Manta Network Enables Privacy-Preserving Transactions with Support for NFTs and SBTs

Mantra utilises zero-knowledge proofs (ZKPs) to guarantee the secure and private minting of NFTs and SBTs while maintaining the confidentiality of crypto assets

  • Published:
  • 22/03/2023 04:57 PM

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Manta Network, a layer 1 blockchain that utilises zero-knowledge proofs for privacy preservation, has recently announced on March 20 that it now supports nonfungible tokens (NFTs) and soulbound tokens (SBTs) in addition to fungible crypto assets on its MantaPay protocol. 

This new addition is made possible by the use of the network's ZK technology, which enables fully private transactions on decentralised finance (DeFi) platforms by utilising zero-knowledge proofs.

The NFT Private Offering platform of the company serves as a launchpad for NFTs and SBTs, which allows users to launch zkNFTs/zkSBTs in a private manner without needing technical or cryptographic knowledge. 

Manta utilises zero-knowledge proofs (ZKPs) to guarantee the secure and private minting of NFTs and SBTs while maintaining the confidentiality of crypto assets. The platform promises to reveal only the validity of the transaction and no other additional information.

Soulbound tokens (SBTs) are tokens that represent the characteristics, features, traits, and achievements of a person or entity. Manta Network's zkSBT (zero-knowledge Soulbond Token) utilises zero-knowledge proofs (ZKPs) to offer enhanced security and privacy compared to traditional SBTs. 

The zkSBTs are chain-agnostic, allowing users to launch tokens on different chains, such as Ethereum, BNB Chain, and Polygon, while maintaining privacy through zkSBTs on Manta Network's chain. Verification of these tokens can be done through proof keys without revealing any wallet information.

Manta Network's support for NFTs and SBTs is a significant milestone as it expands the range of decentralised asset classes it can handle. 

The inclusion of zkNFT/zkSBT capabilities means that developers no longer require specialised knowledge of cryptography or ZKP to create Web2 or Web3 applications. This functionality aims to enable the rapid development of mobile applications and DApps, creating new possibilities for developers to design projects focused on NPO, zkNFTs, and zkSBTs.

On January 10, Manta Network held a trusted set-up ceremony that involved over 4,000 participants, setting a new record. This was done to aid the creation of MantaPay, an application that enables private payments between individuals. 

MantaPay is set to operate on both the Polkadot parachain Manta Network and the Kusama parachain Calamari, and it will use zero-knowledge proofs to ensure that only the sender and receiver of each payment will have access to the payment information.

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

Last Updated :

March 22, 23 04:59:55 PM IST