Secret (SCRT)
Secret is the native coin of the Secret Network, a decentralized platform designed for private and secure computation. The network introduces a unique approach to blockchain technology by focusing on computational privacy rather than just transactional privacy. This allows for the development of decentralized applications that can handle sensitive data, paving the way for a wide range of applications across various industries.
History of Secret Network
The Secret Network originated from the efforts of multiple independent development teams and entities, including Enigma, Secret Foundation, Secretnodes.org, and Chain of Secrets. These groups collaborated to create a blockchain network that addresses privacy concerns in computation, which is an essential aspect of evolving technologies like decentralized finance (DeFi), Web3, machine learning, and more.
| Ticker | SCRT |
| Category | Smart Contract Platform |
| Website | https://scrt.network |
| @secretnetwork | |
| Telegram | scrtcommunity |
| Contract Addresses | |
|---|---|
| secret | se...ek Copied! |
How Secret Network works
Secret Network employs a unique mechanism to ensure computational privacy. The network's nodes, referred to as secret nodes, have the capability to perform computations over encrypted data. This is accomplished through the use of secret contracts, which are similar to smart contracts but with added privacy features. These contracts enable the execution of computations without exposing the underlying data, ensuring that sensitive information remains confidential.
Secret nodes and secret contracts
Secret nodes play a crucial role in maintaining the privacy and security of computations on the network. They use advanced cryptographic techniques to process encrypted data, thus preserving privacy at every step. Secret contracts, on the other hand, are an enhancement of traditional smart contracts, providing a secure environment where data privacy is paramount. This enables developers to create decentralized applications, or "Secret Apps," that leverage private data without compromising security.
Applications of Secret Network
Secret Network's privacy functionality is critical for a wide range of applications. It enables the development of decentralized finance (DeFi) solutions that can securely handle sensitive financial data. Additionally, the network's capabilities are beneficial for Web3 applications, where user privacy and data security are of utmost importance. The network also offers potential advancements in fields like machine learning and access control, where secure computation over confidential data is required.
Ecosystem support
The ecosystem of Secret Network is supported by various independent development teams and organizations. These entities work together to enhance the network's capabilities and expand its adoption. The collaborative efforts of groups like Enigma, Secret Foundation, Secretnodes.org, and Chain of Secrets ensure continuous development and innovation within the Secret Network community.