Manta Network — PolkaDot Ecosystem Project Solving Privacy Problem
1 The essence of the project
2 Objectives of Manta
3 Why Manta Network Needs DeFi Network
5 Network security
6 Calamari Network
7 Prospects of the project
The Manta Network operates on a decentralized DeFi network using the underlying Polkadot platform. Manta was designed with an emphasis on user privacy and anonymity in order to provide high scalability combined with user-friendliness.
This supports the basic strategy of the DeFi decentralized network. The platform conducts its own research among the crypto community and develops its project based on this data.
The essence of the project
Manta Network offers cryptocurrency products based on full decentralization technology.
Among the existing projects:
MantaPay — Offers users a cross-platform technology for making transactions. This allows popular crypto assets (BTC, DOT, and others) to be “packaged” into internal private coins and transferred between Manta wallets. If necessary, they can be converted back to the underlying asset.
MantaSwap is a decentralized exchange that allows participants to trade various cryptoassets without resorting to intermediaries.
The main principle of the network is to convert the value of a digital asset into a private token in a 1: 1 ratio. In this case, a minimum commission of 0.1% is removed.
The compatibility of various cryptocurrency projects with each other is ensured by Substrate.
The demand for the idea offered by the Manta Network confirms the fact that funds were raised in the amount of USD 1.1 million at an early stage of the launch. In the announcement of the project before the release, it was indicated that it is an add-on to the Polkadot network without using gas for transactions, but at the same time the transfer speed will increase without compromising the security of the network.
The project team consists of cryptocurrency professionals educated at major universities: Harvard, Massachusetts Institute of Technology, Algorand and others.
The main mission of the company is to popularize DeFi. The company intends to promote decentralized finance technology in many areas of business and between individuals.
Today, more than 20% of the world’s population does not have full access to financial and banking services due to various circumstances. Also, many users cannot use them due to high commissions. Thanks to decentralized finance, these problems can be solved with only internet access and a computer / smartphone.
Manta Network offers:
Anonymity and confidentiality within the network.
High throughput and scalability.
Cross-chain compatibility (cross-platform network works with most major cryptocurrencies).
All DeFi features.
Anonymous exchange of cryptoassets using an automated market maker (AMM) and zkSNARK technology.
Transferring value equivalents from one coin to another.
No gas charges for transfers.
The Manta Network is a private network (add-on) based on the Polkadot ecosystem.
The core network is multi-platform, enabling the interconnection of individual blockchains into a common global decentralized network WEB3. The Polkadot structure, in addition to its versatility and scalability, is distinguished by good security. It is included in the TOP-10 cryptocurrency platforms in terms of capitalization and popularity in the market (data from CoinMarketCup and CoinGecko).
Polkadot is based on four elements:
Relay chain — Provides consensus and security for the entire network of various blockchain chains.
Parachains are independent chains with the ability to use their own tokens within the ecosystem.
Parathreads are components similar to parachains, but with more flexibility. For example, pay-as-you-go.
Bridges — allow you to interact with multiple blockchains on the same network.
Why Manta Network Needs DeFi Network
The DeFi protocol is the most sought after direction in the cryptocurrency industry, providing all the benefits of decentralization and anonymity, but at the same time it has some privacy, scalability and usability vulnerabilities.
The Manta Network project team managed to solve most of these problems. One of the examples of possibilities is the case when it is necessary to prove the legitimacy of the transaction to the verifier, but at the same time not to disclose such parameters as the amount, address and other details. The user has full control over his assets and data, and also makes decisions about their disclosure to other parties.
The Manta Network aims to solve the main problems associated with the functioning of the cryptocurrency industry by combining such qualities as:
stability of work;
compatibility with most tokens.
It covers decentralized private payments and transactions in the Polkadot ecosystem, which is relevant not only for private users, but for institutional investors. This ensures the anonymity of users and their transactions.
An important issue in the use of cryptocurrencies for the business segment is that most cryptocurrencies are pseudo-anonymous. Despite the fact that confidential data is not required to own wallets, the path of funds movement between accounts is available to everyone. As well as the account balance.
With this information, end users can be identified. This is a problem because it allows competitors, attackers, spammers, and other unwanted individuals to spy on a particular account.
The network is based on the zkSNARK technology, which ensures maximum security in transactions and exchange. The principle of operation is zero knowledge proof. The formation of the register can occur without opening user data and transaction amounts.
For confirmation, a sum symbol is used, like the number “X”. This technology is already actively used in the ZCash cryptocurrency.
The Manta token is a deflationary token and is used as the network’s internal currency for transfers, transactions, and rewards.
Total emission: 1,000,000,000 units.
Within the network, there is a commission for converting basic digital assets into private coins and vice versa (cross-chain). Thanks to this, the development of the platform and the coverage of the costs of maintaining its work are financed.
Between transactions and coin exchanges, there is a conversion to the base coin. Each process associated with transactions between users is recorded in the so-called. ledger Manta.
After confirming the operation, the data is entered into the register and identified under a certain number. In situations with double transactions, the blockchain registry will contain information about the previous operation and the request will be canceled automatically.
When a conversion request occurs, the system expects confirmation of the transfer in another coin, equivalent to the amount or with its rounding.
If desired, the user can convert the cryptocurrency back from a private coin to a base one by submitting a corresponding request.
A number of characteristics are used to safely and confidentially use the Manta Network:
The network protocol does not transmit information about from which address the assets were transferred and to which address, as well as the amount.
Only the fact of the transaction is visible in the register. If the user wishes, information about the operation can be opened.
The use of zk-SNARK encrypts information during a transaction based on a zero knowledge proof principle. In the course of the transfer, a secure register is formed without disclosing the data to the parties. The zk-SNARK protocol hides any external data.
Publicly available information on the blockchain cannot be interconnected. This practically eliminates the detection of the route of operations.
Only the owner has access to the account. No regulatory authorities, centralized organizations and third parties have the ability to influence the user’s account (block, freeze, arrest). This also applies to decentralized cryptocurrency exchanges, when for some reason the user’s access to the account is blocked.
Full decentralization of the network eliminates the risk of failure, even if most of the devices are disconnected from the network.
The origin story of the coin cannot be established.
The Calamari Network is an offshoot of the Manta Network’s core network and retains all the benefits it has.
The innovations developed by the Manta team will also be implemented in Calamari.
Simply put: all the newest and most popular in the DeFi market will be implemented in Calamari. Thus, developers will observe and analyze the reaction and demand for innovations on the market.
Given that the core network is the Manta Network, most of the functions will be similarly present in the two networks.
The main feature of the Calmari network is that it will primarily be run by a community rather than a development team. This will allow you to build a network for the maximum needs of the community. A roadmap has also been drawn up with a phased rollout of network functions.
The internal Calamari utility token (KMA) will be used internally. Its emission is 10,000,000,000 units. It will be used as a reward for participants, as well as a medium for exchanging and executing transactions.
Prospects of the project
Manta is in the most promising cryptocurrency space — DeFi. This allows us to take a leading position, including through the use of Polkadot.
In addition to exchange and transaction functions, lending services will be additionally available and the opportunity for holders of digital assets to lend their tokens at interest, increasing liquidity. In simple terms, members will be able to anonymously open deposits and borrow private coins on the Manta Network platform.
The project investors are companies:
Three Arrows Capital;
This indicator is an indicator of the reliability of the company and the trust in it on the part of professionals.
Raising capital will allow to further develop the DeFi niche with distinctive characteristics of security, scalability and transaction speed.
After the introduction of decentralized currencies into the masses, traditional financial instruments can significantly lose their positions. This is evidenced by the fact that the cryptocurrency industry is developing at lightning speed. Attempts to regulate digital financial instruments have been largely unsuccessful.
The response to the measures taken is the emergence of DeFi in the crypto community, which was marked by a dizzying rise in popularity. Mantra Network in this niche is ready to take a leading position and actively develop.
Cryptocurrency market research and analysis is an important component of the success in the development of the network. The Manta Network has conducted its own independent research on user needs and analysis of the reasons behind the wider adoption of DeFi for mainstream use.
The official website has a report on the results of the user survey. The main problems faced by users were related precisely to the violation of confidentiality and data leakage. The success concepts of the crypto community are the decentralization, security and anonymity of the cryptocurrency supported by the Manta Network.
The launch of its main network is scheduled for Q4 2021.