Introducing the Secret Network and SCRT Token

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Hi to everyone 🖐
Hope you are doing well in these lockdowns. 🙏
I'm here to introduce you a new network and a new token which can be so useful in terms of privacy.

Blockchain technology offers a new and useful level of freedom and transparency that centralized networks are unable to provide, but some private information should not be shared publicly. How many people prefer to use a network that provides financial information and identification to the public? This is the problem that the #SecretNetwork is about to fix.

By enabling programmable smart contracts that are implemented on the blockchain platform and processed in a reliable environment, and protecting information from nodes, your network promises to provide blockchain benefits and offers users a new level of security and privacy. In the following, we will learn more about the Secret Network and examine how it works.

What is Secret Network?

The Secret Network is a blockchain created specifically to protect the privacy of information. By supporting encrypted inputs and outputs and smart contracts, your network enables the implementation of programmable smart contracts to keep users' information secure.

If new cryptocurrencies are the evolution of Bitcoin's privacy, smart Secret Network contracts are the same as the evolution of Ethereum smart contracts that enable the safe transfer of private information.
The Secret Network is made up of Enigma. Enigma is a start-up that has developed the concept of decentralized protocol for secret and private smart contracts.

Enigma was able to attract $45 million in capital at the 2017 ICO, but in 2020 it faced law from the Securities and Exchange Commission and was eventually forced to reach an agreement with the SEC Commission.

Finally, the Enigma community decided to continue the vision of the start-up as an independent and decentralized project, thus bringing about the current version of the Secret Network. The holders of Token Enigma (ENG) were able to exchange their tokens one by one with Secret Tokens or #SCRT. Enigma has been a major contributor to the development of the Secret Network.

The Blockchain Network is an open source and unique network that provides information privacy

Although blockchains promise to create a freer and more lasting Internet, they have a big and important disadvantage. This disadvantage is that all your information is made available to everyone. Information privacy must be protected and full control of information should be provided to users and organizations.

Secret is a decentralized network that fixes this problem and helps secure and scalable decentralized Internet.
As the first blockchain that supports encrypted inputs and outputs and encrypted smart contracts, Secret Network enables the creation of a new type of decentralized application. This can create significant value in various industries. These industries include:

• Decentralized Finance: Supports transfers, lending and other measures related to cryptocurrencies with privacy.
• Sharing information: Sharing and monetizing information while keeping them safe.
• Machine learning: Discover powerful perspectives while protecting the information you want.
• Health industry: Possible research on encrypted information and more innovation.
• Gaming Industry: Make the gaming experience possible freer and more useful.

How does Secret Network work?

The Secret Network is a first-layer blockchain with its own intra-chain consensus and monitoring system, based on the Tendermint and Cosmos frameworks. The Secret Network relies on a network of distributed nodes that perform calculations of smart contracts on the Secret Network platform, but these nodes benefit from the trusted executive environment (TEE).

This process is similar to using TEE smartphone processor to manage sensitive information such as users' fingerprints, except that in this blockchain, the processor has replaced the blockchain nodes. The network calls its smart contracts a secret contracts; because it is designed to protect the privacy of existing information. Nodes must stick SCRT tokens so they can participate in the network. This token is also used to pay commissions and transfer value.

Secret Apps (which are based on smart privacy-based contracts) are created with CosmWasm smart contracts, written in Rust programming language and implemented on the Secret Network.

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What is particularly important in Secret Network?

There are many blockchains that offer immutable and transparent information, but this level of transparency leads to limiting and reducing the safety of information in such blockchains, especially when it comes to managing sensitive and important information that different people and companies do not want to make available to the public.

By providing a new level of privacy and security and maintaining the strengths of blockchain technology, Secret Network seeks to address the weaknesses of the case. Although Secret Network is not the only company that seeks to solve this problem, it is a concept that can play an important and key role in the future of decentralized programs.

What can be done with the Secret Network?

Secret Network is intended to cohere and provide conditions to decentralized programs that demand a higher level of privacy. By using TEE and the lack of access to private information by users and operators of nodes, Secrett Network manages sensitive and important information that users and organizations do not want to make available to other people.

Secret network operators offer a wide range of applications. These applications include scoring in terms of the validity of decentralized programs that ensure privacy, machine learning capabilities that lead to privacy in this process, and improving safe sharing and monetization of information.

Learn more about SCRT Token

With the possibility of exchanging ENG tokens to SCRT in January 2021, which led to the end of the Enigma project, the Secret Network seeks to create a future where interoperability with other blockchains is possible. The lack of inter-chain support can reduce the presence and impact of Secret Network and prevent it from being widely accepted or used. SCRT plays a leading role in this network, and all ballots within this network are generated through its ownership.

In addition, it seems that Secret Network is focused on attracting more developers in order to create their decentralized programs on the blockchain platform and, consequently, increase the applications of the network. Secret Network is not the only blockchain with smart privacy-based contracts, and there are other potential solutions for managing sensitive and important information.

Conclusion

As stated above, Secret Network has set its main goal of protecting people's privacy and is trying to take steps in this direction. Secret, which can be considered a decentralized version of the Enigma platform, is trying to make the Enigma way world and because it is decentralized, it will not worry about entering the securities debate.

So, what do you think of this network? 🤔
Will Secret Network help the blockchain to be a more safer place?
💬 You can share your thoughts on this post in the comment section.