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The issue of privacy is gaining more and more importance in the crypto money market. Detailed information about Secret Network (SCRT Coin ), which promises various solutions to prevent the tracking of movements in blockchains, is included in this guide.
Founder and year of establishment: Guy Zyskind and Tor Bair / 2017
Total supply: 190 million
Circulating supply: 149 million
Market cap: $1.2 billion (January 14, 2022)
Lowest price: $0.2554
Highest price: $10.64
Purpose of the project: To provide privacy on the blockchain.
Uses: Blockchain and Web3 domain
Secret Network it?
Secret Network, a privacy-focused project, is located on the Cosmos blockchain. It is a blockchain platform that provides encrypted smart contracts and ensures complete data privacy. It enhances traditional smart contracts by encrypting inputs and outputs at a protocol level. The Private Network ensures the privacy of all sensitive information collected and stored in decentralized applications (DApps).
Since blockchain transactions are publicly viewable, privacy in the blockchain space is not guaranteed.
There are already reports of government agencies creating cryptocurrency monitoring tools that use this premise, and this is an issue in a world where digital security and data privacy are hot topics. Known as Decentralized Finance, DeFi is set to completely change the financial landscape by enabling digital payments without the approval of a central authority.
Smart contracts play a big role in DeFi’s success. These are basically self-executing pieces of code that are managed on a blockchain and can be used to build DApps. DApps mean that all data used and collected on a public blockchain is public. This is a big problem for DApps that handle sensitive user data.
Secret Network’s solution for this problem is zero-to-scratch encryption. Tor Bair, founder of the Secret Foundation, calls this “programmable privacy” and goes beyond the transactional privacy offered by privacy-centric cryptocurrencies like Monero. It relies on a computer network called “hidden nodes” to securely perform the calculation of smart contracts created on the platform.
TEE technology is already used to securely process data across multiple platforms, including smartphones and video game consoles, thus protecting data privacy by default. This is how smartphones process sensitive biometric data like your fingerprints.
Secret Network’s smart contracts are called “secret contracts” because they are designed to protect encryption and data privacy by default. Secret contracts written in the Rust programming language allow DApps to use encrypted data without exposing it, even to hidden nodes that do the computation needed to power the apps. Users have full control over shared and with whom. They have the option to generate “view keys” that allow third parties to view their sensitive data.
The future of SCRT Token?
There is a general privacy issue in the world. The importance of privacy-focused projects’ solutions to this problem is increasing, and users in the cryptocurrency market, in particular, have begun to grasp the importance of platforms such as Secret Network.
Secret Network’s secret contracts can be described as a privacy-centric evolution of Ethereum’s smart contracts. These confidentiality agreements add a layer of privacy and security to sensitive data while maintaining transparency. This unique functionality protects users and keeps private data private.
Secret, on the other hand, is supported by many independent development teams and organizations, including Enigma, Secret Foundation, Secretnodes.org, Chain of Secrets, and more.
SCRT Coin ?
Secret Token (SCRT) is similar to Monero (XMR), Dash (DASH) and other privacy Coin s in that the recipient, balance and transaction amount can be encrypted. The programmable privacy provided by Secret Network provides anonymity and privacy. SCRT holders must generate a display key if they wish to disclose their balance to third parties. Secret (SCRT Coin ) is the native token of Secret Network, a blockchain with data privacy for smart contracts by default. It allows you to create and use both permissionless and privacy-protecting apps.
To use apps in Secret, you need to hold and spend SCRT Token. SCRT works in the same way as ETH runs on the Ethereum network, and is used to pay all computational and transaction fees associated with applications on the network.
By staking SCRT Coin and sharing it with validators that support “hidden nodes”, both the network and the SCRT You help secure your rewards.
Where and how to get SCRT Token?
With a total supply of 190 million, a circulating supply of 149 million and a market cap of $1.2 billion as of January 14, 2022 While SCRT Token is traded on centralized exchanges such as Binance, Bitmart, Coin Ex, MEXC, Gate.io; as decentralized exchanges, it can be bought and sold on platforms such as SecretSwap, SushiSwap, UniSwap.