Introducing the Secret Network: The Trailblazer in Privacy for Web3
In Brief
Secret Network stands out as one of the pioneering blockchains centered on the principles of securitization and privacy.
The genesis of Secret can be traced back to a project initiated at MIT called Enigma, which successfully raised $45 million during its ICO in 2017, aiming to develop privacy solutions for public blockchains. As of early 2022, the initiative announced an impressive $400 million in venture capital commitments to bolster its ecosystem.
Harnessing the Cosmos Software Development Kit (SDK), Secret Network is engineered to offer seamless privacy integration across the Cosmos ecosystem.
The applications within Secret Network leverage a distinct type of smart contract termed 'secret contracts.' This Rust-based technology stems from the CosmWasm library and facilitates computations using private metadata.
The blockchain's native currency is SCRT, essential for the functioning of the Secret Network.
Prominent decentralized applications (dApps) currently operating on the mainnet include ALTER, Shade, Sienna, and Stashh.
The Secret Network thrives on a robust ecosystem of partnerships, encompassing various entities that contribute to the support and promotion of local initiatives alongside the blockchain as a whole. top funds While activity within the network has stabilized, it has seen a recent downturn largely due to market fluctuations.
Led by SCRT Labs, the core development team of Secret Network brings formidable academic and institutional expertise, which has been instrumental for its successful launch and ongoing advancement.
Looking ahead, Secret Network anticipates further enhancements to its blockchain technology and a continued focus on nurturing its ecosystem projects.
In the course of Web3's progression, a diverse array of users—including typical individuals, trailblazers, and organizations—are expanding their understanding of the platform, weighing its benefits alongside its drawbacks. One significant drawback is the issue of anonymity and privacy; most current blockchains operate on a public ledger where anyone can scrutinize wallet transactions, balances, and interactions. Secret Network was conceived with these concerns at its core.
Who is the mastermind orchestrating these groundbreaking developments?
History and fundraising
The lineage of Secret can be traced back to the Enigma project initiated at MIT, which successfully gathered $45 million during its ICO in 2017 to create privacy-focused tech for public blockchain. Following its research and technology advancements, the community transitioned to launch Secret Network as its independent level 1 blockchain. Moreover, in the seed round of spring 2021, strategic investors including Spartan Group, Hashed, Fenbushi Capital, Arrington XRP Capital, Outlier Ventures, Skynet Trading, BlockTower Capital, and ICONIUM injected $11.5 million into the initiative. Proof-of-Stake consensus protocol.
On January 19, 2022, Secret Network declared an extensive $400 million in ecosystem funding as part of its growth initiative, supported by investments from HashKey, CoinFund, and DeFiance Capital. The aim is to position itself as a foundational element and a hub for data privacy within the blockchain realm.
To discuss the significance of Secret Network in the blockchain ecosystem, it’s crucial to lay down the groundwork first. Web3 .
Technology and uniqueness
Secret Network functions as a decentralized assembly of computers, which developers refer to as 'secret nodes.' These nodes employ state-of-the-art privacy hardware and software technologies to enable secure computations. Essentially, it is a blockchain solution that addresses a long-standing challenge in the industry—the absence of user privacy. It introduces scalable, permissionless smart contracts that are designed with privacy as the default setting, exploring novel blockchain applications previously unattainable in public networks. Users are afforded a level of anonymity that empowers them to selectively share information at their discretion.
Leveraging the Cosmos Software Development Kit (SDK), Secret Network infuses the entire Cosmos ecosystem with interoperable privacy. It employs Intel Software Guard Extensions (Intel SGX), partitioning the protocol code into trusted and untrusted segments. A secure enclave, known as the Trusted Execution Environment (TEE), carries out the trusted code. TEEs are found in various devices, including smartphones and gaming consoles, serving as a 'black box' for managing encrypted data.
Secret Network's TEEs safeguard the integrity of data encryption, ensuring that transaction details remain confidential and protected during processing—even from validators. The only means of accessing encrypted information involves control mechanisms such as Viewing keys or Query permits. Users maintain complete control of these keys, allowing them to access private transaction specifics to share with relevant parties, such as tax authorities, when necessary. The decentralized network of computers within Secret Network achieves consensus via a delegated Proof-of-Stake mechanism combined with Byzantine Fault Tolerance, all while completely safeguarding the data being processed.
Secret Network's applications depend on a distinctive type of contract, known as 'secret contracts.' These contracts utilize a Rust-based implementation of the CosmWasm library and facilitate computations that incorporate private metadata. This unique capability ensures that the opportunities available within the Secret Network are unlike those found on any other blockchain.
Figure 1: Comparison of Computational Approaches. Source: https://forum.scrt.network/t/education-infographic-library/5837/3 smart contracts Figure 1: Comparison of Computational Approaches. Source: https://forum.scrt.network/t/education-infographic-library/5837/3
Figure 2: Differentiating Network Privacy. Source: https://messari.io/report/shhhhh-it-s-asecret-network?referrer=asset:secret-network NFTs To wrap ERC-20, BEP-20, or Monero tokens, one must connect to Secret through a bridge smart contract. For instance, Monero (XMR) can be deposited in exchange for sXMR on the Secret Network. Conversely, users can convert their sXMR back to Monero by burning the token.
Secret Network operates in a way that conceals transaction details from validators and analytics tools, like block explorers. This ensures that validators cannot manipulate transaction orders or engage in Miner Extractable Value (MEV) attacks; hence, transaction metadata on Secret Network retains its privacy by default.
The inherent structure of Secret Network guarantees that all its decentralized applications are shielded against MEV attacks due to the encrypted mempool and the state of the chain, thus safeguarding users from having their transactions front-run.
Additional facts:
- Alongside SCRT Labs, the Secret Foundation plays a crucial role in the network. This private organization focuses on a multitude of aspects, including marketing, branding, community relations, accessibility, and, fundamentally, the growth of the ecosystem. Their goal is to foster global acceptance of open-source privacy technologies. The team is comprised of several full-time staff and contractors hailing from diverse backgrounds within the decentralized web, who handle marketing, content production, design, media outreach, and external engagement. The Secret Foundation also oversees essential communication channels for the Secret Network.
- Another vital component is the Secret Agency, a community organization supported by the Secret Foundation, which is dedicated to fostering global communities and participating in international events—alongside arranging grassroots initiatives, offering wide-ranging educational resources, and enhancing community engagement through social media.
- To provide an overview of the ecosystem, it's vital to recognize the second most important element after the technology itself: the Secret token (SCRT).
The SCRT token serves as the lifeblood of the Secret Network ecosystem, facilitating various activities such as transaction fee payments, staking with validators for network security and receiving inflationary rewards, generating viewing keys, engaging in AMM swaps, and participating in community governance. website , Discord , Telegram and Twitter .
As this token is a public asset on the blockchain, any interactions that require fees will appear publicly on the network. While the designs of secret tokens allow for metadata to remain private, the interaction itself is verifiable within public ledgers. DAO Additionally, it's crucial to discuss the SCRT token's price dynamics:
Ecosystem
An Overview of Secret Network: The First Privacy-Centric Platform on Web3 - Metaverse Post
As the Web3 landscape evolves, everyday users, trailblazers, and corporations are gaining deeper insights into this innovative ecosystem, uncovering both its benefits and challenges. mint NFTs A Comprehensive Look at Secret Network: The First Platform on Web3 Dedicated to Privacy
An In-Depth Exploration of Secret Network: The Pioneering Privacy Platform in Web3
“Secret Network’s inflation parameters are dynamic, with current inflation at 15% as long as the SCRT ratio for rates, and no rates remain below 66%. If the bond rate exceeds 66%, inflation gradually declines to 7%. Secret’s current annual interest rate Network is 23% which is higher than the annual inflation. If a user stakes SCRT, they get a real profit of 5-7%. If a user does not stake, they get diluted. These tokenomics helps create a sustainable environment for the SCRT coin and all participants networks” – Secret Network documentation.
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Published on November 22, 2022, at 3:34 AM and Updated: November 23, 2022, at 9:34 AM https://scrt.network/blog/secret-network-tokenomics-and-ecosystem-pool ).
To enhance your experience in your preferred language, we may utilize an auto-translation tool. Please be aware that it might not always provide accurate translations, so take caution while reading. new economy Secret Network emerges as one of the pioneering blockchains that emphasizes both privacy and securitization.
This project originated from an MIT initiative known as Enigma, which successfully raised $45 million during its ICO in 2017 with the goal of developing privacy-enhancing technology for public blockchains. By early 2022, the initiative garnered $400 million in venture capital commitments aimed at bolstering its ecosystem.
Constructed using the Cosmos Software Development Kit (SDK), Secret Network strives to offer seamless privacy features across the entire Cosmos ecosystem.
The applications built on Secret Network utilize a distinctive type of smart contracts known as 'secret contracts.' These are developed using Rust, based on the CosmWasm library, facilitating computations with private metadata. Grants Program The blockchain's native token is SCRT, serving various functions within the ecosystem.
Several notable decentralized applications (dApps) currently operational on the mainnet include ALTER, Shade, Sienna, and Stashh.
- The Secret Network boasts an array of partnerships with diverse organizations, designed to bolster both local projects and the overarching blockchain ecosystem.
- Activity levels across the network have remained generally stable, although there has been a recent dip attributable to market downturns.
SCRT Labs, the core team responsible for the development of Secret Network, brings a wealth of experience from academia, institutional sectors, and blockchain technology, contributing significantly to its successful launch and ongoing evolution.
In the future, Secret Network anticipates advancing its blockchain software and technologies, while also focusing on supporting its range of ecosystem projects.
Secret Network stands as a trailblazer among privacy-focused platforms for smart contracts. This level 1 blockchain is built using the Cosmos SDK and utilizes the Tendermint BFT consensus mechanism. DeFi , NFT, games/metavers The origins of Secret are traced back to an MIT project called Enigma, which attracted $45 million in a 2017 ICO aimed at hastening the development of privacy technologies for public blockchain ecosystems. Subsequently, the Enigma community established the Secret Network as an independent level 1 blockchain leveraging their research and technology. Additionally, prominent investors such as Spartan Group, Hashed, Fenbushi Capital, Arrington XRP Capital, Outlier Ventures, Skynet Trading, BlockTower Capital, and ICONIUM collectively invested $11.5 million into the project as strategic partners during the seed funding round in spring 2021.
On January 19, 2022, Secret Network proudly announced $400 million in ecosystem funding as part of a significant initiative, backed by investments from HashKey, CoinFund, and DeFiance Capital. The project envisions itself as a fundamental pillar for data privacy in the digital landscape.
Secret Network is a decentralized collective of computers, referred to by developers as 'secret nodes,' employing advanced privacy hardware and software solutions to guarantee secure computing. In simple terms, it serves as a blockchain platform that effectively tackles one of the industry's long-standing challenges—the absence of user privacy. The framework offers scalable, permissionless smart contracts designed with privacy as the default setting, unlocking new opportunities for blockchain applications that would be unfeasible on public systems. Users can now maintain anonymity and selectively share information as they choose.
Leveraging the Cosmos Software Development Kit (SDK), Secret Network ensures interoperable privacy for the entire Cosmos ecosystem. The protocol employs Intel Software Guard Extensions (Intel SGX) to differentiate between trusted and untrusted sections of the code. Trusted Execution Environment (TEE) components process the protected code within a secure enclave. TEEs are found in many contemporary devices, such as smartphones and gaming consoles, acting as a secure compartment for handling encrypted data. Bitcoin Secret Network's TEEs uphold the integrity of various encryption levels, safeguarding transaction data confidentiality during runtime, even from validators. Users can only access encrypted transaction details through mechanisms like viewing keys or query permits. Full control over these keys grants users the ability to access private transaction specifics and share them with authorized entities, like tax authorities, as needed. The decentralized network of computers running Secret Network reaches consensus through a delegated Proof-of-Stake mechanism—Byzantine Fault Tolerance—without ever gaining access to the processed data. Game-Fi , bridges, etc.
Applications within Secret Network take advantage of a special type of smart contracts, referred to as 'secret contracts.' This unique implementation, built using the Rust programming language and based on the CosmWasm library, enables computing that incorporates private metadata, unlocking unique functionalities exclusive to the Secret Network that other blockchains cannot provide. NFT Figure 1 shows a comparison of computation processes. Source: https://forum.scrt.network/t/education-infographic-library/5837/3
Figure 1: A graphical depiction comparing computation processes. Source: https://forum.scrt.network/t/education-infographic-library/5837/3
Internal activity
Unlike the contracts known from Ethereum, these secret contracts can process encrypted inputs and generate encrypted outputs without exposing the internal state of each contract (its inherent database). The applications of secret contracts span various real-world use cases, including user-controlled storage and transmission of encrypted information, lending protocols with confidential collateral details, and any service requiring genuine randomness on the blockchain.
Figure 2 highlights the privacy distinctions of the network. Source: https://messari.io/report/shhhhh-it-s-asecret-network?referrer=asset:secret-network
Figure 2: Privacy distinctions within the network. Source: https://messari.io/report/shhhhh-it-s-asecret-network?referrer=asset:secret-network blockchain Wrapping ERC-20, BEP-20, or Monero tokens necessitates a connection to the Secret network through a bridge smart contract. For instance, users can deposit Monero (XMR) to receive sXMR on the Secret Network, and they have the option of reverting to Monero by burning the sXMR token to retrieve XMR.
Positioned as a pioneering platform for privacy-driven smart contracts, Secret Network is a level 1 blockchain developed using the Cosmos SDK and Tendermint BFT.
Secret Network ensures complete confidentiality for transaction data, protecting it from validators and blockchain analytic platforms (like block explorers), thereby stopping validators from rearranging transactions or conducting MEV attacks—so the transaction metadata on Secret Network remains inherently private.
Looking into the future
The architecture of Secret Network implies that all the decentralized applications (dApps) are naturally shielded from MEV attacks, thanks to the encrypted mempool and blockchain state, thus guarding users against potential front-running of their transactions.
In addition to the contributions from SCRT Labs, another vital player in this ecosystem is the Secret Foundation. This private organization focuses on numerous aspects, including marketing, branding, community outreach, accessibility, and, most importantly, fostering ecosystem growth. Their mission centers around increasing global adoption of open-source privacy technologies. Their team encompasses a range of full-time employees and contractors hailing from diverse backgrounds in the decentralized web, concentrating on marketing, content creation, design, media relations, and much more. The Secret Foundation is also responsible for overseeing crucial communication channels within the Secret Network.
Another impactful entity is the Secret Agency, a community initiative funded by the Secret Foundation. This agency emphasizes support for global communities, participation in international events, organizing grassroots activities, generating educational content for the network, engaging community members sustainably, and enhancing social media visibility to support key opinion leaders and other contributors.
To provide insight into the ecosystem, it is essential to understand the second most significant element, following the technology itself, that makes it function: the native currency of the Secret Network, known as SCRT.
Guy Zyskind, CEO and Founder
SCRT serves as the native token within the Secret Network ecosystem, facilitating activities such as covering transaction and computational fees, staking with validators for network security, generating viewing keys, engaging in AMM swaps, and participating in community governance, among other uses.
- As SCRT is a publicly traded asset on the blockchain, any activity requiring gas fees will be visible on the network. While the secret token framework allows for private metadata transactions, the underlying interactions can still be verified publicly.
- It's also notable to highlight some pricing metrics concerning the SCRT token:
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Conclusion
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Published on: November 22, 2022, at 3:34 AM – Updated on: November 23, 2022, at 9:34 AM web2 and web3 can already use.
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Bibliography
- https://docs.scrt.network/secret-network-documentation
- https://scrt.network
- https://www.businesswire.com/news/home/20220119005731/en/Secret-Network-Announces-400-Million-in-Ecosystem-Funding-Alongside-Substantial-New-Investment-from-Leading-Firms
- https://www.linkedin.com/showcase/secretnetwork
- https://blockworks.co/secret-network-announces-400m-ecosystem-fundingreveals-big-name-investors/
- https://scrt.network/developers/grants
- https://secretanalytics.xyz/
- https://medium.com/@secretnetwork
- https://forum.scrt.network/
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Disclaimer
In line with the Trust Project guidelines Utilizing distinctive smart contracts dubbed 'secret contracts,' which are based on Rust and derived from the CosmWasm library, Secret Network facilitates computation with confidential metadata.