Manta Network Completes W3F Open Grants Milestone 1
A tremendous step towards the first product in our DeFi privacy suite, MantaPay
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On Wednesday, March 24, 2021, Manta Network officially completed its first milestone as a Web3 Foundation Open Grants recipient. As part of this delivery, we built the foundation of MantaPay, the first product in our suite of products and services that deliver plug-and-play privacy to the entire DeFi stack. Within the delivery, we published several deliverables including:
- The MantaPay backend pallet, which enables the decentralized anonymous payment
- The Manta Substrate node, which runs everything behind-the-scenes and enables us to connect with the rest of the Polkadot ecosystem
- A basic MantaPay frontend, which we will work to improve before the release of our public testnet in Q2
- Benchmarks to measure the performance of our scalable privacy solution
MantaPay: Bring-Your-Own-Token Private Payment
Anyone who has spoke with us in our Telegram community or on Twitter knows that our team is focused on building an amazing plug-and-play solution to deliver privacy for DeFi. We believe that privacy is a critical piece to enable scalable usage of blockchain applications. The completion of our first milestone marks a significant chapter in our development, lead by our CEO, Shumo Chu, and CTO, Zhenfei Zhang.
With the completion of the first milestone, the Manta Network team is able to demonstrate a bring-your-own-token (BYOT) private payment model. This means that MantaPay users will be able to privately transact their own tokens, rather than using a native currency. By offering the BYOT model, users no longer need to worry about swapping to a specific private token before transferring assets.
As a simple example, imagine Bob has 10 DOT. He simply uses his 10 DOT to mint 10 Private DOT (pDOT), which resides on the Manta Network. Through MantaPay, Bob can then transfer that 10 pDOT, which retains the value of 10 DOT, to Alice. That transaction is conducted privately, so no outside parties are able to view it.
Where We’re Headed Next
During our first Community Livestream, the team walked through the 2021 roadmap. To get more details on what we’re building and other information such as our team, please watch a replay of the stream. Long story short, in Q2, we will be focused on getting our test nets launched. We’re excited about this next milestone because it invites our active community to start participating and offering feedback, which will be critical to the success of our project.
We are also ramping up our hiring efforts. We are looking for all types of computer scientists and engineers: Substrate, Rust, backend, frontend, full stack — to apply for a position, please take a look at our career postings.
About Manta Network:
Manta Network is the plug-and-play privacy-preservation protocol built to service the entire DeFi stack. Built on Substrate to leverage interoperability and zkSNARKs to leverage scalable privacy, Manta Network offers a suite of products and services that enable privacy for blockchain projects. As part of its own suite of products, Manta Network offers private payment and a private decentralized exchange, MantaSwap. Manta’s founding team comprises many US cryptocurrency veterans, professors, and scholars whose experience include Harvard, MIT, and Algorand. Manta has previously closed a $1.1m seed round led by Polychain.
