Secret
(SCRT)Interesting Facts
The Secret Network aims to enable computational privacy for smart contracts in an interoperable blockchain infrastructure.
The network utilizes a consensus algorithm mechanism of a delegated proof of stake that was based on the Tendermint SDK.
Its native utility token used in the network is called SCRT. This is used for governance, delegation, and staking. It is also used for transaction and computational fees.
The platform works with unique nodes of Trusted Execution Environments that can allow computations on encrypted data.
Using Secret Network allows your smart contracts to use encrypted outputs, states for operations and inputs.
Project in a nutshell
The Secret Network project was created to operate as a decentralized network for a secure computation.
The nodes on the network, also known as Secret Nodes, can function as a general computation of encrypted data that allows smart contracts to use sensitive and private data as input.
The project focuses more on computational privacy and not just transaction security. This is where developers can build decentralized privacy preserving applications within the network.
They have considered that privacy is essential in applying many fields including decentralized finance application, machine learning, Web3, access control.
More in-depth review of the project
To learn more about the Secret Network, there are three-point areas that you should know.
One is Solutions. With the use of Secret SCRT privacy tokens on the mainnet, it combines the programmability of ERC-20s with the privacy platform of Monero and Zcash.
The second is Privacy. The bridge on Secret and Ethereum is live on testnet. This brings privacy and security to 25% of Ethereum assets.
Third is Community. The network establishes relationships with the community by upgrading and bringing in smart contracts and a user-friendly interface.
The platform supports different industries such as those on data sharing, gaming industry, healthcare industry, machine learning and decentralized finance.
Future plans
The Secret Network testnet will run a CosmWasm based contracts. This is an additional improvement in the secure decentralized application on multichain smart contracts.
The CosmWasm based contracts will be deployed on the Secret Network testnet within the Intel SGX.
Improvement on the computation module. This specific function on the Secret Network enables a key sharing protocol for decrypting and encrypting data.
