Manta Network Joins Forces with Web3 Consortium to Advance Zero-Knowledge Technology
Blockchain technology, while disruptive, has a few lingering issues that are holding it back from achieving mass adoption. Legacy blockchain networks are often criticized for their lack of scalability, interoperability, and slow throughputs. While some progress has been made in these areas, a lack of privacy has emerged as another critical concern that needs to be addressed quickly.
Thanks to the rapid advancement in technology, Zero-Knowledge (ZK) has emerged as a potential solution to all the problems currently hampering the blockchain industry. Since ZK is a relatively recent introduction, most of the blockchain universe is not fully aware of its potential. Realizing this, 22 Web3 and ZK Companies recently formed a coalition to promote zero-knowledge to support scalability and mainstream adoption of Web3 through the ZPrize competition.
In this context, Manta Networkthe Polkadot-based plug-and-play privacy protocol for Web3 and one of the main sponsors of the ZPrize competition, announced that it is joining forces with Mina Protocol to sponsor the ZPrize competition “Open Division”.
Manta Network and Mina Protocol will award the prize to projects focused on maximizing throughput and minimizing latency of operations on client-type devices and blockchain-based virtual machines (VMs), most notably the WebAssembly (WASM) runtime . In addition to sponsoring the Open Division event, both the Manta and Mina teams will work together to solve the multi-scalar multiplication (MSM) and number-theoretic transformation (NTT) operations, which require ZK calculations.
Shoumo Chu, Co-Founder and Core Contributor of Manta Network, clarified: “We chose to be the architect and sponsor in the open division because we really care about the performance of WASM ZKP. We see WASM ZKP performance as the ‘last mile problem’ for mass ZKP adoption. To get ZKP mass adoption and privacy, we need to get ZKP-prover integration with popular wallets, and with improved WASM performance, prover performance is the way forward.”
Competition to accelerate the development of zero knowledge
The ZPrice competition is a competition for all with $7 million in prizes to raise awareness and accelerate the advancement of Zero-Knowledge technology to enable a wide variety of use cases. There are several categories in the ZPrize competition, each focusing on different aspects of advancing Zero-Knowledge technology.
Several companies, funds and foundations sponsor the ZPrize competition. These organizations include 0xPARC, Aleo, The Algorand Foundation, Aztec Protocol, Anoma, CoreWeave, Celo, DZK, Ethereum Foundation, Espresso Systems, Findora, Harmony One, Manta Network, Kora, Mina Protocol, Polychain Capital, Polkadot Pioneers Prize, Polygon, RISC0, Trapdoor Tech and Zero Knowledge Validator.
In this competition, participants will build open source projects that benefit the blockchain world as a whole, while competing for cash prizes. The primary goal of the ZPrize competition is to raise awareness of the potential of zero-knowledge cryptography while improving the performance of key general-purpose algorithms and increasing the diversity and availability of low-level cryptographic evidence libraries.
According to Alex Pruden, the COO of Aleo and founder of the ZPrize initiative, “ZPrize’s sponsors represent not just an industry, but a united community of believers in this technology. We share a collective desire to turn these exciting academic ideas into reality.” into an implemented reality. With the ZPrize, we are advancing the state-of-the-art to form the building blocks of the technology foundation that will scale and secure the next-generation web.”