The problem we see today is that the blockchain lack privacy, interoperability, and usability, which trickles down into many other issues. That's why we're building Manta Network, an interoperable and private protocol for the DeFi stack, with a privacy-preserving decentralized exchange as our first use case. We're building it as a layer-1 solution, which means that privacy will exist in the core architecture, rather than a feature sitting on top of another blockchain. By using Substrate, we can take advantage of the interoperable ecosystem that Polkadot brings.
We are able to do this through a process called minting. Long story short, a user can initiate a coin-minting transaction by depositing a base coin (e.g., Polkadot). The Manta Network receives the deposit and generates a privacy-preserving version of it (e.g., private-Polkadot). To get more of the details of how this is executed, get a copy of our white paper.
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