Countering Big Tech dominance with ZK privacy solutions – BTSE & Manta Network – SlateCast
Henry of Akiba, CEO of BTSE, and Kenny, co-founder of p0x Labs, joined the Slate cast for a special episode to discuss how decentralization can counter the dominance of big tech in the digital space. rice field. Additionally, explored the potential of privacy and his Web3 in creating a more equitable online environment.
BTSE: Simplifying Crypto Trading and Empowering Other Platforms
Henry introduced BTSE, which stands for buy, trade, sell, and earn. The platform aims to simplify the crypto trading experience by making it accessible to both institutions and first-time users. BTSE takes a unique approach of providing a white label service to help operate over 30 other wallets and exchanges. Additionally, the company focuses on efficient pricing and developing practical tools for interacting with Web3, such as allowing users to connect directly to exchanges using his MetaMask wallet. .
Manta Network: Providing On-Chain Privacy with Zero-Knowledge Proofs
Kenny described p0x’s Manta Network, a layer 1 protocol that uses zero-knowledge proofs to provide on-chain privacy. Boasting the fastest CK proof system among Layer 1 networks, Manta Network highlights a talented team and the ease of integrating its technology with his Web2 and Web3 applications. Their goal is not only to bring privacy to Web3, but also to increase Web3’s market share.
The Importance of Privacy in Scaling Web3
Kenny pointed out the importance of privacy in scaling Web3. The need for privacy becomes even more important as institutional investors enter the market and look to serve traditional customers. Without Web3’s privacy, market size and share may not reach the levels many would like to achieve.
As such, it’s clear that privacy has become a significant concern in the digital space. Especially due to the rise of large tech companies and their dominance over user data. Kenny of Manta Network emphasized the need for on-chain privacy and how it can protect user data and give control over information. The Manta Network aims to provide this control using Zero Knowledge Proofs (ZKP) to obfuscate transactions and keep user data private. With the increasing value of data in the digital economy, individuals need control over their information, and privacy-focused solutions like the Manta Network can help achieve this goal.
User Experience and Abstraction in Web3
One of the biggest challenges in the adoption of Web3 technologies is the complexity of the current user experience. From managing multiple wallet addresses to understanding seed phrases to bridging assets, this process can be daunting even for experienced cryptocurrency enthusiasts. Henry and Kenny believe that simplifying and abstracting these processes is essential to attracting more users to the decentralized ecosystem. By making the user experience seamless and accessible, Web3 can reach a wider audience and compete more effectively with his traditional Web2 platform.
Regulation and its impact on decentralized technology
As the blockchain industry grows, so does the need for effective regulation that protects users and encourages innovation. Henry spoke about the importance of facilitating the growth of decentralized technology while working with regulators to ensure compliance. US SEC Chairman Kenny, who studied under Gary Gensler, also shared his insights into the evolving regulatory environment. He believes the industry is heading in the right direction, with regulators becoming more open to the use of on-chain privacy tools.
The Role of Scalability and Infrastructure in Web3 Adoption
Apart from privacy and user experience, scalability is another key factor in the growth of Web3 technologies. Current blockchain networks face significant limitations in terms of transaction throughput, leading to high fees and slow confirmation times. Optimistic and ZK Rollup have been developed to address these scalability issues, and such solutions should be abstracted from the end user. Seamlessly integrating scalability and privacy solutions into Web3 applications will help drive mass adoption in the years to come.
The Future of Blockchain Adoption: A United Vision
In conclusion, the future of blockchain adoption depends on the convergence of privacy, user experience, scalability, and regulation. By addressing these challenges and working together as an industry, Web3 technologies can disrupt the dominance of technology at scale and put individuals in control of their data. As Henry and Kenny emphasized, builders, regulators, and users have a responsibility to create a fairer digital environment that values neutrality, honesty, transparency, and accuracy. With continued collaboration and innovation, the potential for blockchain technology to revolutionize the digital landscape is immense.
