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Manta Network (MANTA) project review

Crypto Projects Reviews: Manta Network (MANTA) project review

Emerging from an idea to address the limitations of existing blockchain solutions, Manta Network is a multi-modular ecosystem consisting of two blockchain networks focused on zero-disclosure (ZK) applications.

Manta Network started with Manta Atlantic, which is considered the fastest ZK tier 1 blockchain on #Polkadot. The ecosystem then expanded with the introduction of Manta Pacific, a modular tier 2 platform built with community participation.

The core philosophy is to provide users with a seamless and cost-effective environment to deploy ZK applications, addressing the challenges faced by existing solutions in terms of high gas costs and poor performance.

How the Manta Network (MANTA) works

Manta Pacific: Scalable EVM-native L2.

Manta Pacific is a unique Layer 2 blockchain built on #Ethereum for EVM-native ZK applications. In the absence of a specialised home for such applications, Manta Pacific fills the void by offering a scalable and cost-effective environment . The focus is on user security, making ZK applications the centre of attention for decentralised applications. Unlike traditional solutions, Manta Pacific provides the toolset required to easily develop and deploy ZK applications using Solidity.

Key features:

  • Programmable ZK as #EVM-native Layer 2: Manta Pacific introduces programmable zero-disclosure as EVM-native Layer 2, allowing developers to harness the power of ZK technology in a familiar Ethereum environment.
  • Universal schemas to simplify development: Manta Pacific's universal schemas make ZK application development accessible using only Solidity, eliminating the need for developers to learn new languages. This user-friendly approach fosters a more inclusive developer community.
  • Data Availability with Celestia: Using #Celestia for data availability and zkEVM for scalability, Manta Pacific achieves high scalability and low transaction fees. Celestia's modular data availability, based on Reed-Solomon binary erasure coding and Namespaced Merkle Trees (NMTs), significantly reduces transaction costs for end users.
  • Developer-friendly ZK library: Universal Circuits 2.0 introduces the ZK library to enable developers to easily integrate ZK-enabled contracts into existing Solidity and #dApps smart contracts. This enhances the ability to leverage Manta Pacific features across multiple networks and Web2 environments.

Manta Atlantic: The fastest ZK tier-1 network ever

Complementing Manta Pacific, Manta Atlantic takes the lead as the fastest and most decentralised Tier 1 ZK network designed to support modular onchain matching identities . Unlike other ZK identity layers focused on smart contract languages, Manta Atlantic emphasises a ZK compliant credential layer. This approach promotes real-world adoption and interoperability, allowing other projects to utilise compliant identities without going into complex cryptographic work.

Key features:

  • The zkAddress system: Manta Atlantic introduces the innovative zkAddress system, consisting of a public account-based address system and a UTXO-based private address system. This system, known as zkAddress, protects information related to SBT minting, onchain credentials and offchain identities . Notably, it is the first private address system that is reusable, independent and verifiable.
  • Prove Key feature for selective credential sharing : To enhance user privacy, Manta Atlantic has implemented the Prove Key feature. Users can selectively share certain zkAddress credentials without revealing their entire ZK identity, ensuring a non-invasive compliance process.

Manta Network interoperability

To enable seamless interoperability between Manta Pacific and Manta Atlantic, Manta Network is introducing the cBridge crosschain bridge powered by Celer. The bridge, which went live on 18 January 2024, allows users to circulate freely between both networks of assets, in particular Manta Network's own management token, MANTA.

MANTA enters the market

As Manta Network expands its reach through interoperability and real-world adoption, the future holds exciting prospects. The company's focus on real-world adoption is evidenced by the rollout of zkSBT features to more than 1.5 million Web3 users.

The adoption in BNB Chain projects further emphasises the potential impact and relevance of the project in the wider blockchain space. Collaborations with prestigious institutions, investment funds and participation in top Web3 accelerators also demonstrate Manta Network's commitment to sustainable growth and the start of a new chapter of #Web3 zk applications.

MANTA token information

MANTA token usage

The MANTA token is at the heart of the Manta Network blockchain ecosystem, and its tokenomics is aimed at incentivising user participation. Let's take a closer look at aspects of its application:

  • Revenue for token holders. MANTA token holders benefit from the productive redistribution of sequencer revenues and gas savings from the modular DA data availability solution. These funds are mainly used to fund in-network operations and #ZK applications, driving demand for blockchain space.
  • Developers and participants. Developers and participants benefit directly from the retroactive funding of onchain activity and the markets it opens up. Revenues are allocated to ecosystem projects and public goods funding, continually incentivising, fostering innovation, supporting early stage projects and driving the adoption of cutting edge technologies in the Manta Network ecosystem.
  • Users and community. Ongoing ecosystem and community incentives and project incentives funded by MANTA benefit users and community members. The value lies in the benefits provided by onchain activities and ZK applications.
  • Revenue Generation. Demand for blockchain space generates revenue. Initial funding for the sequencer goes to the Manta Foundation for redistribution. Future funding can flow directly to the protocol by selling rights to participate in Manta's decentralised sequencer network.
  • Gas token. The token is used to pay network fees and execute smart contracts.
    1. 72% of the network fees are allocated to ecosystem projects, increasing incentives for Manta-based applications.
    2. 18% goes to the treasury, designed to incentivise network development and future parachain auctions.
    3. 10% is distributed to collators creating blocks containing transactions.
  • Medium of exchange. MANTA acts as an internal currency in the Manta Network, facilitating peer-to-peer transfers and transactions with smart contracts. MANTA tokens can be used to purchase credentials such as zkSBT and zkKYC.
  • Governance. MANTA tokens serve as a voting weight for protocol governance decisions. They are used to propose referendums, elect council members, and shape the future of the Manta Network.
  • Network security. MANTA tokens incentivise collators, ensuring a secure and decentralised network. Collators play a crucial role in aggregating transactions and ensuring blockchain viability. The network allocates 2% of total issuance annually to stakeholders to maintain network security.
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