secret network

What Is Secret Network (SCRT)?

Secret Network is one of many privacy-centric blockchains that use blockchain technology to protect user identity, offer enhanced security and allow their users to store data and information on the ledger in a secure way away from the public eye and only made available to users who have permission to access it.

This Post Contains

  • What Is Secret Network?
  • Brief History Of Secret Network.
  • How Secret Network Works.
  • SCRT (Secret) Tokenomics.
  • Is Secret Token (SCRT) A Good Investment?

These Privacy-focused blockchains such as Monero have come up with different measures that they implement to ensure anonymity of users and conceal their transaction information on the blockchain.

However, some of these privacy-centric blockchains have their disadvantages in the form of centralization and absence of total privacy amongst others.

Secret Network is changing the privacy blockchain industry by offering a different kind of feature that makes the privacy-oriented blockchain different from its peers.

What Is Secret Network?

Secret Network is an independent privacy-oriented blockchain that uses data-encryption technology to ensure privacy of users' data.

Similar to traditional smart contracts in blockchain technology, secret contracts (Secret Network's smart contracts) allow DApps to use data but in a way that ensures privacy by transferring encrypted inputs into encrypted outputs on the Network

Secret Network is the first blockchain with data privacy by default, allowing you to build and use DApps with Privacy-focused smart contracts (Secret contracts) that makes the DApps both permissionless and privacy-oriented.

Brief History Of Secret Network

Though Secret Network went live in the first quarter of 2020, It spun off from Enigma, a project founded in 2017 by Enigma MPC to bring a second-layer privacy solution to Ethereum.

With the cooperation of Secret Foundation, Enigma MPC and other companies, Secret Network was launched as a privacy-oriented Proof-of-Stake (PoS) protocol and built using the Cosmos SDK and Tendermint consensus engine.

In February 2022, Secret Network announced “Shockwave” an initiative aimed at making Secret Network a core part of and privacy hub for web 3.

This was followed by the announcement of a $400M ecosystem funding which consists of a $225 million ecosystem fund and a $175 million accelerator pool in order to aid the Shockwave initiative.

How Secret Network Works?

Secret Network's Proof-of-Stake (PoS) protocol was built using the Tendermint consensus engine and Cosmos SDK, a development framework for building multi-asset and application-specific Proof of Stake (PoS) blockchains.

In addition, the secret contracts on Secret Network are designed to ensure data privacy by default, by allowing Validators to transfer encrypted inputs (Data sent to the network by Users) into encrypted outputs using specialized hardwares in Trusted Execution Environments (TEEs), that prevent even this validators from accessing the data.

The Data privacy by default feature allows Nodes and DApps to work with users' sensitive information on the Network without unmasking it.

Related: Ethereum 2.0— What It Means For The Ethereum Blockchain

SCRT (Secret) Tokenomics

Secret token (SCRT) is the governance token of Secret Network, it's the currency that is used to execute transactions on the Secret Network.

In addition to using SCRT to pay for transactions, SCRT holders can stake their Secret tokens if they want to become validators on the Secret Network.

SCRT Statistics

  • Current Price: $6.30
  • All Time High: $10.64
  • All Time Low: $0.255
  • Market Cap: $1,029,798,229.72
  • Total Supply: 190,165,060
  • Circulating Supply: 163,295,557
  • Exchanges: Binance, Bybit, Huobi Global, Gate.io and MEXC

Is Secret Token (SCRT) A Good Investment?

Cryptocurrencies in general are risky investments, you could lose your investment if you don't do things the right way.

However, apart from this factor, SCRT has a lot of potential and could yield a good return on investment if you buy it.

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *