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Why am I expecting a top spot on Polkadot from the project? Manta Network is a privacy-preserving DeFi powered by zk-SNARKs. A project like this already benefits the community!
The Polkadot DAO Alliance have already announced that the Manta Network has joined them.
DeFi protocol focused on privacy Manta Network @MantaNetwork has joined Polkadot DAO Alliance.
Currently, the number of Polkadot DAO Alliance members has increased to 17 environmental projects on Polkadot, covering DAOs, smart contracts, DeFi, privacy, storage and other areas.
What is Manta Network?
Manta is a project that wants to make blockchain transactions private, partly by spoofing wallet addresses, but with a longer-term plan to implement a community-driven decentralized privacy stack for DeFi that allows users to transact and improve privacy.
The Manta Network offers a suite of products and services that provide privacy for blockchain projects, including the confidential payment system MantaPay and the decentralized confidential exchange MantaSwap.
Manta's advisors include Hypersphere Ventures co-founder Jack Platts, Polychain partner Tekin Salimi, former Web3 foundation co-founder Ashley Tyson and Shu Kong of Consensys.
Manta previously completed an initial million dollar funding round led by Polychain and brought together by Three Arrows Capital, Multicoin, Alameda and Hypersphere. Manta is also a recipient of a grant from the official Web3 Polkadot Foundation.
Manta is also a Distinguished Contributor to the Substrate Builder Program and Blockchain Accelerator at the University of Berkeley.
About Manta Network:
The first major protocol project is a DEX for an automated market maker (AMM) called MantaSwap, which will keep users' privacy and also solve problems such as front-running because trading bots will not be able to see other people's trades.
Manta intends to take DeFi to a larger market and confidentiality will be key. L1 solution on Polkadot. Why? To ensure fast transactions while maintaining confidentiality, the underlying architecture must meet the three characteristics available in Polkadot:
-Fast execution time. The project uses zk-SNARKs to ensure that transactions are kept confidential on the chain.
-Substrate uses a WASM-based runtime that supports compiling native Rust code into WASM. This makes it more efficient.
-To ensure the best user experience with a decentralized exchange (DEX) while maintaining the confidentiality of transactions, it is necessary to be able to quickly reach consensus. As a consequence, a layer-1 (L1) solution is being created that will take advantage of the speed of the protocol to achieve consensus.
-Polkadot's GRANDPA Consensus Protocol is one of the fastest consensus protocols in existence.
-Compatibility. The use of Polkadot's parachain architecture gives Manta the ability to interoperate. As a result, we can support any parachain assets that our interface will use. This provides tremendous opportunities for the development of the Manta ecosystem.
-As part of its own suite of products, the Manta Network offers private payments and the private decentralized exchange MantaSwap. Manta's founding team is made up of many US cryptocurrency veterans, professors and academics whose backgrounds include Harvard, MIT, and Algorand.
Why Manta Network is needed?
Compared to traditional finance, Decentralized Finance (DeFi) is more valuable because it does not require permission and does not allow surveillance. Current DeFi services continue to have serious privacy concerns (address transparency and tracking information), scalability (limited by transaction fees and transaction speed), ease of use, and liquidity. All current decentralized exchanges, constrained by the consensus of the underlying public chain, can pass addresses of users involved in transactions. Research shows that at present, user addresses can only provide pseudo-anonymity, and not the real privacy of users. Commercial competitors or attackers on the Internet can use transaction graph analysis to map user IDs to addresses. Also, since the information about the blockchain is immutable, the cost of leaking user privacy is immeasurable.
While the emergence of anonymous coins has addressed the aforementioned problems to some extent, current anonymous coins such as Zcash are prone to scalability issues, making it difficult to use the DeFi service ecosystem. Users can use ZCash for digital payments, but not for private token exchange. In addition, the high volatility of a single anonymous coin makes it difficult for users to store their assets. Hence, only when existing major digital assets such as stablecoins and WBT are anonymized using exchange protocols that support robust inter-network interoperability and associated DeFi service agreements can the core value of DeFi be recognized.
Manta is currently the only proprietary DeFi product that is compatible with major assets, including stablecoins, and provides security using cryptography rather than hardware.
It is the first deflationary utility token in which rewards, redemptions and token burns are generated as a result of the actual use of the network while maintaining confidentiality and the growth of DeFi. The total amount of MANTA tokens is 1,000,000,000.
The main source of income is:
-commission charged from users for minting private coins,
-redemption of basic coins from private coins (0.1%),
-Payment for private coins payment and commission for exchange between different private coins (0.3% - variable).
These continuous revenues will bring tokens discounted value, redemption value, management value, and extended value.
Perspectives
This is one of the best projects in the current Polkadot ecosystem. It covers both decentralized private payments and decentralized private transactions of assets of the Polkadot ecological network, it is indispensable for users who need privacy protection, especially for institutional users. Therefore, I expect the project to become a leader in the Polkadot ecosystem, in terms of a decentralized platform with privacy protection.
The main thing to remember! The Manta Network is a plug-and-play privacy protection protocol built to serve the entire DeFi stack. It is based on Substrate for Compatibility and zkSNARKs, provides scalability and privacy!
