Layer 1 zero-knowledge Manta Network announced on March 20 that it has added support for assets, including non-perishable tokens (NFTs) and non-perishable tokens (SBTs), to its protocol. The MantaPay protocol, which initially supported only fungible crypto assets, now promises to allow privacy-preserving support for NFTs and SBTs through the use of Manta Network’s ZK technology. ZK technology is a privacy-focused technology that uses ZK proofs to enable fully private transactions on Decentralized Finance (DeFi) platforms.
Today, we announce an expansion @employeeZK capabilities by enabling privacy support for NFTs and SBTs through zkSBTs and zkNFTs. These assets can be minted through the upcoming NFT Private Offering (NPO) platform.
Read more: https://t.co/j29wmHqOzA pic.twitter.com/QiyblBWusW
MantaNetwork March 20, 2023
The company said its NFT private offering platform is a launch platform for NFTs and SBTs that seeks to enable users to launch zkNFTs/zkSBTs privately without the need for technical or coding expertise. Through the use of zero-knowledge proofs (ZKPs), users are meant to securely and privately mint NFTs and SBTs while protecting the privacy of their crypto assets. This platform promises to ensure that only the authenticity of the transaction is disclosed without revealing any additional information.
Soulbound tokens are digital identity tokens that represent the characteristics, features, attributes, and achievements of a person or entity. Manta Network’s zkSBT (No-Knowledge Soulbond Token) uses ZKP to provide security and privacy features compared to traditional SBTs. zkSBTs are designed to provide a chain neutral experience, allowing users to launch tokens on various chains, including Ethereum, BNB Chain, and Polygon, while maintaining privacy credentials through zkSBTs on the Manta Network chain. This can be verified through proof keys without exposing any wallet details.
Manta Networks’ support for NFTs and SBTs is expected to be a significant advance for the network as it expands the range of decentralized asset classes it can handle. With zkNFT / zkSBT capabilities included, developers no longer need specialized knowledge of cryptography or ZKP to build Web2 or Web3 applications. This functionality hopes to allow the rapid creation of mobile applications and DApps, opening up new and exciting opportunities for developers to design projects centered around NPOs, zkNFTs, and zkSBTs.
Related: Manta Network Conducts Record-Breaking Trusted Preparation Party, Over 4,000 Contributions
In 2021, Manta Network raised $5.5 million in a funding round that saw more than 30 investment funds participate, including crypto hedge fund CoinFund and alternative investment firm ParaFi Capital.
On January 10, Manta Network held a record-breaking Trusted Creation party with over 4,000 people participating. Set to help create MantaPay, an app that aims to allow private payments between individuals. According to the company, MantaPay will work on the Polkadot parachain Manta network and on the Kusama parachain Calamari network. It will use zero-knowledge directories to ensure that only the sender and recipient of each payment will be able to view the payment.