIT Digital Currency Project and the Monetary Authority of Singapore. Several of the leading web3 investment funds, including Binance Labs and Polychain Capital, have invested in Manta Network, which has expanded via participation in the greatest web3 accelerators, including Alliance DAO and Berkeley Blockchain Xcelerator.
The DeFi protocol is the most desired path in the crypto industry, providing all of the advantages of decentralization and anonymity while also having some privacy problems, scalability, and usability.
The majority of these issues have been resolved by the Manta Network project team. One example is when it is important to demonstrate the validity of the transaction to the verifier without disclosing parameters such as the amount, address, and other characteristics. Users have complete control over their assets and data, and they make choices about who they disclose to.
Some Manta Network features coming in the future:
Manta Network has created a cryptographically safe decentralized personal exchange and payment mechanism based on zk-SNARK. Manta Network is the first decentralized private exchange and payment organization that is solely built on cryptographic assumptions. Manta, unlike other decentralized exchanges like as Uniswap and Curve, is compatible with Parachain tokens (including stablecoins) and provides total anonymity.
It is unquestionably more secure than private commercial TEE-based devices in today’s world, when security equipment has been repeatedly exposed to flaws and assaults. In contrast to public networks such as Findora, which likewise do not need demonstrations of expertise,
Manta Network is the first decentralized exchange that employs zk-SNARK to improve privacy among existing DeFi solutions. zk-SNARK may already be used to provide total end-to-end anonymity – the sender can validate the transaction without exposing the amount, transaction address, or other data. Manta ensures that users and transactions remain entirely anonymous. The agreement is open source and audited, which helps lower the cost of trust while simultaneously keeping the system safe. Please see the table below for a technical comparison (bold equals better):
DeFi is a realistic blockchain application that acts as an alternative to conventional finance while providing all of the advantages of transaction decentralization. Nevertheless, DeFi still has certain drawbacks, including security, access to new user files, and restricted scalability.
Manta Network was created to address these issues adequately. Users have complete control over their assets and information, like funds, wallet addresses, and so on, and may choose whether or not to disclose their information to other parties. In addition, the project will issue a privacy token with a 1:1 correlation to the values of other underlying tokens and stablecoins. Manta Network’s DeFi devices will employ these privacy tokens.
Moreover, by implementing ZKP Manta, it is feasible to safeguard the privacy of on-chain transactions, as well as scale the privacy in a more distributed and hardware-independent way.
Manta Network’s current products include:
- Decentralized Anonymous Payment (DAP) protocol: This is a decentralized anonymous payment protocol that enables users to trade Polkadot tokens for zk-SNARKs privacy tokens. On Manta Network’s DeFi products, users will pay using privacy tokens, which can be exchanged for native tokens.
- Decentralized Anonymous Exchange (DAX) protocol: On the Manta Network platform, users may exchange privacy tokens anonymously with one another. The exchange’s pricing strategy for privacy tokens will be identical to that of standard AMMs.
Interoperability and combination
Unlike decentralized exchanges (DEXs) like Uniswap and Curve, Manta Network supports Parachain tokens (including stablecoins) while offering users total asset privacy. Manta Network can connect with other Layer-1s in the Polkadot ecosystem thanks to the cross-consensus messaging (XCM) method.
In contrast to public blockchains that use Zero-Knowledge Proof (ZKP) technology, such as Findora, Manta Network may handle numerous cross-chain assets in the Polkadot ecosystem. Manta Network, at the same time, eliminates repeated efforts in the development of Polkadot’s consensus layer ecology.
Manta Network is currently the only anonymous DeFi system that is compatible with all asset classes, including stablecoins, and offers security via encryption rather than hardware.
MantaPay is a decentralized mobile payment service that enables users to make and receive payments quickly and securely. The software is based on the Manta Network, a decentralized platform for producing and exchanging digital assets, and its native token is the Manta Coin (MANTA). It uses a BYOT (Bring your own token) concept, which allows users to privatize and trade with many cryptocurrencies.
NFT Private Offering (NPO) is set to revolutionize how users generate and mint zkNFTs/zkSBTs. NPO is an NFT/SBT launchpad that leverages the Manta Network’s zkAddress tooling and the MantaPay ZK circuit to privately mint NFTs/SBTs on zkAddress while using public tokens to pay minting fees.
Subscan is a high-precision Web3 explorer for browsing blockchain data from Substrate-based networks such as Manta Network. Subscan offers tailored services for the ecological network, such as an EVM module and many tokens. Subscan also offers reliable API services, data visualizations, and user-friendly tool apps.
XCM(Cross-Consensus Message Format (XCM) aims to be a language to communicate ideas between consensus systems.
Axelar delivers secure cross-chain communication for Web3, enabling users to interact with various blockchains, applications, and crypto assets.
AsMatch is the world’s first astrology-based Web3 socialfi matching app built for mobile. AsMatch is an innovative Web3 mobile app that combines AI-generated content (AIGC), zero-knowledge proofs (ZKPs) and zkSBTs powered by Manta Network, and a match-to-earn model with token incentives on BNB Chain. The app’s powerful astrology-focused matching engine connects users for dating, social networking, professional connections, and making new friends.
Talisman is a user-friendly wallet built for Polkadot & Ethereum.
Subwallet is a Web3 Extension Wallet for the Polkadot & Kusama networks.
Polkadot.js is a browser-based vault for the management of your account keys.
zkAddress is the public key for the zkAssets. It is not disclosed in any zk-transaction on-chain, thus, an observer cannot associate a zk-transaction on-chain with an zkAddresses unless the sender or the receiver of the transaction grants the viewing key to the observer.
zkAssets are a new crypto asset class where privacy, integrity, and access policy are guarded by zero-knowledge proofs. It has the following properties: flexible asset types, privacy by default, disclosing at will, configurable aasset policy.
The Signer is a secret manager and zero-knowledge proof generator used with Manta Network, Calamari Network, and Dolphin Testnet.
Zero-Knowledge Cryptography Infrastructure Stack.
Web3Go is an all-in-one open data analytics and service platform where everyone can grasp the value behind blockchain data.
Subsquid is the most dev-friendly way to develop and deploy custom GraphQL APIs and ETLs for advanced blockchain use cases.
AllianceDao is the leading Web3 accelerator and founder community.
Longhash is a web3 Venture Fund & Accelerator, building with founders since 2018.
Berkeley Blockchain Accelerator
Berkeley Blockchain Accelerator is a joint venture by three premier organizations on the UC Berkeley campus – Berkeley Engineering, the Berkeley Haas School of Business and Blockchain at Berkeley.
Based in Hong Kong, Singapore, and New York, Moonshot Commons is a global builder community for Gen-Z engineers in Web3.
ZPrize is aimed at accelerating the advancement of ZKP technology.
Substrate Builder Program
The Substrate Builders Program identifies, supports, and mentors current and potential Substrate-related projects.
Web3 Foundation Grant
The Web3 Foundation Grant program aims at nurturing cutting-edge applications for decentralized web software protocols.
Jump Crypto, a division of the Jump Trading Group, is a global leader in web3 infrastructure development and investment.
Protocol Labs is an open-source R&D lab, building protocols, tools, and services to radically improve the internet.
Cysic designs cutting-edge chips and hardware specialized in accelerating ZKP performance.
RISC Zero is a zero-knowledge verifiable general computing platform based on zk-STARKs and the RISC-V microarchitecture.
Universal Privacy Alliance
The Universal Privacy Alliance seeks to advance the understanding of privacy as the very basis of free and flourishing digital societies.
Moonbeam delivers complete Ethereum compatibility within a Polkadot parachain environment, so developers can continue to use the programming languages and tools they’ve grown used to — but within a fast-growing and scalable Layer 1 chain.
Acala is a decentralized finance network powering the aUSD ecosystem.
The vision of our Phala is to become the world’s largest P2P computing network, a standard decentralized computing cloud based on Web3.
RMRK is a set of NFT legos that give NFTs infinite extensibility, hosted on the Kusama blockchain, Polkadot’s canary network, without the need for parachains or smart contracts.
MANTA & KMA token
Key metrics MANTA token of Manta Network
- Token Name: MANTA Token
- Ticker: MANTA
- Blockchain: Manta Blockchain.
- Standard Token: Manta Network’s native token.
- Token type: Governance & Utility
- Total Supply: 1,000,000,000 MANTA
- Circulating Supply: not live yet.
Key metrics KMA token of Calamari Network
- Token Name: KMA Token
- Ticker: KMA
- Blockchain: Calamari Blockchain.
- Standard Token: Calamari Network’s native token.
- Token type: Governance & Utility
- Total Supply: 10,000,000,000 KMA
- Circulating Supply: 1,360,000,000 KMA.
- Mint Mining: 38%
- Dev Funds: 18%
- Backers: 21%
- Team: 10%
- Future Sales: 8%
- Advisors: 5%
- PLO Supply: 30%
- Lockdrops: 20%
- Liquidity Mining: 20%
- Dev Fund: 15%
- PLO Reserve: 10%
- Marketing: 5%
Launching MantaPay on Calamari . Network
Host a ZK Event at ETH Denver
Manta Network launches mainnet.
You can find the up-to-date version of the project roadmap here.
Manta Network was created by an experienced and high-quality team that includes academics and researchers from major colleges such as Harvard and MIT. Among them are three founders who are key members of the core team and have made significant contributions to the growth of Manta Network:
- Shumo Chu is a cryptographer with substantial industry expertise, having previously worked as a scientific researcher at Algorand. He has collaborated with several of the world’s leading cryptographers and has received the Turing Award, the most prestigious prize in computer science.
- Kenny Li is an MBA graduate business manager from MIT Sloan with over ten years of startup growth expertise. He has been involved in Blockchain initiatives since 2013 and has strong knowledge of Bitcoin.
- Victor Ji is a former YC China researcher with a master’s degree in economics from Harvard. He is primarily responsible for Manta Network’s product.
Investors and partners
February 2, 2021: Manta Network conducts its first funding round of $1.1 million, led by the Polychain fund.
October 19, 2021: Manta Network continues to raise $ 5.5 million for the second time, led by ParaFi and Coinfund funds.
November 16, 2021: Manta Network successfully raised USD 28.8 million through the Squad Game Community Token program from the community. Of which, 80 million MANTA tokens (accounting for 8% of the total supply) were exchanged by the community.
February 17, 2022: Binance Labs announced a strategic investment in Manta Network, but the amount of capital was not disclosed.
Manta Network has a number of renowned blockchain industry partners, including Acala, Parallel or Polkadot, and Dora Factory.
Manta operates in the most promising cryptocurrency field – DeFi. This gave the project the opportunity to take the lead, including the usage of Polkadot.
In addition to exchange and trading capabilities, lending services and the possibility for digital asset holders to lend their tokens at interest will be accessible, improving liquidity. In a nutshell, users will be able to establish private deposits and borrow money on the Manta Network platform anonymously.
Owing to technological challenges, there is no decentralized trading platform in the present Polkadot ecosystem, much alone the whole crypto world, that secures user privacy end to end. Manta wonderfully fills this vacuum. Manta is essential for consumers who need to safeguard their privacy, particularly institutional customers, since it combines both decentralized private payments and decentralized private transactions for the assets of the Polkadot environment network. As a result, Manta Network anticipates Manta to become the decentralized, privacy-preserving platform leader in the Polkadot ecosystem and the whole cryptocurrency industry.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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