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About Secret (SCRT)
Key Points
- Secret is a privacy-oriented blockchain built on Cosmos.
- Secret Contracts allow DApps to use private data without exposing it.
- Data privacy is guaranteed by combining encryption protocols and key management within a Trusted Execution Environment (TEE).
- Supported by dozens of global organizations, including SCRT Labs and Secret Foundation.
- Unique features: focus on privacy, end-to-end encryption, and use of Trusted Execution Environments (TEEs).
- Potential use cases: digital content management, secret auctions, secret voting, and decentralized finance.
- SCRT can be used for staking, voting, and paying network transaction fees.
Unveiling the Enigma of Secret
Introducing Secret (SCRT): The Pioneering Privacy-Centric Blockchain
Secret (SCRT) is a privacy-centric blockchain built on Cosmos, distinguished by its innovative smart contracts, dubbed Secret Contracts. These contracts empower decentralized applications (DApps) to leverage private data on the Secret network, analogous to their operation on other blockchain platforms. Notably, Secret Contracts facilitate the seamless transfer of encrypted inputs into encrypted outputs, ensuring that sensitive data remains obscured throughout the execution process, thanks to the encrypted contract states that prevail during runtime.
Data privacy is safeguarded through the synergy of encryption protocols and key management within a Trusted Execution Environment (TEE), thereby enabling Secret Contracts to cater to a multitude of privacy-centric use cases that have proven challenging for traditional blockchains to accommodate. Notably, this facilitates the implementation of private voting mechanisms and credit scoring applications, as sensitive user data remains concealed from the blockchain, ensuring confidentiality with Secret.
Who Are the Visionaries Behind Secret?
Secret is backed by a diverse array of global organizations. At the forefront of its core development is Israel-based SCRT Labs, driven by a mission to craft innovative products and systems that catalyze the widespread adoption of decentralized, privacy-centric technologies. SCRT Labs is helmed by CEO and founder Guy Zyskind, a renowned former MIT researcher and one of the most prolific authors on blockchain privacy, boasting an impressive citation count.
Another pivotal organization is the Secret Foundation. The Foundation’s mission is to
“promote privacy as a fundamental human right and public good; to empower individuals through the development and utilization of decentralized technologies; to safeguard freedom and create more valuable systems by dismantling data monopolies; and to establish a sustainable network, foundation, and community that will instill these core values globally.”
Founded in 2017 by Tor Bair, a US-based entrepreneur and MIT alumnus who has advised several other Fintech companies, the Secret Foundation has been instrumental in driving this vision forward.
A comprehensive list of contributing organizations can be accessed on the Secret Network website.
Unveiling the Unparalleled Attributes of Secret
Secret Network distinguishes itself through its unwavering commitment to privacy, ensuring the end-to-end encryption of sensitive data – a feature notably absent in prominent blockchains like Ethereum. By empowering developers to craft solutions that safeguard data privacy without sacrificing usability, the network propels the widespread adoption of decentralized applications that prioritize privacy.
In stark contrast to other public blockchains, node operators on Secret leverage specialized hardware to execute code within secure enclaves, known as Trusted Execution Environments (TEEs). Notably, even device administrators are denied access to the decrypted information within these TEEs. From the user’s perspective, the blockchain operates as follows:
- Users transmit encrypted inputs to the network, ensuring data confidentiality
- Validators, comprising the Secret nodes, execute computations over the encrypted data, maintaining secrecy throughout the process
- The proposing validator submits the encrypted output, thereby preserving data privacy
- Validators collectively achieve consensus on the results, ensuring a unified agreement on the outcome
- The encrypted outputs and encrypted contract state are subsequently recorded on the Secret Network, providing a secure and tamper-proof ledger
The functionality of the smart contracts is rooted in CosmWasm, the pioneering smart contracting platform within the Cosmos ecosystem, empowering a new era of decentralized applications.
Secret’s vast potential is multifaceted. For example, digital content management platforms can leverage Secret to securely store decryption keys for protected content. Upon payment, the Secret contract facilitates the sharing of the decryption key, subsequently granting the user a unique access key. This level of secure data management is unattainable with traditional blockchains, where data visibility is inherently public.
Other examples include clandestine auctions and clandestine voting, which can leverage
the encrypted bids and votes that can be submitted to a Secret Contract. In this
scenario, the contract, capable of computing encrypted outputs, can determine the winner
without divulging the votes, thereby preserving the anonymity of participants.
Ultimately, Secret is poised to revolutionize decentralized finance by fostering a permissionless economic ecosystem that unlocks unprecedented opportunities for wealth creation, thereby democratizing access to financial prosperity.
What Is the Circulating Supply of Secret (SCRT) Coins?
SCRT serves a multifaceted purpose, facilitating staking, voting, and the settlement of network transaction fees. Furthermore, it is essential for operating a node within the network, with validators receiving rewards and a proportion of transaction fees generated from token swaps. Through Secret’s delegated proof-of-stake system, token holders who do not operate nodes can delegate their SCRT to a validator, thereby earning a share of the network’s rewards. Additionally, SCRT functions as a governance token, empowering holders to participate in the decision-making process.
The inaugural total supply of SCRT was 170 million, allocated as follows:
- Community Allocation: 75 million
- Team Allocation: 36 million – vested over a period of 2-4 years
- Treasury Reserve: 30 million
- Foundation Endowment: 1 million
- Inflationary Supply: 8 million
Secret aims to maintain an optimal inflation rate of 15%, with a projected rate of 20% if the staking participation falls below 67% of the total supply, and a gradual decrease to 7% as staking engagement surpasses the 67% threshold.
The Secret Network’s Robust Security Mechanisms
Secret employs a delegated proof-of-stake consensus mechanism, Tendermint, to ensure the integrity of its network. Validators stake SCRT and, in return, receive SCRT from delegators for their role in verifying transactions, maintaining the protocol’s operational efficiency, and upholding the security of the blockchain. Notably, dishonest nodes face the consequence of having their stake slashed.
Where to Acquire Secret (SCRT): A Comprehensive Guide
SCRT is listed on prominent cryptocurrency exchanges, including Binance, Mandala Exchange, Huobi Global, Gate.io, and MEXC, ensuring widespread accessibility and liquidity.
For those seeking to delve into the world of cryptocurrency investment, our comprehensive guide provides a wealth of information on how to initiate your cryptocurrency-buying journey.
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