The Secret Network (SCRT) is a decentralized blockchain protocol that supports smart contract programmability and advanced DeFi features. The developers behind the project seek to empower artists, entrepreneurs, developers, and crypto users through a combination of proprietary technology and a unique business model. Notably, Secret earned its name as it is one of the first DeFi-capable blockchains to focus on privacy.
The Secret Network (SCRT) raised eyebrows this year when it announced that Quentin Tarantino would release seven never-before-seen clips from the popular film Pulp Fiction. The news drove attention to both Secret and the entire NFT (non-fungible token) market. It also helped cement Secret as a top-performing NFT launch space.
History of Secret Network (SCRT)
In February 2020, Secret’s network went live with the mining of its genesis block. The protocol borrowed many aspects from the 2015 MIT Decentralizing Privacy paper. The Secret Network consists of a variety of development teams and partnerships. The core developers are SCRT Labs. Interestingly, SCRT Labs launched as Enigma but rebranded to better stay in line with the overall focus of the project. The firm was founded by Guy Zyskind.
What Problems Does Secret Network (SCRT) Attempt to Fix?
There are many problems that Secret attempts to take on. For one, it helps with Web3 adoption. The protocol utilizes a simplistic interface and wallet to enable users to create NFTs and other digital assets without prior technical experience. Additionally, new users can navigate the network and access features directly from the wallet which makes onboarding simpler.
A Lack of Privacy
Privacy is the best way to protect your crypto holdings from hackers. Unfortunately, most public blockchains make all information available via explorers. Additionally, forensic firms can unravel the true owner of a particular wallet on these networks making you a target for those with the information.
Secret Network (SCRT) integrates privacy-preserving smart contracts to improve anonymity and confidentiality. Notably, Secret was the first network to have privacy-preserving smart contracts launch on the mainnet. It’s also among the first blockchains to utilize encrypted inputs, outputs, and blockchain state. This strategy opens the door for new use cases as current blockchains are public by default. Secret enables users to create more secure Dapps.
Benefits of Secret Network (SCRT)
Secret Network (SCRT) brings a new level of protection to the market. The network provides a secure and open-source alternative to the status quo. Developers can leverage the network’s unique capabilities to build and use applications that are both permissionless and privacy-preserving.
Cross-Chain Compatible
In April 2021, Secret underwent a major upgrade dubbed Supernova. This upgrade brought added interoperability to the system in the form of cross-chain Asset Bridges. This strategy enables Secret to provide its privacy features to Ethereum, BSC, Monero, Terra, Polkadot, Cosmos, and more.
Staking
Staking is one of the best ways to secure passive rewards. When you stake your crypto you are locking it into a network smart contract in exchange for rewards. The more SCRT you stake and the higher your rewards. Staking is a great way to generate wealth because your rewards come in the form of the network’s utility token, SCRT, which you can also stake.
How Does Secret Network (SCRT) Work
The concept behind the Secret Network (SCRT) concept is to combine the convenience and familiarity of Ethereum’s smart contracts with Monero’s privacy and Cosmos’s interoperability. The network was built using the flexible Rust programming language which helps to streamline onboarding for new developers.
The Secret network encrypts all data as its default setting. Users must provide Secret Keys to provide access to confidential information. These keys can be sent to others to provide access. This strategy improves data management capabilities.
Secret Nodes
Network participants called Secret Nodes operate in trusted execution environments (TEEs). Secret nodes compute smart contracts, verify transactions, store, and distribute data and information across the Secret ecosystem. For their efforts, they receive rewards in SCRT tokens.
Secret Wallet
The Secret wallet provides the community with a secure way to store their SCRT tokens. The wallet interface also simplifies interacting with the network’s DeFi features. You can see valuable information such as your balance, rewards, and transaction history.
Secret Apps
Developers gain the most from Secret. The protocol streamlines the creation of privacy-focused Dapps. The Secret community already includes a large community of developers, tools, and resources to help users expand on the Secret experience.
Secret Tokens
Secret Network (SCRT) introduces a new token standard to the market, SNIP-20. You can think of SNIP-20 as the network’s privacy-infused version of the ERC-20 standard. Businesses and developers can issue these tokens with confidence as network users need to produce Secret Keys to see any transaction details.
NFTs
Secret users can create and issue NFTs. NFTs (non-fungible tokens) are unique to other cryptocurrencies in that they can represent a singular asset. Notably, there are millions of NFTs in the market today. They represent real estate to digital art and everything in between.
Secret NFTs are private and blockchain verifiable. The added level of privacy also makes Secret NFTs ideal for use as restricted access tokens. Content creators can distribute these tokens and then host private events, concerts, gatherings, and giveaways. This flexibility enables creators to connect with their fans on another level.
Conclusion
It’s often said the privacy equals liberty in the digital age. As such, it’s refreshing to see a return to privacy-focused blockchains like Secret Network (SCRT). The network continues to garner more developers and users due to its unique blend of programmability and confidentiality. For these reasons and more, you can expect to see much more from this project in the coming weeks.
