Zero-knowledge layer-1 blockchain Manta Network announced on March 20 that it has added support for assets to its protocol, including non-fungible tokens (NFTs) and soul-bound tokens (SBTs). Originally supporting only fungible crypto assets, the MantaPay protocol now promises privacy-preserving support for NFTs and SBTs through the use of Manta Network's ZK technology. ZK technology is a privacy-centric technology that uses zero-knowledge proofs (ZK proofs) to enable fully private transactions on decentralized finance (DeFi) platforms.
The company said its NFT private placement platform is a launch platform for NFTs and SBTs, designed to enable users to launch zkNFTs/zkSBTs privately without requiring technical or cryptographic expertise. By using Zero-Knowledge Proofs (ZKP), users can securely and privately mint NFTs and SBTs while preserving the privacy of their crypto assets. The platform promises to only disclose the validity of the transaction without disclosing any additional information.
Soulbound Tokens are digital identity tokens that represent the characteristics, traits, characteristics and achievements of an individual or entity. Compared to traditional SBTs, Manta Network's zkSBT (Zero-Knowledge Soulbond Token) promises to use ZKPs to provide security and privacy features. zkSBTs are designed to provide a chain-agnostic experience, allowing users to issue tokens on various chains including Ethereum, BNB Chain, and Polygon, while maintaining privacy credentials through zkSBTs on the Manta Network chain. These can be verified with proof keys without revealing any wallet details.
The Manta network’s support for NFTs and SBTs is expected to be a major advancement for the network as it expands the range of decentralized asset classes it can handle. By including zkNFT/zkSBT functionality, developers no longer need cryptography or ZKP expertise to create Web2 or Web3 applications. This feature hopes to allow for the rapid creation of mobile applications and DApps, providing developers with exciting new opportunities to design projects centered around NPOs, zkNFTs and zkSBTs. In 2021, Manta Network raised $5.5 million in a funding round with the participation of more than 30 venture funds, including cryptocurrency hedge fund CoinFund and alternative investment firm ParaFi Capital.
On January 10th, Manta Network held a record-setting Credible Creation Ceremony, attended by over 4,000 people. The setup was done to help create MantaPay, an app designed to allow private payments between individuals. According to the company, MantaPay will run on Polkadot’s parachain Manta Network and Kusama’s parachain Calamari. It will use zero-knowledge proofs to ensure that only the sender and recipient of each payment can view the payment.
