Manta

Manta Network is focused on building a better Web 3.0Web 3.0 with privacy guarantees designed from the first principle: applying cutting-edge cryptographic constructions such as zkSNARKszkSNARKs to deliver end-to-end privacy guarantees for blockchain applications. The project delivers this guarantee while prioritizing interoperability, ease-of-use, high performance and auditability. What this translates into for the user is on-chain privacy in transacting and swapping any parachain assets. This means that users are able to privatize parachain assets like DOTDOT into private DOT, and privately swap for other parachain assets or privately send to other wallet addresses.

The Manta token ($MANTA) is a utility token that rewards the token holders with a redeem mechanism on the Manta PayMantaPay and Manta SwapMantaSwap usage fees. Beside facilitating the consensus mechanism that underpins Manta ParachainParachain Chain by staking, $MANTA has a burn functionburn function. Moreover, $MANTA also has a governance function and extended function.

The problem we see today is that blockchain lacks privacy, interoperability, and usability, which leads to many other problems. That's why we are building the Manta NetworkManta Network, a private protocol for the DeFiDeFi stack, with decentralized exchange that preserves privacy, as our first use case. We are building it as a Tier 1 solution, which means that privacy will exist in the underlying architecture, not as a feature on top of another blockchain. By using SubstrateSubstrate, we can take advantage of the functional ecosystem that PolkadotPolkadot offers.

"We believe that one of the biggest problems that needs to be solved exists in decentralized exchangesdecentralized exchanges," said Shumo Chu, CEO and co-founder of Manta Network, in an email.

"Volume on decentralized exchanges is high and growing, but DEXsDEXs are also a hotbed of advanced opportunities because of the transparent nature of blockchain. Someone can see your transaction before it's recorded and validated, and make the same transaction with a higher fee to get priority and pass that transaction before you do."

Privacy in DeFi

The Manta Network.

The Manta Network aims ???? to strengthen privacy in DeFi, partly by obfuscating wallet addresses, but with the overall goal of allowing users to make transactions and share privacy. Parachain in the Polkadot ecosystem , Manta Network's first major project is a privacy-preserving automated market maker (AMMAMM) DEXDEX called MantaSwapMantaSwap.

The Manta Network is working on implementing ZkSNARKZkSNARK at the blockchain level. ZkSNARKZkSNARK is a cryptographic method that allows two objects to verify information with each other without having to share the underlying data associated with it.

Using Manta ZkSNARKSZkSNARKS can ensure the privacy of your transactions and identity.

Funding and the future

The Manta Network, which was previously the winner of a Web 3.0 FoundationWeb 3.0 Foundation grant, closed a $1.1 million funding round led by Polychain Capital to create MantaSwap.