Today, we’re looking at a blockchain that really lives up to its name!
Secret Network is indeed a blockchain offering smart contracts preserving the confidentiality of its users. Because it encrypts their data, it makes the details of each transaction invisible to other users on the network as well as to nodes.
The main added value of this open-source protocol is therefore to add confidentiality to blockchain technology that may be lacking on other public networks. Unlike the Ethereum network, where your details are easily accessible via etherscan, Secret therefore focuses on confidentiality and security, with the ambition of scaling the decentralized Web.
The recent announcement of the implementation of the new version Shockwaves of the network seems to make it a network at the start of strong growth.
Let's explore the Secret network together, the specificities that can make it a network you can look into (staking, AMM), as well as its native coin and token!
What is Secret Network?
While most blockchains with smart contracts tend to be public, Secret Network uses private smart contracts, whose inputs and outputs are encrypted to ensure the security and confidentiality of user data.
It is the first blockchain to have confidentiality as its objective.
But how does confidentiality bring real added value to this network in the face of an alternative like Ethereum ?
For the Secret Network team, this is the key to the mass adoption of blockchain and Web3 technologies. To ensure their scalability, Secret will therefore combine user-friendliness smart contracts Ethereum, the scalability and interoperability of Cosmos and the privacy of Monero.
The best of three worlds, therefore, in order to create the foundations of a new generation of Web3 applications, both easy to use and secure!
How does it work in practice?
Secret contracts are private smart contracts that use an adapted version of CosmWasm v0.10 to ensure optimal integration with the Cosmos ecosystem. VS
smart contracts have cross-chain functionality that allows encrypt inputs, outputs, statuses and addresses. Lhe main programming language used to write Secret contracts is Rust: in particular because it allows the execution time of smart contracts to be optimized, and because it offers users lower transaction costs.
When a smart contract is issued in Cosmos, the identity of the applicant is therefore protected. It is an encrypted viewing key that will validate caller identities and decrypt data associated with a wallet address. The allocation feature also allows users to allocate a portion of their funds to other accounts to allow them to manage their balances from other contracts.
This system offers users greater control of their confidentiality, while ensuring regulatory compliance for the Secret Network.
Additionally, the Secret Network crypto ecosystem hosts a range of decentralized and permissionless applications, also coded in the Rust programming language. These applications can interact with Secret's private smart contracts and use the encrypted data without exposing it.
The SCRT token
In the Secret ecosystem, we find its native cryptocurrency, SCRT. Quite similar to ETH and BTC, the SCRT coin is essential to participate in and use Dapps backed by the network (in particular to pay gas and calculation costs).
Users can also stake the SCRT to secure the network and earn rewards in SCRT at the same time. It is also thanks to him that they will be able to participate in the governance of the platform and vote on proposed modifications to the protocol.
There are several ways to purchase SCRT. If you do not reside in the US, you can buy them directly on the Secret Network website or on its exchange SecretSwap (which we will talk about in more detail a little later).
Although SCRT has been available since February 2021, it only started trading in mid-September, when it was listed on Binance. SCRT plunged gradually during its first two months of trading, falling from 70 cents USD to a low of 25 cents in early November. The price of SCRT has seen a fairly dramatic increase since its rather timid beginnings. He has a current value of €5.28 according to CoinMarketCap.
The SCRT token
A wrapped version of the SCRT coin is also available on various centralized crypto exchanges and decentralized (DEX) as an Ethereum ERC-20 token and a Binance Smart Chain (BSC) BEP-20 SCRT. This list of exchanges includes Binance, Uniswap and PancakeSwap, which makes the SCRT token a highly interoperable cross-chain asset.
Although Secret tokens are inherently private, their minting and burning are public on-chain transactions, and therefore accessible to other users. These transactions and your token balance remain encrypted and anonymous. To access them, you must generate a viewing key, in particular to ensure their compliance.
Rather than providing complete transparency by default, network participants can therefore control the level of confidentiality they wish to maintain.
Among the most common Secret token standards, we find in particular the fungible token SNIP-20. The SNIP-20 standard is relatively similar to Ethereum's ERC-20 and ERC-777 tokens, with enhanced privacy features.
Secret tokens are also freely tradable assets that can be used to create non-fungible tokens (Secret NFT), trade and invest in decentralized applications (dApps) and unlock programmable privacy via Secret Bridges.
How to buy SCRT token with a Keplr wallet?
You should install and use Keplr wallet (an equivalent of MetaMask) for all transactions related to the Secret network. In particular, you will be able to deposit and convert the SCRTcoin into SCRT token via your wallet Keplr.
For those who are not yet familiar with Keplr, it isan open source Chrome browser extension which runs on the Inter Blockchain ecosystem.
To install the wallet, go to here.
You will then just have to create a new account (or import an existing account), configure the username and password of your wallet (a backup phrase of 12 words that you must store securely. Be careful not to disclose to anyone).
Keplr will then allow you to connect to several networks. If you don't already have SCRT tokens, you can for example buy them via Binance, then transfer them to your Keplr wallet. Click on the "Receive in your wallet" option to get your public address and receive your funds.
Then go to Binance and enter the recipient address and the amount of SCRT token you want to transfer. Once you have SCRT tokens in your Keplr wallet, you can go to the Secret Network website and click on the secret SCRT.
An “Add Token” window will automatically appear, displaying the contract address, name, symbol and decimal field details.
Set the fees and approve the transaction. You can now convert the SCRT coin into secretSCRT token or vice versa.
Secret Bridges
Another cool feature of the Secret Network is the Secret Bridges function. Basically, it allows asset holders of Ethereum and the Binance smart chain to create a confidential version of their assets. These Secrets tokens can then be used on the DeFi space of the Secret Finance network.
Be careful though, because not all assets are compatible yet. Next on the list are Terra, Monero and IBC are already integrated.
How to stake on the Secret network?
Secret Network relies on a consensus mechanism Delegated Proof of Stake (DPoS) to validate transactions and process calculations. Known validators, also called “secret nodes”, secure the network and must therefore be constantly available to receive block rewards.
SCRT holders can participate in staking on the Secret network by executing a secret node or by blocking SCRT with another node. Staking not only allows SCRT coin holders to support the network. But also and above all earn passive income, with an ROI of between 25 and 30%.
Governance of the Secret network
Participation in staking on the Secret Network allows holders of SCRT coin to participate in network governance. On-chain governance allows the community to submit and vote on proposals to improve Secret Network's crypto ecosystem and shape the future development of the platform.
SecretSwap and Secret Financial Token (SEFI)
SecretSwap is un automated market maker (AMM) cross-chain private and liquidity protocol operating on Secret Network. The platform SecretSwap.net allows users to trade SNIP-20 tokens via private smart contracts with encrypted inputs and outputs. A protocol that ensures transactions on Secret Swap are secure and resistant to front-running.
The protocol draws cross-chain liquidity from Ethereum bridges, Binance Smart Chain (BSC) et Monero (XRM) for reduce costs. Another interesting detail: SecretSwap does not use an order book and is not under the control of any centralized party. Additionally, SecretSwap offers higher levels of privacy than many other AMMs by protecting users against value extraction.
The governance token of the SecretSwap platform is the SEFI token. SEFI is a non-inflationary asset with a cap of one billion tokens. Holding the SEFI token entitles its holders to rewards and also allows its holders to participate in voting for SEFI funding.
The final word: A network on the rise that is capturing the attention of investors
Secret Network therefore provides a wide variety of tools and services focused on the privacy of their users. Making it a particularly interesting DeFi ecosystem for those looking for an anonymous alternative to Dapps built on public blockchains, such as Ethereum.
Likewise, the network has just raised funds of more than $400 million from the largest investors.
In addition, the upcoming release of the version Shockwave announces a probable growth of the network…
The Secret network has also worked hard in terms of development, and today benefits from a functional ecosystem andan engaged community. Although SCRT's tokenomics are not entirely ideal, Secret Network's vision goes well beyond its valuation.
In the near future, Secret Network aims to become the benchmark cross-chain privacy platform for web3. And above all spearheading the massive adoption of blockchain. As it continues to build new bridges to other blockchains, it could indeed become the standard in this regard.
« A secret is something you don't want to share with everyone, but still want to share with the people you trust. A secret is something you want to keep protected – not because it’s bad, but because it’s valuable.”
Let us conclude with this quote taken from Secret Network Website FAQ. It perfectly illustrates how confidentiality is not a trivial detail. But indeed a determining element of the scalability and mainstream adoption of blockchain.
- Discover the official website Secret Network
- Buy SCRT token on Binance or Kucoin
- Download the Kpler wallet
Do not hesitate to subscribe to the newsletter to receive the tutorial on how to earn SCRT tokens.
Note: No financial advice is given in this or any other article on zonebitcoin. This is information of which you are the sole judge and master. Be responsible with your investments and only invest as much as you are willing to lose.
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