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What happens when you take Ethereum’s Smart Contract abilities, add Monero’s privacy, and roll it out on a platform that has the scalability and interoperability of blockchain networks like Cosmos?
You might say it’s a Secret.
Or more specifically the Secret Network, a web3 based crypto project that enables users to engage in DeFi (decentralized finance), NFT acquisition and trading, and more.
According to its developer community, the Secret Network is a decentralized network of computers that use hardware and software-based privacy technologies to enable secure computation.
On top of the network, developers can build unstoppable, permissionless “Secret Apps” that can utilize encrypted data without ever exposing the data itself, even to the nodes in the network performing computations.
The Secret Network is not geared for those new to crypto investing, or even those comfortable with managing non-custodial wallets, exchanging assets, and sending and receiving crypto in payments. It’s built for experienced, aggressive crypto enthusiasts who already know their way around the DeFi space.
With that said, users looking to take advantage of the Secret Network can import assets like Ethereum, Bitcoin and other supported tokens, and “mint” them into “Secret Token” versions on the platform. The project also has a native token, SCRT, which can be acquired via their wallet, or on other exchanges. Like other assets, SCRT can be minted into a Secret Token version for privacy focused use on the network.
Once a Secret Token is minted, subsequent transactions (including the recipient and the amount transferred) and rolling balances are kept encrypted, ensuring both anonymity and confidentiality. To disclose these values, individuals must create a “viewing key,” which they can choose to share with other parties in compliance circumstances.
Secret Tokens are currently used in various ways, including trading, saving, and investing on Secret Finance, privacy-preserving DeFi applications built on Secret Network.
From DeFi to Secret Fi
One of the major uses of the Secret Network might be called Secret Fi.
Most current Defi platforms are available to anybody with an internet connection. They are collections of programming (ie. Smart Contracts) running on blockchain networks, with no centralized authorities that can stop payments or refuse access.
Users engaging in DeFi should always vet the smart contracts being used in a particular service. Code used in contracts should be open to anybody to examine and analyze.
The Secret Network project notes that DeFi use has its drawbacks. For instance, conventional DeFi apps on platforms like Ethereum can expose a lot of financial data. Anyone who knows a user’s wallet address can run a query to see transaction history, wallet balances, and account activities.
Many of those drawbacks are addressed with the Secret Finance capabilities of the Secret Network. DeFi apps on the platform are private by default. All data involved is kept private, which lessens the risks of targeted assaults from hackers and front-running MEV bots.
A Privacy Hub For Blockchain Networks?
Secret Network envisions itself as a privacy hub for various blockchain ecosystems, such as Ethereum, Binance, Cosmos and Polkadot. It is building an infrastructure where tokens can flow and be leveraged in different uses, while maintaining the highest levels of privacy that blockchain technologies can offer.
According to the project:
“Secret Network is already providing access to programmable privacy to multiple blockchain networks. As new Secret Bridges are developed, Secret Network will continue to expand and further solidify its footprint as the privacy hub for all blockchains.”