Secret Network (SCRT) is a Layer 1 blockchain focused on data privacy, providing secure smart contracts through encryption of inputs, outputs, and state.
Based on Cosmos SDK and Tendermint, Secret Network operates through distributed nodes with its own consensus algorithm, creating a trusted execution environment (TEE), protecting user data absolutely in dApps.
MAIN CONTENT
Secret Network stands out for its ability to encrypt data in smart contracts for high security.
SCRT is the native Token, used for staking, transaction fees, and network governance.
Secret Network is robustly developing the DeFi ecosystem, expanding Multi-Chain interactions with Cosmos and EVM.
What is Secret Network (SCRT)?
Built on the Cosmos SDK, Secret Network is a blockchain for secure smart contracts that protect data through encryption of inputs, outputs, and state. According to CEO Enigma, Michael Egorov, in 2023, Secret Network is the first blockchain to ensure absolute privacy for users in the rapidly evolving Web3 world.
Unlike Ethereum or Bitcoin, which are publicly transparent, Secret Network prioritizes privacy, catering to the need to protect personal data in decentralized applications on the blockchain.
How does Secret Network operate?
Secret Network operates as a Layer 1 blockchain with a Tendermint consensus mechanism, has an on-chain governance system, requiring nodes to stake SCRT to participate in validating and computing smart contracts in a secure TEE environment. This hardware solution helps encrypt data and process information that even nodes cannot access the content.
Secret Network uses Trusted Execution Environments to protect user data like the fingerprint sensor on smartphones protects sensitive info, establishing new privacy standards in blockchain.
Michael Egorov, CEO Enigma Labs, 2023
The distributed node system runs in a trusted environment, ensuring the settlement of smart contracts while keeping information confidential. The SCRT token is used for paying transaction fees as well as for staking and governance voting.
What are the highlights of Secret Network (SCRT)?
The uniqueness of Secret Network lies in its combination of a trusted execution environment (TEE) to encrypt all smart contract data from input to output. This allows for the development of highly secure dApps, giving users peace of mind about their privacy despite decentralization.
Additionally, the network supports interaction with popular blockchains like BSC and Ethereum through cross-chain bridges, and is EVM compatible, making it easier for developers to build projects. Secret Network strongly leverages the DeFi ecosystem with SecretSwap and many new products to expand financial security applications on the blockchain.
The comprehensive data security capability of Secret Network through TEE
What is the information about the Secret Network Token (SCRT)?
SCRT is the native Token of Secret Network with a total supply of nearly 297 million Tokens, of which approximately 271 million are in circulation. SCRT plays a vital role in securing the network through staking and governance, while also serving as a fee for service usage.
Detailed Information Token Name SCRT Blockchain Secret blockchain (Layer 1) Function Governance + Utility Total Supply 297,044,642 SCRT Circulating Supply 271,355,294 SCRT
SCRT allocation focuses on the community 75 million, development team 36 million, and ecosystem fund 20 million. The project does not sell Tokens but converts from Enigma to SCRT in early 2021.
SCRT is also used for staking by validators and delegators, contributing to network maintenance and receiving rewards from 2% inflation each year.
What is the roadmap and updates of Secret Network currently?
Although there is no detailed public roadmap, Secret Network focuses on developing the DeFi ecosystem, exemplified by the launch of SecretSwap in February 2021 and the establishment of a fund to support native projects. The Secret DeFi initiative aims to make privacy a standard for DeFi, which is the main focus of the project.
We view DeFi on Secret Network as a gateway to a new generation of privacy-focused blockchains, providing sustainable solutions for users looking to protect financial data.
CEO Enigma Labs, 2023
The expansion of Multi-Chain communication along with Cosmos interoperability will help the project grow robustly in the future.
Who are the team, investors, and partners of Secret Network?
The core team of the project is the Enigma group, with a solid scientific background and extensive experience in blockchain security. Leading strategic investors include Alameda Research, Fenbushi Capital, Hashed, Arrington Capital, Blocktower Capital, Spartan Group, and Skynet Trading.
Reputable investors contribute to the development of Secret Network
These partners not only provide financial resources but also support development strategies and technology deployment in the global market.
What similar projects exist to Secret Network?
Two prominent projects that share a focus on privacy for blockchain are Plasm Network and Oasis Network. Both concentrate on data security and safe user experiences in smart contracts, creating diverse options for the secure blockchain ecosystem.
What will the future of SCRT be like?
Secret Network is leveraging Cosmos's interoperability to connect multiple blockchains, building a diverse dApp platform and enhancing the development team. The completion of the ENG to SCRT token swap in January 2021 marked a new development era, however, fierce competition with security-focused blockchains like Oasis Network remains a challenge.
The cryptocurrency market is highly volatile, and success requires projects to continuously innovate, engage the community, and create real value from data privacy.
Summary
Secret Network is the first secure smart contract blockchain that combines comprehensive data encryption with a trusted execution environment. The SCRT token plays a crucial role in staking, governance, and transaction fees, laying the foundation for the development of a private DeFi ecosystem. The project has garnered support from various reputable investors and is committed to expanding its Multi-Chain ecosystem in the future. This is a potential choice for those interested in privacy in the Web3 era.
Frequently Asked Questions
How does Secret Network differ from Ethereum? Secret Network encrypts data in smart contracts to protect privacy, while Ethereum publicly discloses all transaction information.
What functions does the SCRT Token have? SCRT is used for staking, paying transaction fees, and participating in network governance.
Does Secret Network interact with other blockchains? Yes, it supports bridges with BSC, Ethereum, and is EVM compatible, facilitating Multi-Chain development.
Who are the main investors in the project? Notable investors include Alameda Research, Fenbushi Capital, Hashed, Arrington Capital, etc.
What sectors does Secret Network focus on developing? It particularly emphasizes the DeFi ecosystem and privacy-focused dApps.
Source: https://tintucbitcoin.com/secret-network-scrt-la-gi-2/
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