What is Secret (SCRT)? Complete Guide!

Bittime - Secret (SCRT) is a privacy-focused blockchain built on Cosmos. With Confidential Contracts, it is possible to process encrypted personal data without disclosing on-chain data, ideal for applications that require high privacy such as voting and credit scoring.

What is Secret (SCRT)?

Secret (SCRT) is a privacy-oriented blockchain built on Cosmos. The smart contract is called Secret Contract and allows DApps to use private data in Secret, similar to how smart contracts operate on other blockchains. However, the Secret Contract transfers encrypted input to encrypted output without exposing data. This is possible thanks to the encrypted contract state during execution.

Data privacy is guaranteed by combining encryption and key management protocols in a Trusted Execution Environment (TEE). This allows Secret Contracts to compete for some privacy-related use cases that traditional blockchains struggle to accommodate. For example, private voting mechanisms or credit scoring applications become possible because they do not expose sensitive user data on-chain with Secret.

What Makes a Secret (SCRT) Seem Unique?

Secret Network's focus on privacy and end-to-end data encryption is something blockchains like Ethereum don't offer. Developers can build solutions that protect data privacy without sacrificing usability, contributing to the network's goal of advancing the adoption of privacy-first decentralized applications.

Node operators in Secret use specialized hardware to run code in a secure enclave known as a trusted execution environment (TEE). This hardware sets it apart from other public blockchains.

What is Secret Network Security (SCRT) Like?

Tendermint is a consensus mechanism for demonstrating ownership. To verify transactions, ensure the protocol runs, and maintain blockchain security, validators stake SCRT and receive it from delegators. Dishonest nodes have their stakes reduced.

How Many Secret Coins (SCRT) Are in Circulation?

Staking, voting, and network transaction fees can all be done with SCRT. Additionally, operating nodes on the network is essential, as validators receive rewards and a portion of transaction fees from token exchanges. Token holders who do not operate nodes can delegate their SCRT to validators to earn a share of the network rewards. SCRT can also be used as a governance token. 

The initial supply of SCRT is 170 million.

Who Contributes to Secret (SCRT)?

Dozens of organizations around the world support Secret. SCRT Labs, based in Israel, is the lead development team. Their mission is to create products and systems that accelerate the adoption of privacy-first decentralized technologies. 

Guy Zyskind, a former MIT researcher who is one of the most cited authors on blockchain privacy, is the founder and CEO of SCRT Labs.

Conclusion

Secret (SCRT) is a new privacy-focused blockchain built on the Cosmos ecosystem. By using Secret Contracts, Secret enables encrypted processing of personal data without disclosing on-chain data. This feature enables a variety of decentralized applications that require high privacy, such as credit scoring and private voting applications. Secret's focus is end-to-end data privacy, achieved through the use of encryption protocols and a Trusted Execution Environment (TEE). Compared to other blockchains like Ethereum, it is more secure.

Tendermint's consensus mechanism ensures the security of the confidential network by staking SCRT to verify transactions and maintain network security. SCRT has an initial supply of 170 million tokens, which are used for staking, voting, network administration, and transaction fees. SCRT Labs, based in Israel, is Secret's primary development team, supported by organizations around the world. 

Secret's goal is to accelerate the adoption of privacy-first decentralized technology. The Secret development team offers a unique and secure solution for blockchain applications. Applications that require handling sensitive data with high security can be used thanks to Secret Network's innovative approach to blockchain privacy.

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