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What Is Secret?

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Oct 13, 2022
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6 min read
what-is-secret

This blog post will cover:

  • About Secret (SCRT)
  • Where did Secret (SCRT) come from?
  • What are the advantages of Secret (SCRT)?
  • What are the disadvantages of Secret (SCRT)?
  • How to buy Secret (SCRT)?

About Secret (SCRT)

Secret Network grew from the Enigma project - a blockchain, layer-2 solution to scale Ethereum by adding private smart contracts.

Apparently, Secret Network seems to be the 1st blockchain constructed on the basis of a private smart contract. The encryption of the program code inputs and outputs is also provided. Transactions committed in smart contracts are not detected even by the validator nodes of the network.

The Secret Network token is officially named SCRT and isn’t stated as anonymous. Transactions with SCRT are available for view. Coins issued in Secret Network keep privacy by default similar to Monero. “Fathers” of Secret Network assume that this type of clarity and security balance is the crucial thing for crypto popularization. The Network is able to hide confidential information and this opens up fresh opportunities for using crypto, previously unreachable because of the transparency of blockchains.

SCRT is a native coin of a Secret Network blockchain initially created to stake and govern. The primary emission of the SCRT is 150,000,000 while the inflation level amounts to 7-15% a year. It depends on the percentage blocked in the staking of the Secret Network blockchain. However, the more the percentage, the lower the inflation.

The Secret Network blockchain coins are released considering the standard called SNIP-20. It resembles the ERC-20 token standard on Ethereum. The core difference of SCRT coins — confidentiality of balances and transactions. This cryptocurrency is used in smart contracts of private Secret Network. Only token holders have access to special viewing keys. It’s specially designed for the property confirmation. Viewing keys are also created to meet the needs of supervisory authorities.

There is an NFT marketplace in the Secret Network. It implies confidential metadata:

  • unlocking covert components (they enhance the singularity of the NFT).
  • private ownership for people who prefer not to show their possessions to the entire world.
  • an access control, providing an opportunity to make an evaluation version of tokens with a watermark to get rid of the necessity to purchase them.

Where did Secret (SCRT) come from?

Originally born from the Enigma ecosystem which appeared in 2015, Secret Network went public in 2020 due to Tor Bair, its founder and two directors — Guy Zyskind and Zaki Manian.

What are the advantages of Secret (SCRT)?

  • Tendermint
    
    The Cosmos SDK is actually the project blockchain’s base. Blockchain uses the delegated Proof-of-Stake (DPoS), consensus mechanism called Tendermint. Similar to Cosmos, it creates a brand new block every six or seven seconds while processing about ten thousand transactions per second.
  • Confidential transactions
    
    The smart contracts of the project are keeping transactions confidential. Smart contract transactions are conducted in trusted execution environments (shortly TEE). Simply said, they act as a “black box” processing the information. TEEs are utilized in different types of platforms including mobiles and game consoles.
  • Secret Bridges
    
    Secret Network also has Secret Bridges. They are created right in the Network. Due to them, owners of crypto based on Ethereum network or Binance Smart Chain are able to transfer their coins to a secure network and then use them in a SecretSwap app. These days, the project’s team is trying to integrate some other networks for expanding.The authorization goes through three of five multisignature authorisation, five specially designated bridge operators inspect the network for new events. When some event occurs, a consensus of three out of five operators is required first before recognizing the event as a real transaction and adding it to the block.
  • Secret Finance
    
    Besides using the secret smart contracts and releasing secret tokens, Secret Finance also utilizes the viewing keys. There is a network transaction report and other financial information. Data is linked to the wallet address. It remains concealed and accessible solely to the owner of a viewing key. Secret Finance functions: swap, liquidity pool.
  • Staking
    
    In a Secret Network blockchain, staking is realized in 2 different modes: as a validator and as a delegate. To participate in the process, validators need only block 1 SCRT coin. At the same time, the Secret Network sets a limitation of 70 validators now. To become a validator today, you need to offer a sufficient number of SCRT to make it into the 70.
  • Voting
    
    Every Secret Network blockchain setting can be modified by user voting, in which 1 SCRT is equal to 1 vote. The voting takes 2 weeks. It is divided into 2 parts: the offer and the voting itself. In order to be eligible for submitting an offer, 1,000 SCRT ought to be granted in the 1st voting week.

What are the disadvantages of Secret (SCRT)?

  • Transactions
    
    Talking about the weakness of Secret — there’s a problem with the amount of time it takes to do a smart contract transaction. The speed is quite slow. Also, the cost of these transactions is higher because of their nature. But we hope that with the investments coming to a project the transaction speed can get higher and the price will get lower.

How to buy Secret (SCRT)?

To get some SCRT coins, visit SimpleSwap. There is a guide on how to do it:

  • For example, you would like to exchange BTC to SCRT. Choose the currency you want to exchange (BTC) in the first drop-down list. Enter the amount you would like to swap.
  • Select SCRT in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. SCRT will be sent to this address. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.

To sum up, the Secret Network has great prospects in privacy requiring spheres. It provides a lot of options, and adds more features to make cryptocurrency both transparent and safe. We will closely monitor the project to tell you more as it is updated whilst you can check out the Secret Price Prediction by SimpleSwap

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.


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