Manta Network Launches Soulbound Token with Maximum Privacy!

 

Manta Network, a layer-1 blockchain running on Polkadot (DOT), has joined forces with Linea, a rollup- based scaling solution , to offer users zero-knowledge based soulbound tokens (zkSBT).

Given the inherent transparency of open blockchains, the Manta team seeks to address one of the main concerns of cryptocurrency projects today, namely privacy.

Addressing Blockchain Privacy Concerns: Soulbound's Zero-Knowledge Token

In this increasingly transparent digital era, privacy issues become important, especially in the blockchain environment. In response to this challenge, Manta Network created the zero-knowledge based Soulbound token .

Co-founder of Manta Network, Victor Ji, explained the main objectives of this initiative.

“The problem we are trying to solve here is to have verification only limited to certain on-chain activities, rather than sharing all the data to the application,” Ji said.

With this approach, users do not need to go through the know-your-customer process which often violates user privacy.

Furthermore, the Soulbound token developed by Manta Network is designed to provide maximum privacy guarantees to users. This idea was proposed by Ethereum co-founder Vitalik Buterin .

In concept, Soulbound tokens function like NFTs , but they have unique characteristics. They cannot be traded and are always tied to the identity of their owner. This makes it the perfect tool for associating certain data or rights with specific individuals or entities, while preserving privacy.

In addition, the Soulbound token also has broad application potential, not only limited to the crypto or blockchain environment. For example, they can be used for medical records or certificates, which can be invaluable in many situations, such as verification of qualifications or health status, while ensuring the privacy of user data.

Through the development of the Soulbound token, Manta Network seeks to bridge the gap between the need for transparency and the need for privacy in the digital era.

Manta NFT Token Launch and Private Offering

From now on, users will be able to mint new zkSBT tokens via Manta Network's NFT Private Offerings (NPO) platform , as long as they have completed one of Linea's two NFT campaigns.

This zkSBT token will “offer users a decentralized, trustless and private way to verify their true identity without compromising the leakage of information or data about their activities on the blockchain,” the company said in their statement.

Furthermore, this innovative token will use Linea's zkPioneer, along with Manta's unique innovation called Proof Key, to allow Web2 or Web3 applications (mobile or desktop) to verify user information without needing to connect to a wallet.

Regarding this privacy-centric Soulbound token project, Ji said,

“We think mobile users have the most daily active users, but have the worst experience in crypto right now, and we can enable them without needing to connect to a wallet to verify their credentials on the blockchain and off the blockchain,” emphasizing the team's main focus is socialFi and GameFi.

Furthermore, Ji added that the risks are minimal, and he acknowledged users may have “personal data leaks” even though their assets at the EVM address will remain safe.

Ultimately, by launching the zero-knowledge based Soulbound token , Manta Network seeks to realize that goal, advancing the pace of privacy in the blockchain world.