Secret Network is a privacy-centric smart contract platform built on the Cosmos SDK, offering a unique approach to decentralized applications (dApps) by ensuring data privacy at every level.
Table Content:
- Secret Network: Redefining Privacy in Blockchain
- EVM Compatibility: Empowering Developers
- SCRT: The Fueling Force of Secret Network
- SCRT Token Metrics: A Closer Look
- SCRT Token Allocation: Distribution and Evolution
- SCRT Token Utility: Powering the Ecosystem
- Securely Storing SCRT: Wallet Options
- Secret Network’s Roadmap and Development
- The Team, Investors, and Partners Behind Secret Network
- Conclusion: The Future of Privacy in DeFi
Secret Network: Redefining Privacy in Blockchain
Unlike traditional blockchains, Secret Network encrypts both input and output data, shielding it even from network nodes. This groundbreaking feature allows for the development of privacy-preserving smart contracts, enabling dApps to handle sensitive information without compromising user confidentiality. This distinguishes Secret Network from other platforms and positions it as a leader in the privacy-focused blockchain space.
Furthermore, Secret Network boasts interoperability beyond its own ecosystem. Through dedicated bridges, crypto assets from prominent networks like Binance Smart Chain (BSC) and Ethereum can seamlessly integrate with Secret Network, leveraging its robust privacy infrastructure. This cross-chain compatibility opens up a wealth of possibilities for users and developers seeking secure and private decentralized solutions.
EVM Compatibility: Empowering Developers
Secret Network’s compatibility with the Ethereum Virtual Machine (EVM) is a crucial advantage. This compatibility empowers developers familiar with Solidity to effortlessly transition to building dApps and protocols on Secret Network, accelerating the platform’s growth and innovation. This seamless transition reduces the learning curve and allows developers to focus on building privacy-focused applications.
SCRT: The Fueling Force of Secret Network
SCRT is the native token of Secret Network, playing a vital role in the platform’s functionality and governance. Rather than conducting a traditional token sale, SCRT was migrated from Enigma, the project’s predecessor. This unique origin story reflects Secret Network’s commitment to innovation and its evolution from a layer-2 scaling solution for Ethereum to a fully-fledged privacy-focused blockchain.
SCRT Token Metrics: A Closer Look
- Token Name: SCRT Token
- Ticker: SCRT
- Blockchain: Secret blockchain
- Token Type: Governance + Utility
- Total Supply: Unlimited (2% annual inflation)
- Circulating Supply: 69,703,477 SCRT (May 13, 2021) – Note: This information is from May 2021 and may not be current. Please refer to reputable sources for the most up-to-date circulating supply.
SCRT Token Allocation: Distribution and Evolution
The transition from Enigma to Secret Network involved a token migration, making precise allocation figures challenging to determine. However, the team provided an estimated breakdown in January 2021:
- Community: 75M
- Team: 36M
- Enigma (including affiliates): 30M
- Ecosystem Pool: 20M
- Foundation: 1M
- Inflation: 8M (2% annually)
SCRT Token Utility: Powering the Ecosystem
SCRT serves multiple critical functions within the Secret Network ecosystem:
Staking (Validating and Delegating): Validators and delegators stake SCRT to secure the network, earning transaction fees and block rewards. This incentivizes participation in network security and ensures its stability.
Transaction Fees: SCRT covers transaction fees on the network, similar to gas fees on Ethereum.
Governance: SCRT holders can participate in network governance through on-chain voting, influencing the platform’s future direction.
Currently, acquiring SCRT is primarily achieved through exchanges that support its trading.
Securely Storing SCRT: Wallet Options
Several wallets support SCRT storage:
- Ledger Nano S and Ledger Nano X
- Keplr
- Cosmostation Wallet
- Citadel.One
- Math Wallet
Secret Network’s Roadmap and Development
While a comprehensive roadmap isn’t publicly available, Secret Network is actively focused on fostering a thriving DeFi ecosystem. A notable recent initiative is the establishment of an ecosystem fund dedicated to supporting native projects built on the platform. This strategic move highlights the network’s commitment to long-term growth and innovation.
The Team, Investors, and Partners Behind Secret Network
The core contributors to Secret Network are the team behind Enigma. Prominent investors include Fenbushi Capital, Hashed, Arrington Capital, and Blocktower Capital. These strong partnerships and financial backing contribute to Secret Network’s credibility and potential for success.
Conclusion: The Future of Privacy in DeFi
Secret Network is pioneering a new era of privacy in the decentralized finance landscape. Its unique combination of encrypted data, interoperability, and EVM compatibility positions it as a powerful platform for building the next generation of dApps. As the demand for privacy in blockchain continues to grow, Secret Network is poised to play a crucial role in shaping the future of DeFi.
