Parachain Auctions & Why You Should Contribute to Manta Network
The foremost reason why Manta Network is worth the effort can be seen as the core definition of the Manta concept. Manta is committed to creating a more improved Web 3.0 infrastructure guaranteeing 100% privacy designed from Manta’s first principle.
What is this principle? It encompasses the applying of cutting-edge cryptographic constructions like zkSNARKs for delivering end-to-end privacy guarantees for blockchain apps.
Manta Network ensures this guarantee is in place all the while maintaining high-performance, profitability, and interoperability as a priority. This allows users to privatize parachain assets like DOT into private DOT.
Let’s get into the main nuggets of this article.
What are parachain auctions?
Parachain refer to all the variations of layer-1 blockchains that run parallel tone another in the Kusama and Polkadot ecosystem. On Kusama and Polkadot, parachains link to a parachain slot on the Relay Chain. What is a Relay Chain? This is a blockchain that makes up the core of the network, organizing and securing the work of all parachains.
How can a para chain be built? A parachain can be built according to its parameters and even more, every one parachain can be different. This way, a single parachain can be designed for identity management, gaming, smart contracts, decentralized finance, or other blockchain use case.
Why are parachains diversified? The answer is simple. No one blockchain is optimal for all use cases. When it comes to parachain, tradeoffs are made by every blockchain to provide support for specific use cases over others. With regards to security, every use case has different needs. Kusama and Polkadot meet this need by giving parachains the ability to specialize to gain a competitive advantage over more general blockchains.
There’s more to the parachain business. Another aspect of the blockchain space that utilizes parachains is decentralized applications. These can be built on parachains and even more, some parachains are created to host their ecosystem of services and decentralized applications. This ecosystem is highly extensive. Here, parachains can interpret with one another, sending any type of data and not just tokens through chains safely and smoothly.
What does this mean? It means that decentralized applications on diverse chains can interact with one another while use cases can go past any single application or blockchain. Finally, on parachains, Polkadot connects parachains with external networks like Ethereum through its network of bridges.
Parachain auctions are auctions that are held on the Polkadot (or Kusama — network) relay chain to determine which blockchain will connect to the parachain slot. Once auction begins, then every project on the network is free to submit their bid to the relay chain.
Now that you are all about para-chain auctions and why they work, here’s why you should contribute to the Manta Network. Manta Network is the only ZK-Snark Privacy Layer for Web3 that is powered by Polkadot. Manta Network aims to solve the problem of privacy and concerted efforts have been and are been made to fulfill this singular objective for the entire Defi space.
Leveraging Polkadot’s powerful interoperability capacity, Manta’s unique MantaPay, their first product has successfully privatized the parachain and relay chain of Polkadot including stablecoins on Acala as well as the EVM digital assets on Moonbeam.
Besides the launch of their private AMM DEX, MantaPay and MantaSwap, Manta is also set to work on building a smart contract platform that will be private and support WASN as well as ZKvm for deploying privatized decentralized applications. These are a privacy NFT platform and MantaSwap, a privacy trading platform. On these platforms, developers will be able to build various decentralized applications.
The future kooks are bright for Manta Network. As they continue to drive in the right direction, Manta will be #1 on the Polkadot platform for meeting the on-chain privacy needs of users, guaranteeing the interoperability and decentralization of private tokens, and boosting anti-surveillance.