P0x Labs, the cryptographic improvement staff behind Manta Community, has introduced that it raised $25 million in a Sequence A funding spherical, with main contributions from Polychain Capital and Qiming Enterprise Companions. The funding offers the corporate a $500 million valuation.
Moreover, Manta Community has launched the testnet of its layer-2 infrastructure, Manta Pacific, inside its ecosystem for zero-knowledge (ZK) functions, in line with an organization assertion. The raised funds might be utilized to increase the community, entice extra customers and discover various use instances for Manta Pacific.
In an interview with Cointelegraph, Manta Community CEO Kenny Li highlighted the first aim of Manta Pacific, which is to streamline the event of options and functions, guaranteeing user-friendliness. Li stated that whereas ZK has garnered consideration as a helpful proposition, it primarily serves as a function set that facilitates varied use instances for functions.
Nonetheless, the problem arises from the truth that builders specializing in decentralized app improvement might lack experience in cryptography or favor to keep away from a steep studying curve. In Li’s phrases:
“The hurdle is overcome by Manta Pacific’s ZK software layer, which makes use of pre-compiled circuits which may be seamlessly built-in into functions with minimal code.“
In accordance with Li, implementing ZK functions for affected person information is an final aim, which incorporates reaching self-sovereignty and possession of 1’s medical info. Nonetheless, Li stated this aim remains to be years away because of the challenges related to accessing and aggregating fragmented information from hospitals, which aren’t motivated to handle it successfully or undertake blockchain expertise.
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In accordance with Li, Manta Community recognized a use case in finance the place staked tokens are issued to customers based mostly on their holdings on platforms like Binance. He said that privateness considerations come up when customers are reluctant to confirm their id because of the publicity of their total pockets.
To handle this, Li talked about {that a} privateness layer by ZK-enhanced staked tokens was launched, just like the Binance account-bound token, leading to roughly 58,000 verified person mints. This enhances the usability of staked tokens for id functions whereas prioritizing person privateness.
Manta Pacific’s testnet at the moment options varied ZK functions for customers to start out accessing, together with zkHoldEm, a totally on-chain and personal Texas Maintain’em sport; zkMe, a protocol for personal and verified credentials; and zkPass, a privacy-preserving protocol for information verification.
Manta Atlantic’s flagship nonfungible token personal providing platform launched in April 2023 and has since minted over 300,000 zero-knowledge soulbond tokens throughout key ecosystem companions, together with Arbitrum, Galxe, Linea and CyberConnect.
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