Manta Network Developer Raises $25M in Series A, launches layer 2 for ZK apps

P0x Labs, the cryptographic improvement squad down Manta Network, has announced that it raised $25 cardinal successful a Series A backing round, with starring contributions from Polychain Capital and Qiming Venture Partners successful a institution statement. This backing has resulted successful a valuation of $500 cardinal for the company.

Additionally, Manta Network has introduced the testnet of its Layer 2 infrastructure, Manta Pacific, wrong its broad ecosystem for zero-knowledge (ZK) applications, according to a institution statement. The raised funds volition beryllium utilized to grow the network, pull much users and research divers usage cases for Manta Pacific.

In an interrogation with Cointelegraph, Kenny Li, the CEO of Mantra Network, highlighted the superior extremity of Manta Pacific, which is to streamline the improvement of features and applications, ensuring user-friendliness. Li said that portion ZK has garnered attraction arsenic a invaluable proposition, it chiefly serves arsenic a diagnostic acceptable that facilitates assorted usage cases for applications.

However, the situation arises from the information that developers specializing successful decentralized app improvement whitethorn deficiency expertise successful cryptography or similar to debar a steep learning curve. In Li's words:

"The hurdle is flooded by Manta Pacific's ZK exertion furniture which utilizes pre-compiled circuits, which tin beryllium seamlessly integrated into applications with minimal code."

According to Li, implementing ZK applications for diligent information is an eventual goal, which includes achieving self-sovereignty and ownership of one's aesculapian information.  However, Li said this extremity is inactive years distant owed to the challenges associated with accessing and aggregating fragmented information from hospitals, which are not motivated to negociate it efficaciously oregon follow blockchain exertion shortly.

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According to Li, Manta Network identified a usage lawsuit successful concern wherever staked tokens are issued to users based connected their holdings connected platforms similar Binance. He stated that privateness concerns originate erstwhile users are reluctant to verify their individuality owed to the vulnerability of their full wallet.

To code this, Li mentioned that a privateness furniture done ZK-enhanced staked tokens was introduced, akin to the Binance account-bound token, resulting successful astir 58,000 verified idiosyncratic mints. This enhances the usability of staked tokens for individuality purposes portion prioritizing idiosyncratic privacy.

Manta Pacific’s testnet presently features assorted zkApps for users to commencement accessing including zkHoldEm, a afloat on-chain and backstage Texas Hold’em game; zkMe, a protocol for backstage and verified credentials; and zkPass, a privacy-preserving protocol for information verification.

Manta Atlantic’s flagship NPO level launched earlier this twelvemonth successful April 2023 and has since minted implicit 300,000 zero-knowledge soulbond tokens (zkSBTs) crossed cardinal ecosystem partners including Arbitrum, Galxe, Linea and CyberConnect.

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