What Is Manta Blockchain?
Manta Blockchain is a cutting-edge network aimed at privacy preservation in the web3 space, utilizing zero-knowledge proofs. It consists of Manta Pacific, a Layer 2 ecosystem enhancing Ethereum with efficient, zero-knowledge applications, and Manta Atlantic, a Layer 1 blockchain on Polkadot, focusing on secure identity and credential management. These components collectively provide a robust platform for private and scalable web3 applications.
What Is Manta Pacific?
Manta Pacific is a part of the Manta Network, designed as a Layer 2 solution on Ethereum. It focuses on enabling scalable, privacy-preserving decentralized applications (DApps) using zero-knowledge proof (ZKP) technology. Manta Pacific addresses common challenges like high gas fees and scalability issues in the Ethereum network. By leveraging ZKP, it offers enhanced privacy and efficiency for DApps. This platform simplifies the integration of ZK features into DApps, making it accessible for developers without in-depth cryptography expertise.
What Is Manta Atlantic?
Manta Atlantic, a component of the Manta Network, operates as a Layer 1 blockchain within the Polkadot ecosystem. It specializes in offering programmable privacy and identity solutions using zero-knowledge proof technology. This layer is particularly focused on zkSBTs (Zero-Knowledge Simple Barter Tokens), which facilitate a private, reusable, and auditable address system, enhancing privacy and security. Manta Atlantic’s interoperability feature allows it to seamlessly interact with other blockchain projects, broadening its utility in various applications, including NFTs and staking.
Structure of Manta Network. Source: docs.manta.network
Technologies Used in Manta Network
For a better understanding of how the Manta blockchain operates and its structure, let’s familiarize ourselves with the technologies that are utilized.
What Is Zero-Knowledge Proofs
Zero-Knowledge Proofs (ZKPs) provide technical robustness by enabling data verification without revealing the actual data. This cryptographic technique ensures transactional privacy and security on the blockchain. The use of ZKPs in Manta Network allows for the confirmation of transaction accuracy while maintaining the anonymity of the transaction details, thereby balancing transparency with user confidentiality. This approach is essential in preserving data integrity and preventing unauthorized access to sensitive information.
What Is Celestia Blockchain
Manta Pacific, utilizing Celestia as its Data Availability (DA) layer, achieves high transaction speeds and can significantly reduce transaction costs for users. For more detailed information about Celestia blockchain and how it operates read: “What Is the Celestia Blockchain?”
What Is zkEVM?
zkEVM in the Manta Network is a novel approach that integrates zero-knowledge proofs with Ethereum’s computational model. It enables the execution of Ethereum smart contracts while ensuring transaction privacy and reducing computational costs. This fusion of zero-knowledge proofs with Ethereum’s architecture allows for broader adoption of privacy-preserving applications in the blockchain space. zkEVM is a key component in Manta Network, empowering it to offer both privacy and Ethereum compatibility.
MANTA - Native Token of Manta Network.
Let’s take a closer look at the Manta token and learn about its features.
Tokenomics of MANTA
Manta uses an inflationary model with a 2% annual minting rate starting from January 30th, 2024.
- Total supply at genesis: 1,000,000,000 MANTA
Uses of MANTA
Transaction Fees: Every time you use the Manta Atlantic network, you will need MANTA tokens in your wallet to pay for transaction fees. Although the fees on the Manta network are relatively low, they are still present, and without Manta tokens, you won’t be able to make a transaction. So, it’s advisable to stock up on them in advance, or you can always buy them directly from your wallet using a credit card!
Staking: Staking MANTA provides passive income to stakers and contributes to the overall security of Manta Atlantic. Participating in staking is very simple - just follow the prompts in your wallet and with a few clicks, your assets will start generating passive income!
Governance: If you want to participate in the development of the Manta Network, consider acquiring MANTA tokens. Holders of these tokens can vote on network governance decisions for both Manta Pacific and Manta Atlantic. This involvement allows you to have a say in the direction and policies of the network.
Native Liquidity & Collateral: In the Manta ecosystem, the MANTA token is utilized for providing native liquidity and acting as collateral. This allows it to play a central role in the network’s financial activities and stability.