Secret

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This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Secret?

Secret (SCRT) is the native cryptocurrency of the Secret Network blockchain. It is used for staking, governance, and paying fees on the network, which enables decentralized applications (dApps) with privacy-preserving smart contracts. SCRT supports programmable privacy, allowing developers to build complex data privacy protections within applications.

How is Secret used?

The cryptocurrency Secret (SCRT) is the native token of the Secret Network, a blockchain protocol that enables decentralized applications (dApps) with privacy-preserving smart contracts. SCRT serves several purposes within the network:

  1. Staking: SCRT holders can stake their tokens to participate in the network's consensus mechanism, earning rewards for securing the network.

  2. Governance: SCRT holders have the ability to vote on network developments and proposals, ensuring that the community has a say in the direction of the project.

  3. Transaction Fees: SCRT is used to pay for transaction fees on the network, incentivizing node operators to process transactions efficiently.

  1. Fuel for Smart Contracts: SCRT is used to fuel the execution of smart contracts on the network, enabling the secure and private computation of data.

  2. Incentivizing Participation: The token's inflation rate, which ranges from 7-15% per year, is designed to incentivize participation in the network by staking SCRT. This ensures that the network remains decentralized and secure.

Overall, SCRT plays a crucial role in maintaining the integrity and functionality of the Secret Network, while also providing users with a means to participate in the network's governance and earn rewards.

How do I store Secret?

To store Secret (SCRT) tokens, you have several options:

  1. Hardware Wallets: You can use a Ledger to store your SCRT tokens securely. Set up your Ledger by installing the Secret app, connecting and unlocking your device, and generating an SCRT address.

  2. Web Wallets: A popular web-based wallet is Keplr, which supports multiple Tendermint-based blockchains. You can install Keplr on Chrome or Brave, set up a Secret wallet address, and manage your stake with various validators.

  3. Command-line Light Client: For more advanced users, the command-line light client (secretcli) provides granular control over your SCRT. This option requires more technical expertise but offers detailed documentation for generating keys, delegating, and more.

  1. Mobile Wallets: Mobile wallets are also available for storing SCRT tokens, providing an additional option for users.

Choose the method that best suits your needs and technical proficiency.

How to buy Secret?

To buy Secret (SCRT) tokens, follow these steps:

  1. Choose an Exchange: Select a reputable cryptocurrency exchange that supports SCRT trading. Some popular options include Kraken, KuCoin, and Binance.

  2. Create an Account: Sign up on the chosen exchange by providing your email address, mobile phone number, and country of residence. Ensure you create a strong password and set up additional security measures like Google 2FA and anti-phishing codes.

  3. Verify Your Account: Complete the verification process by providing personal information and uploading a valid photo ID.

  1. Add a Payment Method: Link a payment method such as a credit/debit card or bank account to your exchange account.

  2. Deposit Funds: Deposit funds into your exchange account using your chosen payment method. You can also transfer existing cryptocurrencies from another wallet or trading platform.

  3. Buy SCRT: Use your deposited funds to buy SCRT tokens. You can place market orders or limit orders to purchase SCRT at your preferred price.

Additionally, you can also buy SCRT through decentralized exchanges (DEXes) within the IBC ecosystem or purchase a wrapped version of Secret from DEXes on Ethereum.

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History of Secret

The history of Secret (SCRT) began with the publication of research papers by Guy Zyskind in June 2015, focusing on secure and private decentralized computation. This early work laid the foundation for the development of the Secret Network, which was initially known as Enigma.

In February 2020, the Secret Network mainnet was launched, marking a significant milestone in the project's history. This mainnet was built using the Cosmos SDK and Tendermint, and it introduced the native coin, SCRT, which is secured through a proof-of-stake consensus algorithm.

Throughout 2021, the network saw several key developments. In February, SecretSwap, the first Automated Market Maker (AMM) on the network, was launched. This was followed by the launch of SiennaSwap in October and the introduction of the first Secret NFT using the SNIP-721 standard. The Supernova upgrade in November enabled Inter-Blockchain Communication (IBC) for the Secret Network, allowing SCRT to flow to other Cosmos SDK chains.

In 2022 and 2023, the network continued to evolve with upgrades such as Shockwave Omega, which increased contract throughput by five times, and the Secret 2.0 initiative, which outlined a roadmap for adding cryptographic primitives and additional functionality to the blockchain. These upgrades have enabled the development of various use cases, including Secret Tokens, Secret DeFi, and Secret Gaming.

Today, the Secret Network is a decentralized platform that specializes in private smart contracts, enabling users to build and use decentralized applications with encrypted data. The SCRT token plays a crucial role in the network, allowing users to stake, vote, and pay transaction fees while maintaining data privacy and security.

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How Secret works

The cryptocurrency Secret (SCRT) is the native coin of the Secret Network blockchain. It is used for staking and governance on the network. The initial supply of SCRT is theoretically set at 150 million, with an inflation rate between 7-15% per year, depending on the percentage of SCRT being staked. This incentivizes participation and helps maintain the network.

Staking and Governance

SCRT holders can participate in staking, which helps secure the network and validate transactions. Additionally, they can vote on community-led governance proposals, allowing them to have a say in the direction and development of the network.

Privacy-Preserving Features

The Secret Network is designed to provide privacy-preserving features through its use of Trusted Execution Environments (TEEs) and Secret Contracts. These contracts are coded in Rust and compiled using WASM, ensuring that all transactions are made inside the TEEs, which act like a "black box" to encrypt data. This allows for confidential computing and makes it possible to build decentralized applications that are private by default.

Secret Tokens

Secret Tokens are programmable tokens that can be minted using the SNIP-20 standard. These tokens are encrypted by default, keeping details such as balances, transactions, and metadata private. They can be bridged from other blockchains, making any token privacy-preserving. Viewing keys are used to grant controlled access to these private tokens.

Wrapped Tokens

Wrapped tokens, like sSCRT, are created by wrapping public tokens like SCRT. This process makes the tokens invisible on-chain, with only the interaction with the smart contract visible. This allows for private transactions and balances, while still maintaining the functionality of the original token.

Wallets and Trading

SCRT can be stored in various wallets, including Ledger Nano S and X, Math Wallet, and Keplr Wallet. It can be traded on exchanges like Binance and Gate.io, offering a range of trading options.

Development and Community

The development of the Secret Network is led by SCRT Labs, a team focused on creating privacy-first, decentralized technologies. The community is active, with opportunities to get involved and contribute to the growth of the network.

Overall, the Secret Network and its native coin SCRT are designed to provide a privacy-preserving ecosystem for decentralized applications and transactions, offering a unique solution in the blockchain space.

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Secret's strengths

The token Secret (SCRT) has several strengths that make it a promising cryptocurrency project:

  1. Privacy and Security: SCRT is designed to maintain data privacy and security through the use of homomorphic encryption, zero-knowledge proofs, and ring signatures. This ensures that sensitive information remains protected while still allowing for transparent transactions.

  2. Utility Token: SCRT serves as a utility token, enabling holders to stake, vote on network developments, and pay transaction fees. This multifaceted functionality adds value to the token and encourages participation in the network.

  3. Governance: SCRT holders have a direct say in the governance of the network through voting, which is powered by staked SCRT. This decentralized governance model ensures that the community has a significant role in shaping the future of the network.

  1. Staking and Inflation: SCRT has a dynamic inflation rate that incentivizes staking, which in turn enhances the security of the network. Stakers are rewarded with inflation rewards, providing a sustainable environment for the token.

  2. Scalability: Secret Network is designed to handle high throughput and fast finality, reducing the need for a fee market and making transactions more efficient.

  3. Decentralized Applications: The network supports the development of decentralized applications (DApps) that prioritize user data privacy, making it an attractive platform for developers building privacy-focused applications.

  1. Innovative Technology: Secret Network's unique approach to privacy and security through its encryption methods and decentralized architecture sets it apart from other blockchain projects, offering a distinct value proposition.

These strengths collectively contribute to the potential of SCRT as a significant player in the cryptocurrency space.

Secret's risks

Secret Network's financial risks are primarily related to its tokenomics and the security of its transactions. Here are some key points:

  • Inflation Risk: SCRT has no supply cap, and its inflation rate is dynamic, ranging from 7% to 15% per year, depending on the percentage of staked SCRT. This could lead to a decrease in the token's value if not managed properly.

  • Staking and Governance Risks: The delegated-Proof-of-Stake (dPOS) system used by Secret Network relies on validators and their delegators. If the bonded rate of staked SCRT goes above 66%, the inflation rate decreases, which could impact the sustainability of the network.

  • Security Risks: Past security vulnerabilities, such as the one that allowed extraction of a master decryption key, have compromised the confidentiality of transactions. Although these issues have been patched, they highlight the importance of ongoing security measures to protect user data.

  • Market Volatility: SCRT's price has been known to fluctuate significantly, which can be a risk for investors. The token's value can be affected by various market and project-specific factors.

  • Gas Fee Risks: Gas fees on Secret Network are set by validators and can vary. High gas fees can make transactions expensive, which could negatively impact user adoption and the overall health of the network.

  • Regulatory Risks: As a privacy-focused project, Secret Network may face regulatory challenges or scrutiny from governments and financial institutions. This could impact its adoption and the value of SCRT.

These financial risks underscore the importance of ongoing development, security enhancements, and community engagement to ensure the long-term sustainability and success of the Secret Network project.

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Did Secret raise funds?

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Secret’s team

  • Guy Zyskind: CEO and Founder of SCRT Labs, the driving force behind Secret Network.
  • Nir Zyskind: Director of Business Development at SCRT Labs.
  • Itzik Grossman: VP of Engineering at SCRT Labs.
  • Assaf Morami: Lead Software Engineer at SCRT Labs.
  • Tom Langer: Senior Software Engineer at SCRT Labs.
  • Yonatan Erez: Head of Product at SCRT Labs.
  • Shahar Raz: Head of Marketing at SCRT Labs.
  • Eshel Bar Meir: Software Engineer at SCRT Labs.
  • Lior Bondarevsky: Senior Software Engineer at SCRT Labs.
  • Tovi Levis: Senior Software Engineer at SCRT Labs.
  • Yonathan Bartana: Director of Operations at SCRT Labs.
  • Orly Magled: Executive Assistant at SCRT Labs.

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