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.
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 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.
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- CryptocurrencyA cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.
- BlockchainA blockchain is an append-only digital ledger storing a set of time-ordered transactions grouped in blocks that are linked together using cryptographic hashes.