The Manta Network is a Substrate-based protocol leveraging zkSNARKs.
The Manta Network intends to launch as a Polkadot parachain. The combination of zkSNARKs and Polkadot scalability will provide Manta Network users with privacy-preserving fast and cheap transactions the crypto world lacks.
The following products and services will be available: MantaPay privacy payment protocol, MantaSwap token exchange protocol, Manta Network integration into the decentralized private lending sector, as well as other products that will be developed in the nearest future.
MantaSwap is a privacy-preserving decentralized exchange. According to Shumo Chu, the CEO of Manta Network, their product will solve many DEX user experience frictions.
The Manta Network team joined the Polkadot Wasm Contract Ecosystem Alliance and the Polkadot DAO Alliance. First announced partnership — Phala Network; later announced second partnership — Crust Network.
A large and experienced team is involved in the Manta Network development. Everyone is aware of the crypto industry being the developers, scientists, and professors that haveу worked in Harvard, MIT, as well as in the Algorand project.
It is worth mentioning the large investors besides the experienced team. Polychain Capital led the initial round of funding and poured $1.1 million into the project development. The following investors have taken part: Three Arrows Capital, AU21 Capital, Hypersphere Ventures, Multicoin Capital, and Alameda Research.
Manta is a recipient of a Web3 Official Fund Grant from Polkadot, a member of The Substrate Builders Program and The Berkeley Blockchain Xcelerator.
Manta Network intends to solve DEFI and DEX frictions
Decentralized finance (DeFi) is of more value than traditional finance because it provides an option for privacy that eliminates tracking. There are also cons such as: privacy-preserving and scalability problems. Many networks still have high transaction fees, as well as low transaction speeds.
The Manta Network intends to address these issues, as modern DEXs are not privacy-preserving. Hackers can use transaction analysis techniques to further map user IDs to addresses.
Manta Network leverages zkSNARKs to offer privacy for transacting and exchanging. This makes Manta Network more attractive over other DEFI products. Amount, address, and transaction details are now hidden.
Thus, the Manta Network makes a breakthrough in ensuring privacy in the crypto world. The Manta Network has it all to become a leader in the Polkadot network and in the DEFI sector.
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