I was always creepy that someone could track how much money is in your wallet. The openness of data in the blockchain is a deterrent for the older generation as well. People who have been accustomed to using bank accounts for many years cannot accept the fact that anyone, knowing your wallet address, can get information about what financial transactions were carried out and how much assets are in the wallet.
I see a solution for myself in the Manta Network project (a parachain in the Polkadot ecosystem).
Manta Network is a network privacy solution for blockchain assets based on the first principle. In the short term, Manta will become a product that enables high-performance private DeFi transactions such as FT/NFT transfer and AMM-style swap. In the long term, Manta will become a platform for privacy-preserving blockchain applications.
Right now, the Manta Network team is working on the implementation of ZkSNARK at the blockchain level. ZkSNARK is a cryptographic technique that allows two entities to verify information with each other without having to share the underlying data associated with it. The use of Manta ZkSNARKS can ensure the confidentiality of transactions and the identity of the user.
According to the Manta Network team, the lack of privacy leads to a host of other problems that arise when scaling blockchain use cases.
Automated monitoring and scraping lead to unauthorized data collection, opening up potential opportunities for blackmail corporate use cases, trade secrets can be revealed by tracking transactions on-chain.
The Manta Network aims to strengthen privacy, partly by obfuscating wallet addresses, but with the overall goal of allowing users to transact and share privacy.
Manta Network is represented by an experienced team to address critical and growing privacy issues in the blockchain.
The team is currently finalizing a prototype to submit to the Web3 Foundation. Before the end of the first quarter, the company will present the first version of its test network. Future testnet releases will feature other assets as well as exchange features.
The goal of Manta Network is to launch the main network before the end of this year. Prior to the launch of the main network, all aspects related to the security of use and operation of the network will be thoroughly tested and taken into account. The end user will have access to a completely secure, efficient private network.
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Author: Telegram: @TetianaTan
Discord: TetianaTan#9147
Twitter: @Tetianawww