Zk layer 1 blockchain Manta Community announced on March 20 that it has added help for property together with Non-Fungible Tokens (NFTs) and Soul Bound Token (SBTs) to its protocol. The MantaPay protocol, which initially supported solely fungible crypto property, guarantees to now enable for privacy-preservation help for NFTs and SBTs via using Manta Community’s ZK expertise. ZK expertise is a privacy-focused expertise that makes use of Zero-Knowledge proofs (ZK proofs) to allow totally personal transactions on decentralized finance (DeFi) platforms.
At the moment, we’re asserting an growth of @MantaNetwork‘s ZK capabilities by enabling privateness help for NFTs and SBTs via zkSBTs and zkNFTs. These property might be minted via the upcoming NFT Personal Choices (NPO) platform.
— Manta Community (@MantaNetwork) March 20, 2023
The corporate mentioned that its NFT Personal Providing (NPO) platform is a launchpad for NFTs and SBTs that seeks to allow customers to privately launch zkNFTs/zkSBTs with out requiring technical or cryptographic experience. Via using zero-knowledge proofs (ZKPs), customers are supposed to securely and privately mint NFTs and SBTs whereas defending the privateness of their crypto property. This platform promise to make sure that solely the validity of the transaction is revealed, with out disclosing any further info.
Soulbound tokens (SBTs) are digital identification tokens representing an individual or entity’s traits, options, traits, and achievements. Manta Community’s zkSBT (Zero-Information Soulbond Token) guarantees to make use of ZKPs to supply safety and privateness options in comparison with conventional SBTs. zkSBTs are designed to supply a chain-agnostic expertise. Thereby, permitting customers to launch tokens on numerous chains together with Ethereum, BNB Chain, Polygon, and extra, whereas sustaining privateness credentials via zkSBTs on Manta Community’s chain, which might be verified via Proof Keys with out disclosing any pockets particulars.
The Manta Community’s help for NFTs and SBTs is poised to be a major development for the community, because it broadens the vary of decentralized asset courses that it will possibly deal with. With the inclusion of zkNFT/zkSBT capabilities, builders not want specialised information of cryptography or ZKP to create web2 or web3 functions. This performance hopes to permit for the swift creation of cell functions and DApps, opening up thrilling new alternatives for builders to design initiatives centered round NPO, zkNFTs, and zkSBTs.
In 2021, Manta Network raised $5.5-million in a funding spherical which noticed participation from greater than 30 enterprise funds, together with crypto hedge fund CoinFund and different funding agency ParaFi Capital.
On Jan 10, Manta Network conducted a record breaking trusted set-up ceremony with over 4,000 people participating. The setup was accomplished with the intention to assist create MantaPay, an app that intends to permit for personal funds between people. In keeping with the corporate, MantaPay will run on the Polkadot parachain Manta Community and on the Kusama parachain Calamari. It would use zero-knowledge proofs to make sure that solely the sender and recipient of every cost will have the ability to view the cost.