Secret Network is the first blockchain with data privacy by default, allowing you to build and use applications that are both permissionless and privacy-preserving. This unique functionality protects users, secures applications, and unlocks hundreds of never-before-possible use cases for Web3.
Given the transparency inherent in public blockchains, the information stored in public blockchains and the data used in smart contracts are currently visible to all who know how to access this information. This is important for trust, but it is a hindrance to many commercial applications and it also jeopardizes our personal rights to privacy.
How Does It Work?
Although many people believe that cryptocurrencies with a public blockchain are used anonymously, that does not mean that they are private. The record of transactions is public and the transparency is much greater than with other types of currencies.
How The Secret Network is Structured
- Secret Contracts are smart contracts that preserve privacy. They are Rust encoded and compiled with WASM. All Secret Contract transactions are carried out within Trusted Execution Environments (TEEs). TEEs are used in many devices, including smartphones and video game consoles, and act as a “black box” in which encrypted data can be calculated.
- SCRT Tokens — Secret Network’s native SCRT coin is not a privacy coin. All transactions made in SCRT are publicly visible just like those of Bitcoin or Ethereum.
- Private Tokens — Secret tokens on the Secret Network can be crafted using the SNIP-20 standard. As you may have guessed, this token standard is like Ethereum’s ERC-20 token standard, except that all Secret tokens have their privacy preserved by default (balances and transactions). Secret tokens are used in secret contracts. Holders of secret tokens will have access to something called a View Key that can be given to third parties to prove ownership of their secret tokens if necessary. In this way, you can comply with regulators if necessary. The first secret token is secretSCRT (remember that SCRT is public by default).
- Secret Ethereum Bridge — It is a Ren-like two-way asset wrapping protocol. Its operation consists of blocking tokens on one blockchain to mint an equivalent amount on the other blockchain.
- Secret Network Staking — Betting on Secret Network can be made in two ways: as a validator or a delegate. Secret Network validators only need to stake 1 SCRT token to participate. However, there is currently a limit of 50 validators on the Secret Network. Therefore, to be a validator you must stake enough SCRTs to be in the top 50. Delegates also need to stake only 1 SCRT token to participate. Both validators and delegates have a de-parking period of 21 days, although delegates can freely transfer their bet to another validator at any time. To encourage good behavior from validators and good judgment from delegates, the Secret Network has two types of cuts: soft cuts and strong cuts.
- Secret Network Governance — Everything related to the Secret Network can be changed through a community vote, where 1 SCRT equals 1 vote. Each voting period lasts 2 weeks and occurs in two stages: proposal and voting. To submit a proposal, it is necessary to block 1000 SCRT of votes during the first week of voting. For that proposal to be approved, more than 33.4% of all SCRTs must participate and at least 50% must vote in favor during the second week.
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Dislcaimer
this news and reviews blogs are only to educate, inform and deliver information to the public and is not an investment advice. Nothing should be taken as an offer to buy, sell or hold any cryptocurrency
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