Manta Network seeks to bring privacy to non-fungible crypto assets with new NPO platform
Zk layer 1 blockchain Manta Network announced on March 20 that it has added support for assets including Non-Fungible Tokens (NFTs) and Soul Bound Tokens (SBTs) to its protocol. The MantaPay protocol, which initially only supported fungible cryptoassets, now promises to allow privacy support for NFTs and SBTs through the use of Manta Network’s ZK technology. ZK technology is a privacy-focused technology that uses Zero-Knowledge proof (ZK proof) to enable completely private transactions on decentralized finance (DeFi) platforms.
The company said the NFT Private Offering (NPO) platform is a seed platform for NFTs and SBTs that seeks to enable users to privately launch zkNFTs/zkSBTs without requiring technical or cryptographic expertise. Through the use of zero-knowledge proofs (ZKPs), users are meant to secure and privately mint NFTs and SBTs while protecting the privacy of crypto-assets. This platform promises to ensure that only the validity of the transaction is disclosed, without disclosing any additional information.
Soulbound tokens (SBTs) are digital identity tokens that represent a person’s or entity’s attributes, qualities, characteristics, and achievements. Manta Network’s zkSBT (Zero-Knowledge Soulbond Token) promises to use ZKPs to provide security and privacy features compared to traditional SBTs. zkSBTs are designed to provide a chain-agnostic experience. Thus, it allows users to launch tokens on various chains, including Ethereum, BNB Chain, Polygon, and more, while maintaining privacy credentials through zkSBTs on Manta Network’s chain, which can be verified through Proof Keys without revealing any wallet details.
The Manta network’s support for NFTs and SBTs is set to be a significant step forward for the network, as it expands the range of decentralized asset classes it can handle. With the inclusion of zkNFT/zkSBT functions, developers no longer need specialized knowledge of cryptography or ZKP to create web2 or web3 applications. This functionality hopes to enable rapid creation of mobile applications and DApps, and opens up exciting new opportunities for developers to design projects centered around NPOs, zkNFTs and zkSBTs.
Related: Manta Network Conducts Record-breaking Trusted Setup Ceremony, 4,000+ Contributors
In 2021, Manta Network raised $5.5 million in a funding round that saw participation from more than 30 venture funds, including crypto hedge fund CoinFund and alternative investment firm ParaFi Capital.
On January 10th, Manta Network conducted a record ceremony for trusted setup with over 4,000 people in attendance. The setup was done to help create MantaPay, an app that aims to allow private payments between individuals. According to the company, MantaPay will run on the Polkadot parachain Manta Network and on the Kusama parachain Calamari. It will use zero-knowledge proof to ensure that only the sender and recipient of each payment will be able to see the payment.
