Manta Network (MANTA) is an ecosystem system specifically designed to make it easier to use Web3 technology. This infrastructure is designed to assist in the development and launch of decentralized applications (dApps) using the Solidity programming language. This network stands out because it provides faster transaction speeds compared to Layer 1 networks and more affordable fees than Layer 2 solutions. This article will comprehensively discuss what Manta Network (MANTA) is, how it works and the features it offers, as well as an overview of its tokenomics and roadmap.
What is Manta Network (MANTA)?
Manta Network (MANTA) is a multi-modular ecosystem for Zero-Knowledge (ZK) applications specifically created to support modern decentralized applications ( dApps ) that can scale at scale. This ecosystem has two main components:
- Manta Pacific: This is a part of the Manta Network that operates on Ethereum. Manta Pacific's main function is as a Layer-2 (L2) system, which can be used to create dApps more cheaply and effectively.
- Manta Atlantic: This section operates on Polkadot. Manta Atlantic is renowned for its speed as a ZK L1 chain, and offers confidential identities and credentials with Zero-Knowledge (ZK) technology.
Manta Pacific and Manta Atlantic together provide exceptional experience in the development and deployment of next generation web3 applications , using zero-knowledge cryptography technology.
Who is the Founder of Manta Network?
Manta Network was founded in 2020 by Victor Ji, Shumo Chu and Kenny Li. All three come from prestigious institutions, including Harvard, MIT, and Algorand.
Manta Network has received investments from many of the best web3 investment funds, including Binance Labs and Polychain Capital. In addition, this crypto project has also developed through participation in the best web3 accelerators, including Alliance DAO and Berkeley Blockchain Xcelerator.
How it Works and Features
To get an idea of how Manta Network works, below is an explanation of each feature offered by this platform.
Low Gas Fees and High Scalability
Manta Pacific, which uses Celestia as its data availability layer, implements advanced techniques in data storage to increase scalability and reduce transaction costs.
These techniques include 2D Reed-Solomon erasure coding and Namespaced Merkle Trees (NMTs), which are effective in addressing data availability issues in the second layer (L2) of the blockchain. As a result, Manta Pacific can significantly reduce the costs borne by users for data transactions on the network.
Speed and Efficiency for Developers and Applications
Manta Pacific introduces Universal Circuits 2.0 which makes it easier for developers to integrate ZK native EVM applications. This allows them to use the ZK library to incorporate ZK-enabled smart contracts into existing Solidity dApps.
This approach also provides flexibility for developers to implement Manta's personal identity tools across multiple platforms, including mobile and web2 applications, with the help of developer-friendly SDKs and proof keys.
Innovations in ZK Use and Non-Invasive Compliance
Manta Pacific offers innovation through Universal Circuit, which allows developers to easily integrate ZK smart contracts into their dApps.
In addition, Manta Network presents zkSBT, a system that allows users to carry out verification in a decentralized manner and without the need to reveal personal information. This is very useful in the on-chain KYC process.
Thriving Ecosystem
Manta Pacific not only focuses on technology, but also on developing an ecosystem that includes applications from various sectors such as DeFi, gaming, and social. The Manta Ecosystem Grant Program aims to develop new, useful use cases to solve real problems faced by users.
As an EVM-compatible ZK application platform, Manta Pacific is committed to achieving scalability and security by leveraging Celestia DA and Polygon zkEVM technology, implementing ZK innovation directly into a scalable EVM environment.
Tokenomics
MANTA is the native token on the MANTA Network. This token plays an important role in governance, transactions, and incentives for users.
- Governance: $MANTA token holders can vote on network governance decisions on Manta Pacific and Manta Atlantic.
- Staking: Staking $MANTA contributes to the overall security of Manta Atlantic.
- Collator Delegation: $MANTA holders have the option to delegate their holdings to collators or stake $MANTA to run their collators to secure the network.
- Network Fees: Manta Atlantic uses $MANTA to pay transaction fees.
- Liquidity & Collateral: $MANTA tokens can be used in the Manta ecosystem as native liquidity and collateral.
Below are MANTA token distribution details:
Source: Manta Network Medium
Meanwhile, the token release schedule can be seen below:
Source: Manta Network Medium
Roadmap
Source: Manta Network
Stage 1: Manta Pacific Alpha (Ethereum L2)
In Manta Pacific Alpha, developers are given the opportunity to create unique Zero-Knowledge (ZK) dApps, leveraging Manta Universal Circuits that provide low gas costs and high scalability at Layer 2.
Manta Pacific Alpha offers Universal Circuits for popular use cases such as card transactions and on-chain private voting, Solidity smart contracts for on-chain ZK logic, as well as SDKs for integration with user interfaces.
Stage 2: Manta Pacific Alpha II (+Celestia DA)
In the next chapter, Manta Pacific Alpha II will integrate Celestia's modular data availability to significantly reduce gas costs for users interacting with dApps. Currently, Manta Pacific uses calldata for settlement, with fees dependent on Ethereum gas prices.
With Celestia, the fees will be lower than Ethereum's current fees. Despite plans to reduce gas costs through EIP-4844, Celestia will still cost less, and block space issues will remain a challenge in the future.
Phase 3: Manta Pacific Beta (+Transition to zkEVM)
In this chapter, the main goal is to switch completely to zkEVM, using Polygon CDK. Manta Pacific will also undergo a transition period using a multi-prover framework. The framework integrates Polygon's ZK prover with the existing OP Stack rollup, allowing Manta Pacific to leverage Polygon and Manta's ZK prover simultaneously, providing benefits in multiple aspects.
Stage 4: Manta Pacific Mainnet Production I (+Universal Circuits 2.0)
In the Mainnet Production I phase, Manta Pacific will improve the Universal Circuit to enable lower gas costs, support more use cases, and improve the user experience. The first step is to integrate ZK proof aggregation to drastically reduce on-chain proof verification costs and increase ZK processing throughput.
Conclusion
Manta Network provides an excellent solution for dApps that need the ability to scale big. This platform is designed in a modular manner, which means it can be customized and developed according to the changing needs of the market. This is especially important for dApps creators who want their apps to survive and thrive in the future.
How to Buy MANTA Tokens on Bittime
You can buy and sell MANTA tokens in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappbeti. MANTA is available on Bittime with MANTA IDR pairing .
To be able to buy MANTA/IDR tokens on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of Bittime assets is IDR 10,000. After that, you can make MANTA purchases in the application. More complete guide on how to buy MANTA on Bittime
Monitor price chart movements of Manta Network (MANTA), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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