Binance Labs As the venture capital arm and innovation launchpad for Binance, the leading exchange globally, Binance Labs has unveiled its intention to invest strategically into the Manta Network, focusing on the privacy layers it offers for digital currency transactions.
While the world has been connected like never before through the internet, the sense of personal privacy remains elusive for most users.
The surging popularity of the crypto space has led to a parallel rise in the demand for confidentiality, crucial for safeguarding users' digital assets. Web3.0 promises an internet that's open and trust-minimized, without barriers or oversight.
This innovative space allows direct peer-to-peer interactions, empowering users with total control over their data and privacy, eliminating the need for intermediaries.
Binance Labs Dedicates Capital to Aid Manta Network's Growth
The foundation of Manta Network is its layer-one architecture, integrating zero-knowledge proofs to provide financial privacy in crypto transactions.
Leveraging the Substrate framework, Manta's privacy solutions can seamlessly interact with other parachain assets within the Polkadot and Kusama ecosystems.
In their earlier efforts, Manta Network locked in 218,000 KSM from community contributions, gaining a significant position among the initial parachains on Kusama with its exploratory Calamari Network.
Dolphin Testnet is Live
Recently, Manta released the Dolphin Testnet, enabling over 10,000 individual private transactions, marking a noteworthy milestone.
Reflecting on this partnership, Nicole Zhang, Binance Labs' Investment Director, stated,
“Privacy is fundamental in enabling Web3 to scale and broaden its applicability. Manta's approach to this challenge is both innovative and essential. We eagerly anticipate collaborating to integrate scalable privacy within the blockchain realm.”
Manta Network Expands Its Suite of Innovations
Aside from the financial backing, Binance Labs also aims to aid Manta Network in fostering the development of novel products, services, and technologies that provide decentralized privacy solutions.
The upcoming features of Manta Network's Dolphin testnet will showcase its potential first on the Calamari Network and an initiative termed MariPay.
MariPay is engineered to cloak various parachain assets on Kusama, including both KSM and Calamari's own KMA.
But the efforts don't stop there; Manta Network is actively engaging with various parachains to enhance the interoperability of asset privacy.
The Rise of Web 3.0
Web3 has recently become a hotbed of attention, reaching peak growth in developer contributions in 2021.
The 2021 Developer Report by Electric Capital highlighted that over 34,000 fresh developers contributed to Web3 projects, analyzing extensive data from hundreds of thousands of code repositories and millions of code commits.
Unlike Web2, Web3 offers greater flexibility for part-time developers due to its broader scope and diversity.
As the migration towards Web3 continues, it's anticipated that 2022 will see more tech enterprises making the shift.
More About Manta Network
Manta Network is dedicated to nurturing Web 3.0 solutions with robust privacy protections. Employing cutting-edge cryptographic methodologies such as zkSNARKs, Manta promises comprehensive privacy for blockchain applications.
Simultaneously, the project enhances interoperability, usability, and delivers high performance, giving users assured privacy for transactions and asset swaps across various parachains.
Simply put, users can privatize assets like DOT into private DOT, execute discreet swaps for other assets, or send them privately to different wallet addresses.
Manta originated from the expertise of seasoned US crypto professionals and academics with affiliations to institutions like Harvard, MIT, and Algorand.
A Great Fit With Binance Labs
Binance Labs functions as Binance's venture capital and startup accelerator, aimed at backing blockchain innovators and startups along with tech teams committed to transforming the crypto landscape and building the decentralized internet. Nicholas Say hails from Ann Arbor, Michigan. Having traveled extensively and resided in Uruguay for a while, he currently lives in the Far East. His writings appear across the web, concentrating on realistic tech developments and upcoming human technology.
