Secret Network, originally founded in 2017 as a project called “Enigma”, launched its mainnet in 2020 as a layer-2 privacy protocol for the Ethereum blockchain.
Secret Network 6 key point overview:
- ✔️What is Secret Network
- ✔️Features of Secret Network
- ✔️The SCRT token
- How to buy SCRT
- Top 3 SCRT wallets
- What we like most about Secret Network
What is Secret Network
👉 It is a base-layer blockchain that introduces smart contracts that are private by default, as opposed to public blockchains like Bitcoin and Ethereum that are public by default.
👉 The driving force and core development team behind Secret Network are SCRT Labs, founded by Guy Zyskind in 2016.
👉 The SCRT Labs team has built several projects on the Secret Network blockchain, including Secret Bridge, Secretswap, Sienna Network and Tarantino NFTs (which is a partnership that was secured with celebrity Quentin Tarantino and contains super-rare, exclusive Pulp Fiction content).
👉 Several privacy coins like Monero and Zcash have achieved a new level of privacy by using complex cryptography to protect sensitive user data and make transactions untraceable, but no other privacy protocol has been able to support smart contract development and DeFi applications – until now.
👉 Secret Network has reached a new milestone with its programmable data privacy mechanisms and smart contract developers can now create DeFi platforms and applications that protect user data and ensure privacy by default.
👉 This technology has unlocked hundreds of new use cases for Web3 applications, empowering DeFi apps with features that can now protect users, secure applications in ways that were never possible before and preserve the integrity and privacy of user data.
👉 Secret Network is an independent network that can be described as a combination of Ethereum’s smart contracts with Monero’s privacy and the scalability and interoperability of Cosmos.
Features of Secret Network
👉 All the mystery aside, Secret Network doesn’t actually keep any secret from the public, which is why we know that this network uses a decentralized network of computers (known as “secret nodes”) and a proof-of-stake (PoS) consensus algorithm to secure the network.
👉 Secret Network was built using the Cosmos SDK (Software Development Kit) and the Tendermint consensus engine, and all secret (smart) contracts are written in the Rust programming language, which allows data to be encrypted without exposing data to users or nodes.
👉 Secret Network’s ecosystem is abundant with many unique applications for gaming, DeFi and NFTs.
👉 You can participate in Secret Auctions, use the Secret Bridge to convert assets to wrapped tokens, create and manage tokens in the Secret Garden, and so much more.
👉 You will also find a collection of Secret ERC721 NFTs on this platform and these unique assets also have programmable privacy features.
👉 This ensures that the ownership of NFTs remains private and NFT owners can rest assured that their identities will be protected.
The SCRT token
👉 The SCRT token is native to Secret Network and it is a utility token that can be used to pay for network transaction fees.
👉 iIt can also be staked to secure the network and earn additional rewards.
👉 It is also the fuel that powers the governance mechanism on this network and gives SCRT holders voting rights on proposals and network upgrades.
How to buy SCRT
👉 There are 3 ways you can purchase SCRT tokens, starting with the direct purchase method that is recommended for beginners and allows you to buy SCRT using Transak.
👉 The second method is by purchasing tokens from a centralized exchange CoinEx, Binance or Gate.io, or alternatively, you can buy SCRT and wrapped SCRT from SecretSwap, Sienna, Uniswap or Sushiswap.
Top 3 SCRT wallets
👉 To ensure that you have full ownership of your SCRT tokens, the Secret Network team recommends using one of four wallets.
👉 The first is Ledger, which is a hardware wallet that is available in the Nano S and the Nano X models.
👉 You can use Ledger Live to buy and exchange over 5,000 coins and tokens and this wallet offers secure offline storage, it is compatible with 50 third-party wallets and can store up to 100 dApps.
👉 If you prefer using software wallets, you can use Citadel.one, Cosmostation or Keplr.
👉 Citadel.one is a non-custodial, user-friendly wallet that can be used to stake, send and exchange a variety of crypto assets and supports nodes for major networks.
👉 This wallet offers a built-in dashboard for analytics, and you can participate in the Citadel.one DAO and earn XCT tokens for staking your assets.
👉 With Cosmostation, you can access a variety of DeFi platforms and increase your earning potential with staking rewards and token delegation.
👉 This platform includes a network explorer, a mobile wallet, a web wallet, and a DeFi browser.
👉 It is an impressively secure and rewarding platform and we highly recommend trying it out!
👉 If you are looking for a wallet that integrates seamlessly with all applications built on the Secret Network, we recommend using Keplr instead, which is an inter-chain wallet that offers a multi-feature dashboard that can be used for staking on more than 16 major blockchain networks.
👉 This wallet can be used to access dApps and is available in over 173 countries worldwide.
What we like most about Secret Network
👉 What we like most about Secret Network is how much this platform has evolved since its official launch in 2020.
👉 Over the course of a year, many innovative dApps and DeFi platforms have successfully been deployed using its technology, with a solid concept and a network that has established itself as a reputable, forward-thinking blockchain with unlimited potential – making anything possible without risking privacy!
👉 Secret Network has set a new standard for blockchain applications. If you can protect your identity and sensitive data by default, why would you choose not to?
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