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Secret Network (blockchain)

Secret Network (blockchain)

Secret Network is an open-source protocol that performs computations on encrypted data, bringing privacy to smart contracts and public blockchains.

Overview

Secret Network is an open-source protocol that performs computations on encrypted data, bringing privacy to smart contracts and public blockchains. The protocol is built with Cosmos SDK network and leverages proof-of-stake using Tendermint's Byzantine fault-tolerant consensus algorithms. Secret Network was founded by Tor Bair in 2020 as a part of Secret Foundation, an organization dedicated to building, researching, and scaling open-source, privacy-first technologies.

Platform

SCRT is Secret Network's governance token. It is used for staking, voting, and paying network transaction fees. SCRT is also used for operating a node in the network, and the validators get rewards plus a part of the transaction fees from token swaps. Its delegated proof-of-stake system allows non-node-operating token holders to delegate their SCRT to a validator in order to receive a share of the network rewards.

Secret Contract

Secret Network's smart contracts are referred to as Secret Contracts. They let DApps utilize private data on the platform. Secret Contracts are able to transfer encrypted inputs right into encrypted outputs without the threat of exposing the data. This is possible as a result of the encrypted contract states during the execution.

Timeline

February 17, 2022
Shade Protocol raises $5M to build privacy-preserving DeFi applications on the Secret Network.
February 2, 2022
Secret Python, a secret SDK + tooling focused on python interactions with Secret Network, goes live.
January 31, 2022
Secret Network announces Griptape Hackathon.
January 19, 2022
Secret Network announces $400M in Ecosystem Funding and Reveals New Investors.

Further Resources

Title
Author
Link
Type
Date

'Privacy-preserving computing is the future,' says Secret Network's Guy Zyskind after Quentin Tarantino NFT drop

Zhiyuan Sun

Web

November 4, 2021

encrypt

January 19, 2022

Guy Zyskind: Secret Network - Bringing Privacy to Blockchain #425

Web

January 8, 2022

How Does Secret Network Work - in Sixty Seconds

Web

February 15, 2021

News

Title
Author
Date
Publisher
Description
Mike Butcher
October 7, 2021
TechCrunch
The rise of privacy-oriented financial blockchain projects are going to be crucial if "DeFi" (decentralized finance) is to have any kind of future. We have come to expect privacy in our "normal" financial lives, so we will expect it in the blockchain and Crypto world, whatever some might claim. We saw murmurs of that starting [...]

References

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