Secret Network – The first blockchain with programmable privacy =

Secret Network is an ecosystem where programmable private NFTs and dApps can be developed. With these NFTs and dApps, information and data can be encrypted, so that it is only available to a select group. And if all that isn’t exciting enough, the first SecretNFTs will contain the secrets of one of the most eccentric and genius Hollywood directors of our time.

The Tarantino NFTs launching soon will be an example of what Secret Network has to offer as a platform. Quentin Tarantino has established an iconic film style, it’s no secret. But the secrets behind some of the memorable moments in one of his films will now be up for auction as so-called SecretNFTs.

In addition to these SecretNFTs, Secret Network offers the technological inventions that will become important for the further adaptation of blockchain and cryptocurrency. It offers the possibility to give a decentralized system programmable privacy. In this article, we will look at what the Secret Network is and what this ecosystem adds to the blockchain world with the ability to develop secret smart contracts.

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  • View quickly
  • The advantage of privacy on the blockchain
  • What is Secret Network?
  • How and where does encrypted storage take place via Secret Network?
  • What distinguishes the Secret Network?
    • Secret dApps
    • Secret DeFi
    • SecretNFTs
  • The Secret Ecosystem
  • The development of the Secret ecosystem
  • roadmap
  • The token SCRT
  • Projects on the Secret ecosystem
  • Founders
  • Conclusion

In more than 60 seconds, here is explained what Secret Network is and can mean:

 

The advantage of privacy on the blockchain

One of the distinguishing features of blockchain from other data and transaction storage systems is that everything is public . Because every transaction that is made via a blockchain network is neatly stored and registered. The advantage of this transparency is that no controlling third party is needed.

But this also has disadvantages. Especially if blockchain and cryptocurrency are increasingly used in everyday life. For example, do you want it to be stored where and when you order and pay for an uber taxi via blockchain? Or that everyone knows how much cryptocurrency you receive or spend? Everything would be neatly registered with the current blockchain system, even for people who have wrong intentions with this information. Because you also want to keep certain data secret on the blockchain, Secret Network has developed a data privacy platform for web3 applications.

What is Secret Network?

How exactly does this programmable privacy work? Smart contracts are immutable contracts that are executed automatically. By default, all data contained in a smart contract is publicly stored in the blockchain. The Secret Network has now developed smart contracts, which have an encryption that allows certain data and information from the smart contract to be stored privately.

Secret Network sees this ability to shield data as an essential part of making Web3 applications such as DeFi and NFTs usable in everyday life. The system enables programmable privacy.

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How and where does encrypted storage take place via Secret Network?

Secret Network consists of nodes , which are the computer systems that serve as control and communication points in a blockchain network. They act as black boxes in the Secret Network. These black boxes, which are within the Secret Network TEEs, Trusted Execution Environments , process the data in an encrypted environment. Secret Network users can access this information with a viewing key . These viewing keys can be shared with a third party such as a wallet, or authors or explorers. The owner of the viewing key can decide with whom it is shared.

This video explains how Secret Network works:

 

 

What distinguishes the Secret Network?

The invention of Secret Network means that you can stick “secret” to practically everything that blockchain currently has in terms of possibilities. That way everything suddenly sounds a lot more exciting, which is of course nice, but this also has major advantages for the development of blockchain. Below are some of the Secret Network’s current capabilities:

Secret dApps

Secret dApps have the ability to process data and information without all this information being made public on a blockchain.

Secret DeFi

DeFi applications, such as offering the possibility to add liquidity to a pool, can now also be done “in secret” with the Secret Network.

SecretNFTs

These are secret non-fungible tokens, unique tokens where ownership and information about the transactions remain private by default.

The launch of the Tarantino SecretNFTs is the launch of this new form of NFTs . A secret has value, especially if it’s from one of Hollywood’s most talked-about directors. The SecretNFTs feature previously unseen artwork from the most famous Tarantino movie of the 90’s, Pulp Fiction. The NFTs thus give access to a small glimpse into the mind of a genius director, according to the launch site, where tension and expectation are already conveniently built up.

The holder of the ScretNFTs can decide for himself what he or she does with it: keep it secret, share it with a number of confidants or make it public. Due to the possibilities to partially or completely lock data, this type of SecretNFT opens up new possibilities.

tarantinonfts.com

The Secret Ecosystem

The Secret Network is its own ecosystem on which secret dApps can be developed. The tools of Cosmos SDK (Software Development Kit) can be used for developing the dApps. Cosmos is one of the ecosystems that has developed this for various blockchains. Secret Network uses a Proof of Stake method to create and verify the blocks. This allows blocks to be created safely and with sufficient speed.

The development of the Secret ecosystem

The development of the ecosystem has been divided into 3 phases by the founders of the Secret Network. In the first phase, the network was launched and secured. In the second phase, the functionality of the Secret Smart Contracts was developed. In the final phase, the foundation is laid for the development of Secret Applications. These 3 phases are now almost completely completed.

November 10, 2021 will be the Supernova Upgrade of the Secret Network. This also makes the privacy-first platform cross-chain. It can now be linked to blockchains within the Cosmos network through IBC integration. The SCRT token can now also be used with other dApps in the system. This is an important step in the development of the Secret Network.

For example, the Secret Network was developed in a relatively short period of time. In February 2020, the genesis block, which is the first block of the blockchain network, was created. Secret Network then became the first privacy-preserving smart contracts platform on the mainnet. Now on November 10, 2021, the largest network upgrade to date will take place. Expectations are rightly high. So far, the roadmap is going reasonably well according to plan and it promises a lot of interesting developments in the last quarter of 2021 and the first period of 2022.

roadmap

In general, several parts of the Secret Network will be developed in late 2021 to early 2022:

  • Secretnodes.com V3
  • secret wallet
  • Silk & Shade protocol
  • dSCRT
  • Secret Oracles
  • Secret Invoice Payment System

For the rollout of the network, we can expect the following in the near future:

November 2021

Development and launch of the following dApps:

  • Secret lottery DeFi
  • Stashh
  • Emergent properties
  • Altermail V2

Development tools & network:

  • supernova
  • Shinobi protocol
  • Polar (test framework)
  • Secret sdk (software development kit) for Python V0
  • Secret Terra Bridge
  • STKd

December 2021

Development and launch of the dApps:

  • SecretHeroes V1.5
  • Secretmanufaktur
  • Data vault
  • Sienna loin

Development tools & network:

  • Secret Launchpad
  • black box

January 2022

Development dApps:

  • Orbem Wars

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The token SCRT

The token of Secret (SCRT) is used within the system for staking by the Secret nodes. They use the tokens as collateral or deposit. Should the Secret nodes turn out to be unreliable when creating the blocks by supplying fake blocks or being offline, their staked tokens can be slashed. This causes them to lose it. The Secret nodes also earn SCRT tokens for processing the blocks. Furthermore, the tokens are within the system to pay gas fees and to pay for transactions.

For storing SCRT tokens and with the Secret Network , Citadel.one, Cosmostation, Kepler and Ledger Nano can be used as wallets.

The SCRT token is available through the following exchanges:

  • Sushi Swap
  • UniSwap
  • SecretSwap
  • Binance
  • Mandala
  • Sienna Swap
  • ApeSwap
  • MXC.com
  • Gate.io
  • Bitmart
  • Pancake Swap

The SCRT token entered the market in October 2020 for a value of approximately USD 0.45. The value rippled along for a while, and started growing to USD 4.50 in the first quarter of 2021. In the summer of 2021, the price fell back, reaching a low of 0.80 USD in July 2021. In September, the price started to rise again and on October 28, 2021, the SCRT token reached a (preliminary) All Time High of USD 10.38. The market cap is USD 1,357,445,875 in November 2021. There are then 149,109,567 tokens in circulation.

IMG

Projects on the Secret ecosystem

While there are plans to develop many more private dApps, there are already 13 dApps operational on the network in total:

  • Secret Auction – dApp for secret auctions.
  • Provider liquidity – Here you can act as a provider and make tokens available for liquidity and thus receive fees.
  • Secret garden – On this platform you can create your own tokens on the Secret ecosystem.
  • Shade protocol – This is a privacy-preserving DeFi application. Silk is the protocol’s native token and is also an algorithmically driven stablecoin.
  • Stashh – This NFT platform allows creators to encrypt content and metadata. Data is then only accessible to parties that are admitted by the maker or owner of an NFT.
  • Altermail – This is a decentralized blockchain email service that also guarantees data security and privacy.
  • Fardels – A Secret communications dApp for art and music.
  • Stake SCRT – You can stake SCRT tokens through the network and get rewards for doing so.
  • SecretSCRT Converter – Application for converting SCRT tokens.
  • Secret Heroes – A blockchain game.
  • Sienna DEX – Decentralized exchange.
  • Secret Bridge – The Secret Bridge connects the Secret Network to other networks.
  • Secret Swap – This Secret swap has 130 pairs in November 2021.

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Founders

Secret Network was developed from blockchain project Enigma. This project was later also transferred to Secret Network. Enigma was launched in 2017. Co-founder of Enigma and Secret Network is Guy Zyskind.

The difference between Enigma and Secret Network is that the former did not work with a Proof of Stake when verifying blocks. Enigma also had problems with the SEC, Security and Exchange Commission, the American regulator. The dispute was about the 2017 ICO of ENG, the token of Enigma. According to the SEC, this was an unrecorded sale of securities. This ICO raised 45 million USD. Enigma came to an agreement with the SEC on the day of the announcement of Secret’s Genesis. Later Enigma became Secret. Holders of the ENG tokens were given the opportunity to convert them to SCRT tokens.

Zyskind started Enigma with the ideal of getting the most out of blockchain. But to use mainstream dApps optimally, according to Zyskind, they also had to be able to guarantee data privacy. He has shaped this idea with his development team and co-founders in Secret Network. Enigma thus gave the roots of the Secret Network project. Furthermore, SCRT Labs , which was founded in 2015 by MIT staff and students, has also driven the development of Secret Network. The board has now been partially transferred to the Secret Foundation. In the future, token holders will also have a greater say in governance. Further organizations contributing to the governance and development of Secret Network are Chain of Secrets, Secure Secrets and Secret nodes.

Secret Network has been further developed with the help of various investment funds and advisors:

  • Outlier
  • Sparta group
  • Blocktower Capital
  • Arington Capital
  • B-Harvest
  • Fenbushi Capital
  • Dokia Capital
  • Skynet Trading
  • hashed

Many of these investor groups also spearheaded several groundbreaking blockchain projects. For example, Blocktower Capital invested in Solana, Origin Protocol and Enjin Coin. Hashed invested in Axie Infinety and Decentraland, among others. The fact that such investors support the Secret Network project gives it a solid basis for further development.

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Conclusion

Secret Network offers the possibility for programmable privacy. As a result, meta data can be stored encrypted on the blockchain and is only accessible to the holder of viewing keys. This enables the development of dApps, DeFi applications and NFTs with programmable privacy and thus offers interesting possibilities. The roll-out of the Secret Network ecosystem is therefore being watched with great interest by both developers and investors.

Do you have questions about Secret Network or other blockchain projects? We’d love to chat in our AllesOverCrypto Facebook group! You can also easily find the answer to a question in our FAQ. Googling your question + AllesOverCrypto will also get you a quick answer.

 

 

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