Polkadot project Manta Network kick-starts soulbound tokens to enhance privacy
Manta, in partnership with Linea, has launched a zkSBTs mechanism that does not leak personal details while offering proof of identity. The platform addresses privacy, which remains a pertinent issue in cryptocurrency projects.
Privacy-oriented soulbond tokens project
The Polkadot layer-1 project, Manta Network, has partnered with a rollup-based scaling solution Linea to fancy users with zero-knowledge soulbond tokens (zkSBTs). The advancement comes after the development team at Manta devoted their time to addressing privacy issues in open blockchains.
Victor Ji, the co-founder of Manta Network, said, “The project aims at limiting verification process to only on-chain activities.” Available mechanisms require sharing all data to applications to attain verification.
Manta cofounder also added that users would not be required to undergo thorough know-your-customer (KYC) procedures, but identity verification will be part of the Manta zkSBT solution.
The phenomenon of Soulbound Tokens came into light through a proposal by Vitalik Buterin, the Ethereum co-founder. Their functionality resembles NFTs, but they cannot be traded and are tangled with the identity of an individual or organization. The tokens also apply to medical records or licenses.
The minting process for the novel zkSBTs commenced today in NFT Private Offerings (NPO) through Manta Network. The project designed two Linea NFT campaigns which users must complete one of them to be compliant for minting.
Benefits of zkSBTs
According to Manta, the zkSBT mechanism enables users to verify their identities in a trustless, devolved, and reserved manner that does not compromise their data through any form of leakage.
The token utilizes zkPioneer by Linea and Manta’s Proof Key mechanism to enhance Web2 or Web3 mobile and desktop applications in user verification without requiring a connection to a wallet.
Ji indicated that mobile users formed the largest group of daily users, and they were worst hit in verifications requiring them to connect wallets. He added that the team highly focused on socialFi and GameFi.
Exclusive digital privacy continues to dominate in most online discussions, a notion that Ji disagrees with, indicating that it might undermine operations. A platform equipped with an entire private smart contract can hinder interoperability. He further noted that users might experience “private data leakage” but guarantees the safety of assets.