Why GCR Invested in Manta Network

Why GCR Invested in Manta Network

Introduction

The search for the perfect harmony between data privacy and transparency has been a driving force behind many groundbreaking innovations in crypto. Among these, the concept of Zero-Knowledge Proofs (ZKPs) has emerged as a solution to this dichotomy, preserving confidentiality without compromising decentralization.

Manta Network leverages Zero-Knowledge tech to ensure privacy and efficiency in its operations. By understanding the fundamental concepts and mechanics of Zero-Knowledge Proofs, we can better appreciate the immense value it brings to platforms like Manta Network, and more broadly, to the future of blockchains.

GCR DAO is proud to back the Manta Network team as they solve important issues around privacy and scalability.

Source: Manta Network Website

What is Manta Network?

Manta Network is developing a Zero-Knowledge (ZK) based Ethereum Virtual Machine (EVM) focused on privacy. It’s set to launch as a Layer 2 solution on Ethereum (ETH) in September 2023 before its eventual deployment on Polkadot (DOT).

Manta started by creating private transfers within the Polkadot community. By Q4 2023, they aim to launch their testnet of a private EVM, marking the advent of the first ZK-based EVM centered around privacy. This would allow compatibility with applications built on platforms like Polygon. Manta intends to continue its expansion on Polkadot by collaborating with EVM-compatible parachains, thereby enabling private transactions on parachains such as Moonbeam.

The network was developed by a team of seasoned founders from Harvard, MIT, and Algorand, who started researching Zero-Knowledge proofs in 2019 during a cross-border payment project with the Monetary Authority of Singapore under the MIT Digital Currency Initiative. Since then, Manta has received substantial investments from top-tier Web3 funds like Binance Labs and Polychain Capital and has expanded through participation in premier Web3 accelerators like Alliance DAO and Berkeley Blockchain Xcelerator.

Source: Manta Network Website

The Future is Zero-Knowledge

In an era where privacy and data protection are of utmost importance, Zero-Knowledge Proofs are pivotal in ensuring that blockchains can be used in sectors where confidentiality is crucial. ZKPs also address scalability issues by decreasing the amount of data that needs to be stored on-chain, leading to faster and more efficient transactions.

The ZKP system adheres to three main principles: completeness, which ensures an honest prover can convince the verifier of any known statement; soundness, preventing a computationally limited prover from creating a deceptive proof that could convince an honest verifier; and Zero-Knowledge, where the proof exposes no information beyond the validity of the statement. This technology enables secure, private transactions and smart contract execution, ensuring that sensitive user data is not exposed to the public.

MantaPay, a private payment system by Manta Network, employs ZKPs to maintain privacy during transactions. Instead of disclosing sensitive data, such as the transaction amount and recipient, this information is used as a witness in a ZKP system. This process ensures that the transaction follows the protocol without revealing sensitive data. More specifically, it confirms that the amount sent equals the amount received, the sender owns the asset being transferred, the asset has not been spent before, and the transaction can be audited using the sender’s viewing key.

Source: MantaPay

Core Products

Manta Network offers an array of core products and technologies such as MantaPay and Zero-Knowledge Soulbond Tokens (zkSBTs), facilitating user-friendly access to Zero-Knowledge-enabled applications.

Manta Wallet and MantaPay are the foundation of the network, offering users an easy-to-use wallet and private payment system. Before the launch on the Calamari Network earlier this year, MantaPay had over 150,000 transactions on its testnet. Coupled with the official wallet, using Manta is simple and efficient, giving fast, Zero-Knowledge tech at your fingertips.

NPO, or Manta’s NFT Private Offering platform, is an innovative zkNFT launchpad designed to facilitate the private launch and distribution of NFTs. Utilizing the power of Zero-Knowledge, NPO guarantees secure, confidential, and effective launches. Manta has formed collaborations with multiple projects in GameFi and SocialFi, demonstrating NPO’s potential to evolve into a dependable platform for distribution. To date, there have been over 100,000 zkSBTs minted on NPO and almost 100,000 unique addresses.

In the spirit of SocialFi, AsMatch leverages the intriguing realm of astrology for matchmaking. It amalgamates AI-generated content, ZKPs, and zkSBTs powered by Manta Network, and incentivizes users through a match-to-earn model operating on the BNB Chain. AsMatch ensures a high level of privacy protection for user data associated with the zkSBT and credentials can be authenticated through Proof Keys on mobile apps, eliminating the need for wallet disclosures.

These are just a few of the projects using the scalability of Manta Network’s Zero-Knowledge foundation to address interesting and must-solve use cases. There is a strong community of developers actively looking for new ways to apply ZKPs and more throughout the ecosystem.

Source: AsMatch Website

GCR x Manta Network

At GCR DAO, we are excited to have invested in Manta Network for their Series A round in 2021, alongside CoinFund, ParaFi Capital, LongHash Ventures, CMS Holdings, Spartan Group, and others. We believe Zero-Knowledge technology is the future of the blockchain space and could not find a better partner in Manta to bring that vision to life. Their instinct for bringing a community together and executing on their roadmap is second to none, and we are looking forward to what they can deliver in the future.

Key Links:


[This article has been written and prepared by the GCR Research Team, a group of dedicated professionals with extensive knowledge and expertise in their field. Committed to staying current with industry developments and providing accurate and valuable information, GlobalCoinResearch.com is a trusted source for insightful news, research, and analysis.]


Disclaimer: Investing carries with it inherent risks, including but not limited to technical, operational, and human errors, as well as platform failures. The content provided is purely for educational purposes and should not be considered as financial advice. The authors of this content are not professional or licensed financial advisors and the views expressed are their own and do not represent the opinions of any organization they may be affiliated with.

Leave a Reply

Your email address will not be published. Required fields are marked *

More from GCR

Insights Partnership

Near DA and Super Fast ...

Modular blockchains are currently a leading narrative in the web3 space, with numerous high-profile launches, announcements, and airdrops taking place. This modular future is not ...

Announcement GCR Exclusive Podcast

M31 – David Attermann

David is a Senior Portfolio Manager at M31 Capital, a global crypto investment firm with institutional-grade liquid token and venture strategies. He previously co-founded Omnichain ...

Announcement GCR Exclusive Podcast

Theia – a Private Equity ...

Theia is a liquid digital assets fund applying the principles of prudent investing to blockchain, led by Co-Founders CEO John McNiff and CIO Felipe Montealegre.  ...