Cryptocurrency Secret Network (SCRT) is a data protection platform for Web3. Its Blockchain technology provides a good level of openness and transparency that today’s centralized networks cannot, but some private data should be kept confidential.
By including programmable intelligent contracts that run on the blockchain and in trusted execution environments, the Secret network secures data from the nodes themselves, taking advantage of the transparent benefits of the blockchain with the security and privacy that users demand from web services.
What is a secret network?
A secret network is a blockchain explicitly created to keep data private. By supporting encrypted inputs and outputs and smart contract states, Secret Network allows you to program smart contracts that keep user data secure. If coins like scrt vs rose represent the privacy-focused evolution of Bitcoin, then Secret Network smart contracts are like the evolution of Ethereum’s smart contracts based on this premise and enable the secure transfer of personal data.
Secret Network was taken from Enigma, a startup that created the idea of a decentralized protocol for smart secret agreements. Enigma raised $45 million in an initial currency offering (ICO) in 2017 but faced a 2020 US Securities and Exchange Commission filing that forced a settlement with the SEC.
What is so special about the Secret Network?
There’s a ton to like regarding blockchains because they’re inflexible and translucent. Still, that kind of openness limits the data that can be safely manipulated on many blockchains – especially top-secret data that people or companies wouldn’t want to see.
The Secret Network aims to close this hole by providing privacy and security while maintaining what people love about blockchain technology – theoretically, the best of both worlds. While it’s just one company trying to fill this gap, it’s a concept that could be key to driving the future of certain decentralized applications (dapps), especially in decentralized finance (Defi).
Depending on your jurisdiction, you can purchase SCRT or sfp vs dydx from these centralized exchanges operated by traditional companies:
- Letsexchange – Buy SCRT
- Godex
Conclusion
With the change from ENG to the SCRT token finished in January 2021, actually ending the book on the former Enigma task, Secret Network is attempting to create a lot that includes interoperability with other blockchains. Lack of inter-string compatibility may limit the Secret Network’s appeal and ultimately prevent it from gaining as wide distribution or utility as the community developers envision.
Secret Network is also achieving incredible decentralized finance growth through its Secret Defi initiative and launched SecretSwap decentralized exchange in February 2021. According to a Secret Network FAQ, “Part of our vision has always been privacy for every blockchain,” which calls for Cosmos blockchain connectivity and interoperability as another potential initiative.
In addition, Secret Network is focused on getting more developers to build their decentralized applications on the blockchain, thus showing off more use cases in the process. It is one of many blockchains with privacy-focused smart contracts (another example is the Oasis network).
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