Secret Network SCRTPrice $ 0.102

Secret Network was launched in 2020 and operates as a privacy-focused blockchain project. It allows network participants to use the technology and offer customizable privacy to decentralized projects. It aims to meet the needs of applications and projects that need to maintain privacy due to the specifics of their industry. This could be sensitive data related to medicine or private financial matters.

The company has developed a set of smart contracts known as secret contracts that are capable of achieving these goals. These smart contracts are interoperable, meaning that the network is compatible with a wide range of projects that are looking for privacy solutions.

SCRT is the native cryptocurrency of the platform. Its total supply is 190198234 SCRT and it is used to govern the network. SCRT is also used as a means of payment for network transactions and is distributed as rewards for staking the network and helping to secure it.

What are the key features of Secret Network and how does it work?

Secret Network has what are called secret contracts, which are smart contracts that are private by default. They are encrypted so that inputs, outputs, and state cannot be viewed by others unless they are granted access. The nodes running on the network, known as Secret Nodes, implement privacy controls within a specific application. This allows developers to create and build decentralized applications that can protect user data. Data encryption occurs at the input level, unlike many other blockchain networks that encrypt data after it is stored in a smart contract. The data is broken down and distributed across the network of nodes, which can then compute the data without revealing the information to anyone, including themselves. Each node has special hardware to execute code in its Trusted Execution Environment (TEE). This ensures encryption before sending data to smart contracts.

What's so special about Secret Network?

The most notable feature of Secret Network is its ability to provide programmable privacy. This is achieved through a network of nodes that perform smart contract calculations and implement data privacy controls, meaning decentralized applications can easily and conveniently protect their users' data.