Secret (SCRT) Research

Secret (SCRT) Research Details

Secret (SCRT) Secret

INTRODUCTION

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 aremade confidential. As a series built using the Cosmos SDK, Secret Network willalso work closely with other high-value blockchains such as Crypto.com,Osmosis, and the chain of the Cosmos itself.


HISTORY AND FOUNDERS

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 Ethereum2-level rating solution that added privacy to smart contracts.

On February 13, 2020, the Enigma mainnet was launched, which renamed Secret Network after apublic vote was held on May 16, 2020.

Unlike theoriginal Enigma concept, Secret Network is a Proof-of-Stake (PoS) protocoldeveloped using the Cosmos SDK and the Tendermint compatible engine thatincorporates the traditional SCRT token. The launch of Secret Network wasassisted by more than 20 authenticators who support the network. The nextimportant step for the ecosystem took place in early June with the creation ofthe Secret Foundation, an organization founded to promote the growth andadoption of the Secret Network ecosystem. 


REASON TO BUILD THE PROJECT

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 DeFiusers 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 supportsmart, confidential and automated confidential contracts.


BASE OF PROJECT

·       Secret Contracts- Secret contracts are the securitiesthat keep smart contracts built into the Secret Network.

·       Secret Tokens- Secret tokens on the Secret Networkcan be generated using the SNIP-20 standard.

·       Secret Bridges- It allows property owners inEthereum and Binance Smart Chain to make a version that maintains theirprivacy.

·       Secret Finance- Secret Finance keep the dataconfidential, which can only be viewed by someone who has access to the viewingkeys.

·       SCRT Labs- SCRT Labs is the organization thatbuilds Secret Network. Their goal of wanting to create confidential products —first by expanding regions — takes a slightly different transformation comparedto other blockchains such as Solana and Avalanche, with a strong focus ongrowth and emergence.


USE CASES

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 informationcollected and stored in the decentralized apps (DApps).


MAJOR NEWS AND EVENTS


DATE
NEWS/EVENTS
IMPACT
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
20/01/2021
TrustToken collaborates with Secret Network, leading the way for private stable coins.
+20% Increase


CONCLUSION

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.


DISCLAIMER

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto products are currently unregulated and subject to market risk. Please seek independent financial advice or do your own research before investing.