Exploring the Secret Network and SCRT Coins

Secret Network is a decentralized network of nodes that uses privacy technologies to ensure secure and anonymous computing.

Most of the decentralized finance (DeFi) protocols based on smart contracts work on public blockchains, such as Ethereum. However, the Secret Network crypto ecosystem is the base for several private DeFi platforms that use Secret Network privacy features, including secure execution Environments (TEE).

In addition, the platform boasts various tools and services, such as private smart contracts, Secret Network staking and Secret Network Bridge. In addition, Secret Token Bridge allows users to convert a native SCRT coin into an interoperable SCRT token for use in various blockchain networks.

In this article, we will delve into the Secret Network crypto ecosystem, and consider the Secret Network staking, Secret Network Bridge, SCRT coin and SCRT token.

What is the Secret Network?
Programmable privacy
SCRT Coin
SCRT Token
Staking Secret Network
Management
Secret tokens
Secret Network Bridge
Private smart contracts
SecretSwap and Secret Finance Token (SEFI)
Results

What is the Secret Network?
Most blockchains with support for smart contracts, as a rule, are publicly available. However, Secret Network uses private smart contracts with encrypted input and output data to ensure data security and confidentiality.

secret network

The Secret Network team believes that privacy is the key to the mass adoption of blockchain and Web3 technologies. Thus, Secret's private smart contracts combine the convenience of using Ethereum smart contracts, the scalability and compatibility of Cosmos and the privacy of Monero.

By combining these features, Secret Network aims to create the foundation for the next generation of Web3 applications using advanced privacy features.

A decentralized node network uses a secure execution environment (TEE) to protect the network using the Delegated Proof of Stake (DPoS) consensus mechanism. This allows you to securely encrypt anonymous calculations for use in many different applications.

Secret Network members can choose how and with whom they will share transactional data, which gives them full control over their privacy.

The Secret Network crypto ecosystem contains a number of decentralized applications without permissions written in the Rust programming language. These applications can interact with Secret's private smart contracts and use encrypted data without revealing the latter.

Programmable privacy
Most cryptocurrency privacy solutions focus on transaction privacy. Programmable privacy facilitates the encryption of multiple computations, which in turn provides various new use cases for smart contracts and decentralized applications (dApps).

Secure Execution Environment (TEE)
A secure execution environment (TEE) is a neutral party, in the form of equipment for secure and private computing. TEE are located in a remote part of the processor of a device that is not part of the main operating system.

In addition, TEE provides a method of storing, processing and protecting data protected from unauthorized access. Each new node in the network goes through a "remote attestation" process to verify the validity of TEE and other equipment.

SCRT Coin
The SCRT coin is Secret Network's own cryptocurrency. Like Ethereum (ETH) and Bitcoin (BTC), the SCRT coin is a requirement to work across the entire network.

SCRT coin

When using applications on the network, users must pay for gas and computing fees only through SCRT. In addition, holders of SCRT coins can participate in the management of the platform by voting for proposals to amend the protocol.

There are many ways to purchase SCRT. Users outside the United States can make purchases directly on the Secret Network website. You can also purchase SCRT on the SecretSwap exchange, which operates on the Secret Network.

SCRT Token
This version of SCRT is also available on various centralized crypto exchanges and decentralized exchanges (DEX) both in the form of the Ethereum ERC-20 token and the Binance Smart Chain (BSC) BEP-20 SCRT token. This includes Binance, Uniswap and PancakeSwap. Accordingly, the SCRT token is a cross-chain asset with high functional compatibility.

Staking Secret Network
Secret Network uses the Delegated Proof of Stake (DPoS) consensus mechanism to verify transactions and process calculations. Validators, known as "secret nodes", must maintain a constant uptime while receiving block rewards.

SCRT holders can participate in Secret Network staking by launching a secret node. By participating in Secret Network staking, SCRT coin holders can not only help with maintaining the network, but also receive passive income in the amount of 25 to 30% return on investment (ROI).

Management
Participation in the Secret Network staking allows holders of SCRT coins to participate in the management of the network. On-chain management allows the community to submit and vote for proposals to improve the Secret Network crypto ecosystem and, moreover, determine the future development of the platform.

Secret tokens
Secret tokens are private programmable tokens similar to Ethereum ERC-20 tokens. They come in several forms and can represent both Secret Network's own assets and assets outside the network.

secret network tokens

Although secret tokens are inherently private, their minting and burning are public intra-network transactions. In addition, all Secret Token transactions remain encrypted and anonymous. To uncover the underlying values of these transactions, users must create a "view key".

Instead of providing full transparency by default, network members can control the degree of privacy they want to maintain.

Generation of viewing keys helps to verify the identity of network members requesting certain accounts. In turn, this process is aimed at simplifying the provision of data on compliance with requirements and regulatory requirements for audit.

Among the most common Secret Token standards is the interchangeable SNIP—20 token. In general terms, the SNIP-20 standard represents the Ethereum ERC-20 and ERC-777 token standards with advanced privacy features.

Secret tokens are freely traded assets that can be used to create non—interchangeable tokens (NFT), trade and invest in decentralized applications (dApps) that preserve confidentiality, and created on the basis of the Secret Network through Secret Bridges.

Secret Network Bridge
Secret Network Bridge allows external blockchain networks to connect to the Secret Network. Using the Secret Network Bridge allows these networks to create SCRT tokens. Assets that pass through the Secret Network Bridge can be used in Secret Network DeFi applications.

Currently, Secret Network Bridge supports private conversions of Ethereum ERC-20 and Binance Smart Chain (BSC) BEP-20 SCRT tokens. In the future, we can expect the appearance of even more supported blockchain networks. Thus, Secret Network intends to become a "transitional multi-chain interoperable privacy center" for all blockchains.

Private smart contracts
Secret contracts are private smart contracts that use an adapted version of CosmWasm v0.10 to ensure optimal integration with the Cosmos ecosystem. These smart contracts have internetwork functionality and use encrypted inputs, outputs, states and addresses.

The main programming language used to write secret contracts is Rust. It was chosen because of the optimized execution environment it offers, as well as low transaction costs and convenient compilation.

When requesting smart contracts in Cosmos, the identity of the requester cannot be cryptographically authenticated. However, secret contracts use encrypted browsing keys to verify the identity of the caller and decrypt the data associated with his wallet address.

In addition, the markup feature allows users to allocate part of their funds to other accounts so that balances from other contracts can be managed.

These private smart contracts are at the heart of the Secret Network DeFi ecosystem and are also at the heart of many new applications and protocols created on the network.

SecretSwap and Secret Finance Token (SEFI)
SecretSwap is an inter—network private automated market maker (AMM) and liquidity protocol running on the Secret Network. The SecretSwap platform allows users to exchange SNIP-20 tokens using private smart contracts with encrypted inputs and outputs. As a result, transactions in SecretSwap are secure and resistant to proactive actions.

secret network swap

To reduce fees, the protocol uses inter-network liquidity from Ethereum, Binance Smart Chain (BSC) and Monero bridges. SecretSwap provides a higher level of privacy than many AMMS, does not use an order book, and is not controlled by any centralized party.

The SecretSwap platform management token is the SEFI token. The SEFI token is a non—inflationary asset with a hard limit of one billion tokens. Token holders can also participate in voting for SEFI funding.

Results
Secret Network creates effective use cases for privacy-oriented applications and technologies. The platform provides a wide range of privacy-oriented tools and services, where the degree of disclosure of basic data is programmed by default.

Thanks to the secret contracts of the next generation, a wide range of private decentralized financing (DeFi) protocols are implemented. The evolving Secret DeFi ecosystem offers tools and services that compete with some of the most well-known smart contract-enabled blockchains.

However, Secret DeFi protocols benefit from modern encryption, offering a flexible and anonymous alternative to decentralized applications (dApps) built on public blockchains.

Secret Network's long—term goal is to become a "web3 cross-chain privacy platform". In addition, Secret Network believes that maintaining confidentiality needs to become a mass implementation.

Accordingly, the project is aimed at supporting all blockchain networks and providing a wide range of Web3 technologies that do not depend on blockchain and preserve confidentiality.