Manta Network nears launch of its private payment app
P0xeidon Labs, the development team behind Manta Network’s Web3.0 privacy protocol, is inviting their community to participate in the ceremony that creates the infrastructure needed to generate Zero Knowledge Proofs (ZKPs).
As the launch of its private payment app approaches, Manta announced a trusted setup event that could last up to two weeks and will have about 5,000 participants from as many as 133 countries. The event aims to guarantee the validity of private transactions without posting any private information to the blockchain.
Dubbed ‘MantaPay,’ the app is built for privatizing crypto assets across Polkadot- and Kusama-based networks and allows users to transfer their private assets, and also convert them back to public assets.
MantaPay offers an on-chain private transaction for any Polkadot ecosystem asset that can be transferred cross-chain. As explained by the team, this includes private sending of cryptocurrencies such as DOT, KSM, ACA, wrapped BTC or wrapped ETH to any wallet address on Manta Network.
The Decentralized Anonymous Payment (DAP) protocol is based on zk-SNARKs. By using MantaPay, users can swap Polkadot/Kusama and other parachain or parathread tokens with corresponding anonymous tokens such as Anonymous DOT. These anonymous tokens can be used in the entire ecosystem with users having an option to redeem those tokens for a “real” underlying asset at any time.
The trusted setup ceremony will be conducted in a decentralized manner. It will start in Columbia as part of Devcon, the conference for developers, researchers, and thinkers in the ZK Hacker House, and then spread globally. Each participant will be asked to complete complicated computation which will produce some toxic waste. The participant destroys the toxic waste and then reports the result of their computation.
The audit will specifically focus on the privacy circuits that we have built out, as well as general security auditing around the frontend and dapp to catch vulnerabilities before the release to mainnet.
“We’re witnessing an overwhelming amount of interest in participation in our trusted setup—about 5,000 registrations so far. I think it indicates just how critical privacy is for Web3, and the ecosystem is recognizing that,” Kenny Li, co-founder and COO at Manta Network, told Decrypt.
The upcoming milestone comes as the demand for privacy is increasing amid the boom of the crypto industry, aiming to protect users’ assets. As the latest version of the internet that is developed for an open, trustless access, Manta Network intends to expand the adoption of its ZKP privacy technology to the entire Web3 ecosystem.