Following the successful launch of MANTRA Chain’s Testnet, some core members of the team engaged in a live AMA (Ask Me Anything) on October 25th, 2023.
If you missed the Spaces, you can listen to the complete recording here.
Prefer reading instead? Scroll down to find the AMA highlights we compiled just for you.
1. The meaning behind “Permissionless Chain for Permissioned Applications”
While different applications on MANTRA Chain may require custom permissions in order to comply with various regulations, there is still a need to allow connection to the larger blockchain ecosystem. To achieve this, MANTRA Chain is being built as a permissionless blockchain that can support permissioned decentralized applications (dApps). This approach aims to enable compliance with regulations through customized permissions at the dApp level, while still maintaining interoperability through a permissionless blockchain integrated into the broader ecosystem.
2. Solving scalability, transparency & exorbitant gas fees
MANTRA Chain has built its network on the Cosmos SDK which ensures gas fees are negligible, allowing transactions of tens of thousands of tokens at very low costs. Transparency is a core principle with validators verifying and propagating all on-chain transactions for users and regulators to see. The blockchain’s scalability to process millions of users over time is enabled through the Cosmos SDK’s 6 second block times and integration with IBC technology, however, wider adoption may still depend on advancing societal acceptance and improving the user experience with new technologies. By addressing issues like fees, transparency, and possessing strong scaling capabilities, MANTRA Chain is well-positioned for significant growth.
3. Decentralized ID (DID) / Soulbound NFT Explained
The Soulbound NFT on MANTRA Chain allows users to seamlessly interact with permissioned applications within the guard module after completing a single KYC verification through a licensed entity. Their digital identity and verified information is securely stored in a decentralized ID that is then minted as a non-fungible token and attached to the user’s wallet address. This enables passporting across compliant platforms without repeating KYC and maintaining the user’s privacy while facilitating regulatory requirements. Additionally, this improved onboarding process benefits application builders by providing an expanding pool of verified legitimate users. MANTRA Chain targets not just web3 partnerships but traditional sectors like telecoms and brokerages as well to scale mainstream adoption by allowing them to leverage the decentralized ID for one-click compliance on their own platforms.
4. Building and deploying dApps on MANTRA Chain
MANTRA Chain has been purpose-built using Cosmos SDK to make application development and deployment a simple and seamless process for builders, similarly to other Cosmos chains, lowering technical barriers to entry. There will be an integration that allows for smart contracts to be built normally and then deployed either publicly or within the permissioned Guard Module. Developers are supported every step of the way with upcoming step-by-step guides and tutorials that will walk any builder through setting up their environment and deploying a project.
5. CosmWasm integration benefits for developers
There are a few key benefits to building DApps on Cosmwasm and MANTRA Chain:
Interoperability- Through Cosmos IBC module, DApps can securely communicate and interact across chains, unlocking new use cases.
Security- Cosmwasm’s sandbox isolates code and prevents issues like re-entrancy attacks. This makes it more secure than other frameworks.
Sovereignty- MANTRA Chain has its own independent validator set rather than inheriting security from another chain like Ethereum. This provides full control over consensus.
Compliance- Managing its own validators allows MANTRA Chain to implement compliance protocols tailored for regulated DApps in the Guard module.
Customizability- As a sovereign chain, MANTRA Chain can upgrade and develop at its own pace without depending on another chain’s modules or priorities.
While no blockchain is completely superior in security, MANTRA Chain’s design gives it advantages for its intended use case of building regulated, compliant DApps. Having full control over the validator set and customizing the ecosystem for regulation makes it a better fit than inheriting security from general frameworks like EVM that were not designed for this purpose.
The goal is to provide interoperability, customizability and security optimized for MANTRA Chain’s regulated decentralized applications.
Connect with us and be part of our journey.