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Crypto News

Manta Network Launches Innovative Platform To Enhance Privacy Of Non-Fungible Crypto Assets

Author

Jay Solano

Tags

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

manta network platform

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Layer 1 zero-knowledge blockchain Manta Network announced on March 20 that their protocol now supports assets such as non-fungible tokens (NFTs) and soulbound tokens (SBTs). Using Manta Network’s ZK technology, the MantaPay protocol initially supported just fungible crypto assets and will now provide privacy-preserving support for NFTs and SBTs. ZK technology is a privacy-centric technology that uses zero-knowledge proofs (ZK proofs) to enable complete private transactions on decentralized finance (DeFi) platforms.

https://twitter.com/MantaNetwork/status/1637802799986556931

As per the corporation’s statement, their NFT Private Offering platform functions as a springboard for launching NFTs and SBTs, allowing regular people to launch zkNFTs/zkSBTs without needing advanced technical or cryptographic expertise. Through the use of zero-knowledge proofs (ZKPs), individuals should be able to safely and confidentially generate NFTs and SBTs while also keeping their cryptocurrency assets private. The platform guarantees that only the transaction’s legitimacy will be disclosed without any further information.

Soulbound tokens are digital identity tokens that represent the attributes, traits, and accomplishments of a person or entity. Manta Network’s zkSBT (zero-knowledge Soulbond Token) will utilize ZKPs to provide enhanced security and privacy compared to conventional SBTs. The purpose of zkSBTs is to offer a chain-agnostic interface, allowing users to launch tokens on multiple chains, such as Ethereum, BNB Chain, and Polygon while maintaining their privacy credentials via zkSBTs on Manta Network’s own chain. It can be validated using proof keys without revealing wallet information.

Support for NFTs and SBTs by the Manta Network is anticipated to be a key advancement for the network as it expands the range of decentralized asset classes it can manage. With the addition of zkNFT/zkSBT capabilities, Web2 and Web3 application development no longer requires cryptography or ZKP expertise. This functionality facilitates the rapid development of mobile applications and DApps, providing developers with interesting new opportunities to build projects centered on NPO, zkNFTs, and zkSBTs.

Last 2021, Manta Network secured $5.5 million in a funding cycle involving over 30 investment funds, including CoinFund, a hedge fund specializing in cryptocurrency, and ParaFi Capital, a firm that focuses on alternative investments.

On January 10, Manta Network had a record-breaking trusted set-up ceremony with participation from over 4,000 individuals. The set-up was performed to aid in the development of MantaPay, an application designed to facilitate private payments between individuals. MantaPay will operate on the Polkadot parachain Manta Network and the Kusama parachain Calamari. It will employ zero-knowledge proofs to ensure that only the sender and recipient may view each payment.