PRIVACY COMES TO POLKADOT WITH MANTA NETWORK
After completing its $1.1Million seed round, Manta Network on 13th February, 2021, launched the first ever private transaction on Manta Network, bringing Privacy to the Polkadot blockchain. In a tweet by its Co-founder, Shumo Chu, Manta Network announced its first ever private transaction,
“We send our first private blockchain transaction on zkSNARK Manta Network”
Finalized Block Hash: 0x2a68cbebce0d9d68b3ace72c9b94edóe3cfe46d12a3a5bceB7dbcd116f531f60
zkSNARK is a non-interactive form of zero knowledge proof used to deliver scalability and privacy to the decentralized finance industry. Manta Network would use Substrate to build a Layer1 privacy protocol that combines with zkSNARKs’ unintelligible feature to prevent front-running by traders and trading bots while solving the problems of privacy, scalability and interoperability in DeFi.
As a parachain on the Polkadot Network, Manta Network would build a privacy-preserving Automated Market Maker decentralized exchange on Substrate, to integrate its Layer1 privacy protocol. According to Chu, this protocol would bring privacy to users, transactions and user identity.
“While you are still able to monitor your own transactions, no one else can do so anymore…..By taking this and applying it in an interoperable manner [through Polkadot], we’re able to provide a plug-and-play solution for the entire [DeFi] ecosystem in the future.”
With DeFi breaking its recent records in both volume, user base and adoption according to DeFipulse, Manta Network would integrate zkSNARK to bring cheap verifiable computation and privacy to DeFi.