What is Manta Network ?
In these days when we are rapidly advancing towards the world of WEB3, blockchain technology and cryptocurrencies have started to play a significant role in our daily lives. As the use of blockchain technology increases, decentralization and transparency are rapidly spreading to almost all transactions. While we may see this as an advantage, the impact of Web3 on our entire lives also brings new risks, such as the traceability of even the smallest interactions. Of course, there is a solution to this situation!
Zero Knowledge Proof and Web 3.0
A technology first designed in 1985 is coming to the rescue of blockchain projects these days. Zero Knowledge Proof, or ZKP! In simple terms, Zero Knowledge Proof is a way of convincing the other party that a statement is correct without revealing what it is. The party trying to prove the claim is called the 'Prover,' and the one responsible for verification is called the 'Verifier.'
The number of projects using ZKP has significantly increased in recent times. Among these projects, one of the most important is currently being developed in the Polkadot ecosystem: Manta Network!
What is Manta Network?
Manta is a blockchain privacy platform for Web3, DeFi, and much more. Focused on solving the privacy problem, one of the most significant shortcomings of blockchains, with its high-performance Zero Knowledge Proof infrastructure.
From the very beginning, Manta has been working to create a scalable, interoperable, and private network compatible with WEB3. With Manta, privacy can be introduced to DeFi, NFTs, GameFi, DAOs, and numerous other blockchain applications. Manta Network, which uses zk-SNARK technology to provide full privacy, high efficiency, and cross-chain interoperability, is divided into four main applications:
- Decentralized Governance
- MantaPay
- MantaSwap
- MantaPlatform
Decentralized Governance:
Manta and Calamari are decentralized, community-controlled entities. By purchasing MANTA and KMA tokens, voting on governance proposals, and contributing to the development of the protocol, you can participate in governance. Calamari, which we might be wondering about, will be explained right after this section.
MantaPay:
For example, in Bitcoin, when Alice sends 1 BTC to Bob, the transaction is recorded on the blockchain and can be observed by everyone. However, with the new Zero Knowledge Technology offered by Manta Network, transactions are private and cannot be observed from the outside.
Manta also introduces the "Bring Your Own Token" feature to the entire ecosystem, supporting all tokens in the DOT/KUSAMA ecosystem with the power of Polkadot Cross Chain Messaging technology. In the future, Manta aims to add privacy to tokens on all blockchains through cross-chain bridges, in addition to Polkadot.
Another key concept that ensures privacy in MantaPay is Shielded Address. Shielded Addresses are reusable addresses for your private assets in Manta, not associated with your real address. This allows you to transact with privacy and remain undisclosed in on-chain analyses.
MantaSwap:
MantaPlatform:
Manta Platform offers programmable private assets, allowing developers to create exciting and privacy-preserving applications never seen before in the Web 3 world. For example, you will be able to conduct a private NFT auction.
MantaSwap and MantaPlatform are currently in the prototype stage and are still under development.
Now, to better understand Manta, let's briefly talk about the Polkadot ecosystem on which it is built.
Polkadot:
Polkadot was created in 2016 by Gavin Wood, co-founder of Ethereum, and a group of developers as an alternative to Ethereum, which was struggling with high gas fees and scalability issues. Unlike a single blockchain, Polkadot is like a Blockchain Hub, designed as a center where Layer-1 projects can connect. Manta Network aims to leverage this important feature of Polkadot to reach all Layer-1 networks in addition to Polkadot.
By the way, networks that connect to Polkadot and operate on the network are called Parachains. The twins of parachains that want to be part of the Polkadot network are first tested on Kusama, Polkadot's testnet. However, transactions on the Kusama network differ significantly from other blockchain testnets because they have real financial value. We mention this because Manta Network also has a twin on Kusama: Calamari Network.
Calamari is currently an active project on the Kusama network, and the Calamari token is actively traded on major exchanges such as Bybit, Huobi, Kucoin, Gate, and Mexc.
The main focus of Manta Network, the Polkadot leg, is still in development and has not been released as a token. The team is taking solid steps towards complete privacy and security for Web 3.0, DeFi, NFTs, and much more, gaining strength day by day.
Manta Network Partners and Investors:
At first glance, we can see that significant projects from the Polkadot network, including Acala and Parallel Finance, are among Manta's partners. Notably, some of the most prominent financial institutions in the market, such as BinanceLabs, catch the eye among investors. Binance Labs, the investment arm of the world's largest exchange, Binance, not only strategically invested in Manta but also supports the development of innovative products, services, and technologies that provide decentralized on-chain privacy. After being auctioned on the Dot network, listing on the Binance exchange seems highly probable. In fact, Binance has previously organized Polkadot Auctions by staking Dot on its own platform; they might follow a similar approach for Manta Network. By the way, what is Dot Slot Auction? We recommend checking out our article on Polkadot pre-sales for details.
It's not just Binance investing in such a significant project; Alameda Research, the largest investment arm of the Solana network, is also among the project's supporters. Moreover, major fund capital groups such as Polychain Capital, Defiance Capital, Parafi Capital, Multicoin, and Spartan have invested in Manta. With such substantial support and funding, Manta Network continues to strengthen its development with confidence.
Manta Network Roadmap:
In the last quarter of 2020, Manta Network started its journey by securing a Web3 Foundation grant to create a decentralized anonymous payment system. By the time 2021 arrived, Calamari network was activated, Manta Network's first testnet was released, and they continued to attract investment from significant capitals. Starting 2022 with the Binance investment, Manta Network subsequently added the Polkadot cross-chain messaging feature to its library and deployed the second phase of the testnet. Manta Network, which constantly updates its roadmap, can be tracked step by step for more detailed developments using the Notion application.
The most crucial goal planned to be completed in the third quarter of 2022 is the transition of tokens initially distributed as Proof-of-Authority (PoA) to Delegated Proof-of-Stake (DPoS), which has a significant impact on network security, incentives, and token economics. Additionally, staking functionality will begin at the end of this quarter, and MantaPay will be launched on the Calamari network in the near future.
Let's now take a closer look at Manta Network's Testnets.
Manta Network Testnet:
Let's clarify that the Manta Network Dolphin Testnet -2 is currently ongoing and accessible through our website labs.pusulafinans.com. Following months of development, Manta Network has released Dolphin v2, which aims to return privacy rights to users faster and more securely. Dolphin v2 provides an opportunity to test and experiment with protocols before their release on Calamari and Manta.
Launched in December 2021, Dolphin V1 executed over 60,000 unique transactions with 6,000 unique wallet addresses. Although Dolphin v1 did not have any incentive reward program, as its primary goal was to gather as much feedback as possible from the core community, it collected 500 responses and thousands of feedback, individually reviewed to create Dolphin v2. Unlike the V1 testnet stage, the V2 testnet stage includes an incentive reward program. By filling out the feedback form for Dolphin v2 and completing other instructions in the Gleam campaign, you can qualify for Airdrop Rewards. Remember to follow the step-by-step instructions on our website to participate in the testnet and reward activities. Access the testnet here.
In the upcoming periods, prototypes of MantaSwap and MantaPlatform will also be opened for testing. By staying informed and actively participating, you might become one of the project's early winners.
Now, let's delve into the technical details that enable the Manta ecosystem and applications to function. Manta offers two networks: the previously mentioned Calamari Network on Kusama and the main focus of this video, the Manta Network. Manta enables developers to create collaborative, user-friendly, high-performance, auditable, end-to-end privacy-guaranteed, and decentralized applications.
A significant factor contributing to Manta's effectiveness as a project is its team. The team consists of experienced U.S.-based cryptocurrency experts, professors, and academics who have served in prominent institutions such as Harvard, MIT, and Algorand. They are active on social media, continually presenting and promoting the project.
Compared to traditional finance, decentralized finance (DeFi) is more critical because of its decentralization. However, existing DeFi services still face critical issues in privacy, scalability, ease of use, and liquidity. Although transactions are anonymous, malicious actors can use transaction graph analysis to match user identities with addresses. As blockchain information is immutable, the cost of user privacy leakage is immeasurable.
Manta Network and Zero Knowledge Proofs:
To bring full privacy and security closer to reality, Manta introduces two fundamental zero-knowledge concepts: zkAssets and zkAddresses.
What is zkAssets?
zkAssets represent a new class of crypto assets where privacy, integrity, and access policies are protected by zero-knowledge proofs. Think of them as reflections of real coins on a mirror. Information and assets used in all transactions between Alice and Bob, as seen in the image, will remain hidden on the blockchain. zkAssets also have the following features:
- Flexible Asset Types: They can be similar to ERC20 coins or NFTs.
- Default Privacy: The types of assets and the address of the asset owner are encrypted on the blockchain.
- Testament Explanation: Asset owners can disclose the transaction history of their assets to auditors without revealing the spending private key.
- Configurable Asset Policy: The entity providing zkAssets can customize the access control policies of zkAssets. Access control policies can include KYC rules, the ability to blacklist attacked assets, or not, and more.
What is zkAddress?
zkAddress is the common key infrastructure for zkAssets and consists of three important parts:
- zkAddress: Necessary to receive any zkAsset.
- Viewing Key: A private transaction key to view the complete transaction history of a zkAddress.
- Spending Secret: Randomly generated, it produces the other two keys, zkAddress and viewing key.
Another application by Manta is the Manta Signer.
Manta Signer:
Signer is a secret administrator and zero-knowledge proof generator for use with Manta Network, Calamari Network, and Dolphin Testnet.
Why is Manta Signer Needed?
Zero-knowledge proofs (ZKPs) are an integral part of the design and functionality of Manta protocols. Only secrets known to you represent your identity on blockchains. Signer acts as the computational extension of these secrets, creating proofs based on them. You can then send these proofs to the blockchain to update the ledger with changes that only you can make. The aim is to improve the performance of creating zero-knowledge proofs to eventually eliminate the need for the original signer.
Lastly, let's discuss the details of the Manta token, which will be launched in the market soon.
Manta Token:
The $MANTA token is the first deflationary governance token that protects privacy in network uses, benefits from the growth in DeFi, and includes a token burn. MANTA token holders not only have a say in governance and the right to propose but are also rewarded with revenue from Manta Pay and Manta Swap usage fees. The primary sources of revenue for the Manta Governance Protocol are divided into three categories.
- Users exchanging their base tokens with an equivalent amount of privacy tokens (0.1%)
- Users converting privacy tokens to base tokens (0.1%)
- Transferring from one address to another (earnings vary)
The total supply of MANTA tokens will be limited to 1,000,000,000. Of these, 38% is allocated to mining rewards, 18% to development, 15% to the team and advisors, and 29% to early, strategic, and pre-sale allocations. With the Staking Function, a mechanism referred to as game theory, token holders are incentivized to behave honestly. Good actors are rewarded, while bad actors risk losing their shares in the network, ensuring the network's security. Stake rewards will come from transaction fee collections.
In conclusion, no decentralized swap platform can fully protect user privacy end-to-end due to technical challenges, either in the current Polkadot ecosystem or other parts of the crypto world. Manta is being developed to fill this gap perfectly. Manta is expected to be indispensable for all users, especially institutional users requiring privacy protection. Therefore, we anticipate Manta to become a privacy-protected decentralized leader in the Polkadot ecosystem and the entire cryptocurrency market.
Thanks for reading!
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