Binance Labs, a venture capital and innovation incubator for the world’s largest exchange, Binance, has announced its strategic investment in Manta Network, the Web3.0 privacy protocol which is built for privatizing crypto assets.
Today, most people around the planet are connecting thanks to the internet, but users have never truly experienced the feeling of privacy.
With the boom of the crypto industry, the demand for privacy is also increasing aiming to protect users’ assets. Web3.0 is the latest version of the internet that is developed for an open, trustless, permissionless internet.
It is a place where users can interact with each other peer-to-peer without giving up ownership control, privacy, or relying on any third parties.
Binance Labs Makes Invests to Develop Manta Network
Manta Network’s layer-one network is designed to take advantage of zero-knowledge proofs to privatize crypto assets.
Manta’s privacy technology is built with the Substrate framework, the technology interoperates with other parachain assets within the Polkadot and Kusama ecosystem.
Previously, after gathering 218,000 KSM from the community, Manta Network has secured one of the first ten parachains on Kusama for its canary network, named Calamari Network.
Dolphin Testnet is Live
Recently, Manta has released its Dolphin Testnet, which successfully implemented more than 10,000 unique private transactions.
Speaking to this investment, Nicole Zhang, the Investment Director at Binance Labs, said,
“Privacy is a necessity to ensure the scalability and growing use cases of Web3. We see Manta bringing a unique and valuable approach to tackling this issue. We look forward to working with the project on bringing scalable privacy to the blockchain space.”
Manta Network Continues to Built Other Products
In addition to the strategic investment, Binance Labs also plans to support other Manta Network’s efforts such as innovative products, services, and technologies that enable decentralized on-chain privacy which all are continuously developed.
The coming one is Manta Network’s Dolphin testnet features which will be firstly implemented on its Calamari Network and in a service called MariPay.
MariPay will be able to privatize various parachain assets on Kusama including KSM and KMA, the native asset on Calamari.
Don’t stop there, Manta Network is currently working with various parachains to take interoperability for privatization of their projects’ assets.
The Rise of Web3.0
The Web3 space has started gaining attraction recently. It has seen an all-time high of Web3.0 developer growth in 2021.
The Electric Capital 2021 Developer Report has found that over 34,000 new developers committed code to Web3 projects in 2021 by analyzing data from nearly 500,000 code repositories and 160 million code commits across Web3.
Compared with Web2, Web3 is more flexible for part-time developers as its space contains more variety for them.
As the mass exodus into Web3 is happening, it can be expected to see more tech companies move into the space in 2022.
More About Manta Network
Manta Network focuses on developing a Web 3.0 with privacy guarantees. Manta applies cutting-edge cryptographic constructions such as zkSNARKs to deliver end-to-end privacy guarantees for applications on the blockchain.
Meanwhile, the project also brings interoperability, ease of use, and high performance. As a result, users receive benefits on-chain privacy in transacting and swapping any parachain assets.
In other words, users are able to privatize parachain assets like DOT into private DOT, and privately swap for other parachain assets or privately send to other wallet addresses.
Manta was founded by many US cryptocurrency veterans, professors, and scholars whose experience includes Harvard, MIT, and Algorand.
A Great Fit With Binance Labs
Binance Labs is a venture capital extension of Binance that looks to invest in blockchain entrepreneurs and startups as well as technical teams who positively impact the crypto space and build the decentralized web.