What Is the Manta Token? | ZebPay Singapore

Table of Contents

Introduction

Manta Network was born from a vision to overcome the limitations of existing blockchain solutions and offers a multi-modular ecosystem designed specifically for zero-knowledge (ZK) applications. The network comprises two main blockchain networks: Manta Pacific and Manta Atlantic.

Manta does not depend on one solution but provides innovations in both Layer 1 and Layer 2 ecosystems. This allows efficiency at both the L1 chain and smart-contract protocol levels. The two solutions are seamlessly interoperable, providing enhanced scalability, speed and privacy when compared to traditional blockchain solutions.

How Does Manta Network Work?

Manta Network started with Manta Atlantic, which is considered the fastest ZK Layer 1 chain on Polkadot. The ecosystem expanded with the introduction of Manta Pacific, a modular Layer 2 platform.

Manta Pacific: A Scalable EVM-native L2

Manta Pacific operates as a Layer 2 blockchain built on Ethereum Mainnet, providing a dedicated space for EVM-native Zero Knowledge (ZK) applications. When compared to traditional solutions, Manta Pacific offers enhanced scalability and cost-effectiveness by making ZK applications the focal point of decentralised app experiences. Key features include:

Programmable ZK as EVM-native L2 – Developers can leverage programmable zero-knowledge (ZK) enabled contracts within a familiar Ethereum environment.
Universal Circuits for Easy Development- Simplifies ZK application development by allowing the use of Solidity.
Data Availability with Celestia- Utilises Celestia for data availability and zkEVM for scalability, reducing transaction costs for users.
Developer-Friendly ZK Library- Introduces a ZK library for easy integration of ZK-enabled contracts into existing Solidity smart contracts and dApps.

Manta Atlantic: The Fastest ZK Layer 1 Chain

Unlike other ZK identity layers focusing on smart contract languages, Manta Atlantic operates as the fastest and most decentralised ZK Layer 1 chain, focusing on modular on-chain compliance identities. This facilitates real adoption and interoperability, allowing other projects to enjoy interoperable identities without delving into complex cryptographic work. Key features include:

zkAddress System- Introduces an innovative zkAddress system for public and private addresses, ensuring privacy for on-chain credentials and off-chain identities.
Prove Key for Selective Credential Sharing- Enhances user privacy by allowing selective sharing of specific credentials without revealing the entire ZK identity.

Manta Network’s Interoperability

To facilitate seamless interoperability between Manta Pacific and Manta Atlantic, Manta Network introduces the cBridge cross-chain bridge. This bridge enables users to freely circulate assets, including the native governance token MANTA, between both chains.

How to Use the Manta Network?

Using Manta Network involves deploying ZK applications on either Manta Pacific or Manta Atlantic. Developers can leverage the user-friendly features and tooling provided by each network to build and deploy ZK-enabled contracts and dApps.

Manta Network Use Cases

Manta Network’s use cases span various industries and applications, including:

Decentralised finance (DeFi)
Supply chain management
Identity management
Privacy-preserving applications

MANTA Token Features

Market Cap – $695,010,746
Volume – $184,284,178
Circulating Supply – 251,000,000 MANTA
Total Supply – 1,000,000,000 MANTA

Future of Manta Network (MANTA)

With its innovative approach to zero-knowledge applications and interoperability between its two main networks, Manta Network is looking forward to playing a significant role in the future of Web3. Its continued development and adoption are aimed at driving further growth in decentralised applications and the broader blockchain ecosystem.

Read mre: What Is a Zero-Knowledge (ZK) Rollup

Challenges and Solutions of MANTA

While Manta Network addresses many challenges faced by existing blockchain solutions, both at the L1 and L2 levels, ongoing development and community involvement are crucial to overcoming any potential hurdles. Continued optimisation of scalability, privacy, and interoperability is required to increase adaptability.

Conclusion

Manta Network brings innovation in zero-knowledge applications, offering a multi-modular ecosystem that addresses the limitations of existing blockchain solutions. Seamless interoperability between Manta Pacific, which is a Layer 2 solution and the Layer 1 solution, that is, Manta Atlantic gives us a complete ecosystem and tools to work with. With its emphasis on scalability, cost-effectiveness, and user privacy, Manta Network strives to drive the next wave of adoption in decentralised applications and impact the Web3 landscape.

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