The Secret network is a layer one solution ecosystem. This network is made with the Cosmos SDK and uses PoS (proof of stake) and Tendermint’s Byzantine fault-tolerant consensus algorithms. This network offers its native token, which is called SCRT. Each node on the network performs the computations for verifiability, consensus, and security purposes.
Since it is a layer one solution, the Secret network is chain-agnostic and can cooperate with various networks using the Cosmos IBC (InterBlockchain Communication protocol).
The Secret protocol leverages crucial Trusted Execution Environment, management, encryption protocol to achieve data privacy. This blockchain network is built for data privacy and presents dApps (decentralized applications) and the power to implement encrypted computations.
What is Secret?
The Secret network is a layer on solution blockchain with Cosmos SDK. The utility token of this network is SCRT. This network is built to provide better security to its users; this network leverages key Trusted Execution Environments (TEE), management, and encryption protocols, that are part of the hardware requirement for all validator nodes of the protocol.
TEEs (Trusted Execution Environments) guarantee that nodes cannot view computations that happen in the trusted environment – preserving the privacy of the underlying data during the computation. The underlying ledger of Secret Network is visible to the public; the token SCRT is for transactions, governance, and gas fees.
This network enforces programmable privacy, which is arbitrarily complex data privacy controls within an application. Programmable privacy allows tokens to be wrapped into their fungible and private equivalent using the Secret network SNIP-20 standard. It performs via a secret contract. About every 6 seconds, a block is created and appended. Due to the limitation of gas per block, about 22 transactions occur every second.
Enigma team launched Enigma corporation in 2017, and then they rebranded it as Secret network (SCRT), a blockchain built for data privacy. It provides dApps (decentralized applications) the ability to execute encrypted computations. There are 143 million tokens in circulation.
Secret’s native tokens (SCRT) are built by SNIP-20 standard, almost like ERC-20. The difference between SNIP-20 and ERC-20 is that in SNIP-20, all SCRTs keep their privacy by default. Users use SCRTs in classified contracts.
Nodes use these tokens to earn rewards. Nodes can propose offers and vote by these tokens. Users can also stake their tokens to get rewards.
Guy Zyskind and Can Kisagun co-founded Enigma (a cryptocurrency project) in 2014. Enigma was a layer-two scalability solution for Ethereum that added privacy to smart contracts. In 2020, Enigma launched its platform, and then they rebranded it as the Secret network.
Guy Zyskind is the corporation’s CEO, and he holds a B.S. in electrical engineering and computer sciences. Kisagun holds a master’s degree from MIT Sloan and B.S. in Industrial Engineering.
This layer-one solution network is currently offering a completely private smart contract on its platform.