Manta Network is proud to announce its partnership with Phala Network, a Substrate-based project that delivers confidential computing for the Polkadot Ecosystem through the use of trusted execution environments (TEEs). The two projects will work to bring full-stack privacy to the Polkadot ecosystem.
Manta’s privacy-layer for DeFi brings private transacting in a bring-your-own-token model, which allows users to privately transact in major cryptoassets such as wrapped Bitcoin and Ethereum, as well as Polkadot and parachain assets. Phala’s confidential computing network offers the Polkadot a Turing-complete ecosystem for running compute tasks in a confidential manner, including smart contracts and other decentralized applications.
Working together, Manta and Phala will provide privacy and confidentiality to both the compute and transaction layers. Manta will provide the privacy DeFi functions such as minting, transacting, and swapping private tokens. Phala will provide functions like privacy swap, lending, and other functions in its privacy environment.
“Manta and Phala are solving different layers of the same problem: user privacy,” stated Victor Ji, cofounder of Manta Network. “We are excited to to be working together with the talented team at Phala to combine both layers and offer a level of privacy preservation and confidentiality on Polkadot that can’t be found anywhere else.”
“It’s great to cooperate with Manta and enhance the privacy-preserving for all users on the Polkadot ecosystem. We believe that Manta and Phala‘s collaboration will bring the next-generation experience of DeFi, serverless program and provide confidentiality use cases to the ecosystem,” said Marvin Tong, the CEO & Co-founder of Phala Network.
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 includes Harvard, MIT, and Algorand. Manta has previously closed a $1.1m seed round led by Polychain.
Phala Network tackles the issue of trust in the computation cloud.
This blockchain is a trustless computation platform that enables massive cloud processing without sacrificing data confidentiality. Built around TEE-based privacy technology already embedded into modern processors, Phala Network’s distributed computing cloud is versatile and confidential. By separating the consensus mechanism from computation, Phala ensures processing power is highly scalable. Together, this creates the infrastructure for a powerful, secure, and scalable trustless computing cloud.
As a member parachain of the Polkadot cross-chain ecosystem, Phala will be able to provide computing power to other blockchain applications while protecting the data layer, enabling possibilities like privacy-protected DeFi trading positions and transaction history, co-computing DID confidential data, developing light-node cross-chain bridges, and more.
On-chain services currently being developed on Phala Network include Web3 Analytics: high-performance smart contracts from Phala enable highly concurrent mass data analytics with privacy, paving the way for an alternative to Google Analytics that inherently respects individual confidentiality.