Friday, 27 January 2023

Crypto News

Manta Network conducts record-breaking Trusted Setup ceremony, 4,000+ contribute

Manta Network conducts record-breaking Trusted Setup ceremony, 4,000+ contribute

Manta Network has recently completed the largest trusted setup ceremony ever, with over 4,000 people participating, according to a press release provided to Cointelegraph. The setup was done in order to help create MantaPay, an app that intends to allow for private payments between individuals.

According to the company, MantaPay will run on the PolkaDot parachain Manta Network, and on the Kusama parachain Calamari. It will use zero-knowledge-proofs (ZKPs) to ensure that only the sender and recipient of each payment will be able to view the payment.

Setting up a zero-knowledge-proofs system requires multiple parties to participate in a ceremony called a “trusted setup.” This process ensures that the shared secret upon which the system relies is eventually thrown away, removing the ability of an attacker to create fake proofs at any point in the future. The more people who participate in a trusted setup, the more secure the resulting system is.

MantaPay’s trusted setup was the largest ever recorded, with over 10,000 registrations and 4,328 contributions. The contributors came from a total of 177 countries, according to the team’s press release. The registration process first began on October 10, 2022, and the first contributions were made on November 28, 2022.

Polkadot Founder Gavin Wood expressed excitement at Manta Network’s accomplishment. He argued that similar processes may pave the way towards decentralized web identity systems in the future, stating:

“The widespread adoption of a self-sovereign web3 relies in large part on the innovation of trustless privacy preserving mechanisms such as zero-knowledge proofs. I’m thrilled to see the forefront of that innovation happening in the Polkadot ecosystem. Manta Network’s recent record-breaking trusted setup and the upcoming launch of MantaPay showcase the tremendous innovation in this field.”

The entire ceremony took almost two months to complete. During the registration phase, registrants were asked to download a piece of software that generated a 12 word mnemonic phrase for them. When the contribution phase became open, each participant had to then run the software a second time and…

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