Secret Network is the first blockchain with automatic data privacy, allowing you to create and use unauthorized and confidential applications. This unique functionality protects users, protects applications, and opens up hundreds of never-before-ever cases of Web3.
The Secret Network pioneered smart secret contracts (called Secret Contracts). In fact, the Secret Network chain is compared to Ethereum just that all transactions are made confidential. As a series built using the Cosmos SDK, Secret Network will also work closely with other high-value blockchains such as Crypto.com, Osmosis, and the chain of the Cosmos itself.
The Secret Network has its roots in another cryptocurrency project called Enigma. Founded by MIT graduates Can Kisagun and Guy Zyskind in 2014, Enigma is an Ethereum 2-level rating solution that adds privacy to smart contracts.
On February 13, 2020, the Enigma main net was launched, which was renamed Secret Network after a public vote was held on May 16, 2020.
Unlike the original Enigma concept, Secret Network is a proof-of-stake (PoS) protocol developed using the Cosmos SDK and the Tendermint compatible engine that incorporates the traditional SCRT token. The launch of Secret Network was assisted by more than 20 authenticators who support the network. The next important step for the ecosystem took place in early June with the creation of the Secret Foundation, an organization founded to promote the growth and adoption of the Secret Network ecosystem.
Bitcoin and Ethereum do not provide a complete solution for greater privacy. This lack of user privacy is particularly evident in this modern era. The transparency of Bitcoin and Ethereum may be part of the current concern. They allow end-to-end monitoring in every financial transaction of each fund, and additional solutions such as addressing the financial and operational challenges that may limit the level of privacy they can provide.
Privacy coins such as Monero and Zcash emerged to address these issues. They use sophisticated cryptography to encrypt transactions, thus maintaining user privacy and increasing security. But they are failing to meet the needs of DeFi users as there are no supporting contracts at the moment, which creates a gap in the market.
Secret Network aims to fill this gap. It is one of the first blockchains to support smart, confidential, and automated confidential contracts.
· Secret Contracts: Secret contracts are the securities that keep smart contracts built into the Secret Network.
· Secret Tokens: Secret tokens on the Secret Network can be generated using the SNIP-20 standard.
· Secret Bridges: It allows property owners in Ethereum and Binance Smart Chain to make a version that maintains their privacy.
· Secret Finance: Secret Finance keeps the data confidential, which can only be viewed by someone who has access to the viewing keys.
· SCRT Labs: SCRT Labs is the organization that builds the Secret Network. Their goal of wanting to create confidential products —first by expanding regions — takes a slightly different transformation compared to other blockchains such as Solana and Avalanche, with a strong focus on growth and emergence.
The use cases of SCRT are:
· Secret Contracts allow developers to create agreements that govern what pieces of data are encrypted.
· Owners can use their SCRT assets to pay for network charges.
· The Secret Network ensures the confidentiality of any sensitive information collected and stored in the decentralized apps (dApps).
DATE NEWS/EVENTS IMPACT 07/05/2022 TerraUSD and LUNA both collapsed, and as a result, a number of crypto platforms folded in the aftermath -47% Decrease 21/01/2022 Crypto Market Loses $100 Billion in 24 hours. -29% Decrease 21/10/2021 Secret Network is partnering with OpenSea to launch Secret NFTs. +88% Increase 13/04/2021 Polkadot and Cosmos connect as Plasm and the Secret Network launch MVP bridge +23% Increase 20/01/2021 TrustToken collaborates with Secret Network, leading the way for private stable coins. +20% Increase
The Secret Network may be one of the most important projects in the cryptocurrency world. This is because they have created a way that has found a balance between transparency and privacy.
The Secret of the Secret Network is that its SCRT token is completely transparent while any actions involving secret tokens or confidential contracts are completely confidential. Now it is possible to turn to administrators and say, "you see how much I invest and how much I spend, but what I do with that money within that network is not your thing".
This level of transparency should be sufficient to satisfy regulators and allow businesses to maintain their confidentiality. This has been the main selling point of the Secret Network since its inception, and it is a price proposition that cannot be underestimated.
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