The Manta coin protocol explained
If you've been reading about the various uses of the Manta coin protocol, you've probably noticed that it has a lot of different underlying digital assets. This is because Manta allows users to exchange digital assets anonymously through the use of the MantaDAX platform.
These exchanges and payments are entirely private and anonymous, as they use two old coins and generate two new ones. This makes them a particularly good choice for a variety of purposes.
The zk-SNARKs cryptographic algorithm is implemented by the Manta network. Essentially, it's a method that allows two counterparties to verify information without sharing the underlying data.
This could be useful for things like logging into a website and confirming one's identity. This would ensure that a user's identity and transactions remain confidential.
Ring signatures and zk-SNARKs have both been the subject of criticism since the project was first introduced to the mainstream. However, new developments have solved most of the identified design flaws.
For instance, research has criticized the Monero ring signature scheme. A leaked reference string could be used to create undetectable fake proofs. Secondly, zk-SNARKs' reference string cannot be upgraded.
The substrate framework is the main technology behind the Manta network, an on-chain privacy protocol that utilizes zero-knowledge proofs for private crypto assets. The manta network interoperates with the Kusama and Polkadot ecosystems.
The network recently launched a new logo and shifted its focus from product development to brand building and strategy. It is now looking to secure a place in the crypto sphere with the support of the substrate framework.
The team at Manta Network has built a private layer to the Polkadot ecosystem, which is natively compatible with other projects and parachain assets. In addition to this, the network has wrapped several major cryptoassets such as Bitcoin, Ethereum, and Litecoin.
The company released a test net during Q1 of 2021. It has already submitted its architecture to the Web3 Foundation and the International Association for Cryptologic Research (IACR).
MANTRA DAO, a blockchain technology development company, has created a new protocol called DeFi. The project is built around the idea of storing collective wealth with crypto assets, which is similar to a bank.
This protocol utilizes crowd wisdom to create a decentralized ecosystem that is community-governed and transparent. It was first created for the Polkadot ecosystem but has since expanded to other popular dApp platforms, including Ethereum and Binance Smart Chain. The project is also planning to launch its own chain, MANTRA, which will support the Terra cryptocurrency.
While MANTRA DAO is not completely decentralized, it will be maintained by a foundation led by a five-member council. These members have extensive experience in the cryptocurrency trading industry.
They will each serve a two-year term and are eligible to form sub-councils to focus on specific areas. It is important to note that MANTRA DAO is not yet battle-tested, so there isn't much data available to support its claims.
Adding security, scalability, and interoperability to the blockchain is the mission of the Polkadot ecosystem. As part of its ecosystem, over 350 projects are available, ranging from smart contracts to decentralized finance to digital collectibles and gaming.
The DOT tokens that support the ecosystem are distributed among the DOT holders. The network also offers cross-chain functionality for facilitating transfers of any type.
The network's main blockchain, called the relay chain, has many parallel chains that can be used to transfer value.
The linking layer, or bridge, is designed to connect the various blockchains. It also allows for the integration of non-blockchain databases. These features make it possible for developers to operate across different blockchains. Manta Network is a leading project within the Polkadot ecosystem.
Author: Hassan Alzaza
My Name is Hassan Al-Zaza, I am a detail-driven and experienced SEO Content Writer living in Germany with over ten years of experience developing and producing top-notch content. I have a Bachelor's degree in English Language and Literature and a Master's in Business Communication. I have been working for 12 years in marketing, Content Writing, and ad Copywriting across SMEs, corporate, and public sector organizations in the EU and the Middle East region. I helped build brands for a wide range of successful companies from IT and software consultancies to the finance industry, tourism, and retail.