Secret Network is a privacy-focused layer one blockchain that is different from other blockchains as it has smart contracts like Ethereum and complete privacy like Monero. Secret Network’s privacy features enable transaction privacy, defense against MEV, and new use cases such as hidden ownership of NFTs and sealed bid auctions. Secret Network’s unique architecture utilizes trusted execution environments (TEE) to keep smart contracts and data private and encrypted, which sets it apart from other privacy-focused blockchains. Secret Network has a native token called SCRT, which is not a privacy coin, and it is used for paying gas fees, staking, and governance. The market cap of Secret Network is currently sitting at one billion dollars and has a perpetual inflation rate.
Exploring the Fascinating World of Secret Network: Is it Worth the Hype?
If Ethereum and Monero had a baby, Secret Network would be that baby – a blockchain network with smart contracts like Ethereum and hardcore privacy features like Monero. Unlike other layer one blockchains out there, Secret Network is designed with privacy at its core.
In this article, we’ll dive into the origins of Secret Network, its unique architecture, and explore the benefits of its privacy features, including its secret NFTs. We’ll also take a look at the SCRT token, including its use for paying gas fees, staking, and governance.
Origins of Secret Network
Secret Network’s origins can be traced back to a project called Enigma – a privacy-focused layer 2 network built on Ethereum that raised $45 million during its 2017 ICO. However, during the great ICO purge, the SEC came for Enigma, forcing the team to shut things down.
But rather than giving up, the community decided to create a new project: Secret Network. This time, it would be a more decentralized effort, with multiple independent groups contributing to the protocol’s development.
Unique Architecture and Fascinating Technology
Secret Network combines the security and standard coding of an untrusted code with the privacy of its trusted code. Its trusted execution environments (TEEs) act as black boxes for computing encrypted data, allowing users to execute smart contracts and keep everything private and encrypted. Validators who execute transactions can’t view the data in the TEEs, and the only way to view them is through special viewing keys that the end user controls.
Benefits of Secret Network’s Privacy Features
One of the concrete benefits of Secret Network’s privacy features is the increased transaction privacy, which makes it more appealing to big investors. Secret Network also eliminates the need to worry about miner extractable value (MEV), which is a problem that many blockchains are trying to solve.
Perhaps the most exciting aspect of Secret Network’s privacy features is the new use cases they enable. For example, NFT collectors can now spin up invite-only viewing galleries for their NFTs, and artists can create collections without revealing their financial activity to the world. Secret Network even lets users participate in sealed bid auctions while keeping the details of each bid private.
Secret Network’s native token is SCRT, used for paying gas fees, staking, and governance. The current supply of SCRT is around 160 million, with no maximum cap and perpetual inflation. The rate of inflation depends on how much is staked at any given time, and currently, around 63% of the total supply is staked.
Is Secret Network Worth it?
While Secret Network is still relatively new, it has already achieved a market cap of over $1 billion dollars. Its unique architecture, fascinating technology, and strong privacy features make it an exciting new player in the blockchain space. Whether it’s worth the hype will depend on one’s individual perspective, but it’s clear that Secret Network is a project well worth watching.