Secret

What is the token?

Secret (SCRT) is the native cryptocurrency of the Secret Network, a blockchain protocol that emphasizes privacy for smart contracts. It allows developers to create decentralized applications (dApps) that can utilize encrypted data, ensuring that sensitive information remains confidential even while being processed. This privacy-preserving feature is a significant differentiator from other blockchains where data is typically transparent and publicly accessible. Secret Network’s smart contracts, known as “Secret Contracts,” enable private computations on encrypted data, providing a level of security and privacy that caters to a variety of use cases, including finance, healthcare, and other sectors where data confidentiality is paramount.

Tokenomics

• SCRT is used for transaction fees, staking, and governance within the Secret Network ecosystem.

• The token has a circulating supply of approximately 270 million SCRT tokens.

• SCRT has an inflation rate that varies between 7-15% per year, depending on the percentage of SCRT staked.

• The total supply of SCRT is not capped, meaning it is theoretically unlimited.

Market Data

As of today #{today’s date}, the price of Secret is ₹36.56 INR or 0.3923 USD, with a 24-hour trading volume of 7183782.66 USD. The market capitalisation for Secret is 116789670.55USD. The circulating supply is 296708304.5 Secret, with the total supply also being 312290494.51 Secret.

Token Pros and Cons

Pros:

• Privacy by Default

• : Secret’s smart contracts ensure that data remains encrypted, providing a high level of privacy for users.

• Versatile Use Cases

• : The ability to handle sensitive data securely opens up use cases in various industries like finance and healthcare.

• Active Development

• : The Secret Network has a roadmap for continued development, indicating an active and forward-thinking project.

• Staking Rewards

• : Users can stake SCRT to earn rewards, contributing to the network’s security.

• Interoperability

• : Secret Network aims to provide privacy solutions across different blockchains, enhancing its utility.

Cons:

• Complexity for Users

• : The privacy features may add complexity for average users not familiar with encryption and privacy tools.

• Regulatory Uncertainty

• : Privacy-focused networks may face more scrutiny from regulators, which could impact the network’s growth.

• Adoption Rate

• : The specialized nature of the network might slow down adoption compared to more general-purpose blockchains.

• Competition

• : Secret Network faces competition from other privacy-focused projects and blockchains.

• Market Volatility

• : As with all cryptocurrencies, SCRT is subject to market volatility, which can affect its value unpredictably.

Why Should You Invest in the coin?

• Unique Privacy Features

• : Secret Network’s privacy-preserving smart contracts are a unique offering in the blockchain space.

• Growing Ecosystem

• : The network supports a growing number of dApps and use cases, which could drive demand for SCRT.

• Governance Participation

• : Holding SCRT allows users to participate in the governance of the network, influencing its future direction.

• Potential for Appreciation

• : As the network develops and gains more users, the value of SCRT may increase.

• Staking Incentives

• : The network’s staking model provides an opportunity for passive income through staking rewards.

USP of the coin

• Programmable Privacy

• : Secret Network allows developers to create dApps with customizable privacy features, setting it apart from other blockchains.

• Encrypted Smart Contracts

• : Secret Contracts provide encrypted inputs and outputs, ensuring data privacy at a level not commonly found in other smart contract platforms.

• Interoperability Focus

• : The network’s focus on providing privacy solutions across various blockchains enhances its potential for widespread adoption.

Problem the coin is solving

Secret Network addresses the lack of privacy in smart contracts and dApps on public blockchains. By enabling encrypted computations, it allows sensitive data to be used in blockchain applications without compromising confidentiality, thus solving a significant barrier to the adoption of blockchain technology in privacy-sensitive industries.

Founder and team background

The core development team behind Secret Network is SCRT Labs, which was founded by Guy Zyskind. The team has expertise in cybersecurity and is focused on building privacy-first, decentralized technologies. SCRT Labs started as Enigma and rebranded to align with the project’s focus on privacy.

ICO Price

• The Secret Network transitioned from Enigma without a traditional ICO, utilizing a token swap from ENG to SCRT.

• SCRT was listed on Binance on September 29, 2020, with an initial listing price of approximately 45 cents.

• The token experienced significant price volatility, peaking at $10.64 on October 28, 2021.

• Initial supply of SCRT was based on the ENG to SCRT swap, plus allocations for development and ecosystem incentives.

• SCRT tokens are used for staking, governance, and paying transactional fees within the Secret Network.

• The network focuses on creating a privacy-centric blockchain ecosystem, leveraging secret contracts for data privacy.

Risks Associated in Investing in the Coin

• Regulatory Risk

• : Privacy coins can attract regulatory attention, which may lead to restrictions or additional compliance requirements.

• Adoption Challenges

• : The specialized nature of Secret Network may limit its adoption compared to more general-purpose blockchains.

• Technical Complexity

• : The advanced privacy features may be difficult for the average user to understand and use effectively.

• Competition

• : Secret Network competes with other privacy-focused projects, which could impact its market share.

• Market Volatility

• : The value of SCRT, like all cryptocurrencies, is subject to high volatility and market risks.

Whitepaper Insights

The Secret Network whitepaper outlines the foundation and aspirations of a unique blockchain-based protocol designed to enhance privacy within the realm of smart contracts and public blockchains. At its core, Secret Network introduces a groundbreaking approach to data privacy, enabling computations on encrypted data. This innovation not only preserves the confidentiality of data but also opens up new possibilities for smart contracts, making them “secret” by allowing them to use private data without revealing it.

Key Features and Innovations

• Privacy-Preserving Smart Contracts

• : Secret Network is the first to offer smart contracts that can utilize encrypted data without exposing it, termed “Secret Contracts”. This capability is a significant leap forward, as it ensures data privacy while maintaining the integrity and functionality of smart contracts.

• Encryption and Trusted Execution Environment (TEE)

• : The network leverages advanced encryption schemes and TEE technology to secure data. TEEs are used to execute code in a secure environment, ensuring that data remains confidential and tamper-proof during processing.

• Secret Tokens

• : A novel feature of the Secret Network is the introduction of Secret Tokens, which are privacy-preserving tokens. These tokens maintain the privacy of transactions and interactions, such as buying/selling NFTs, participating in DeFi, and more, ensuring users’ financial privacy.

• Governance and Utility of SCRT

• : The native token of the Secret Network, SCRT, serves multiple purposes including governance, transactions, and gas fees. The tokenomics of SCRT are designed to incentivize participation and secure the network.

• Interoperability and Ecosystem Growth

• : Built with the Cosmos SDK and Tendermint consensus engine, Secret Network aims for interoperability within the Cosmos ecosystem. This design choice facilitates the creation of a privacy-focused interchain ecosystem.

Challenges and Solutions

The whitepaper acknowledges the delicate balance between transparency and privacy in the blockchain space. Secret Network addresses this by providing a platform where privacy is customizable, allowing users to control what data is shared, with whom, and for how long. This approach not only enhances privacy but also opens up new use cases that were previously not feasible on public blockchains due to privacy concerns.

Development and Community

Secret Network has seen significant development since its inception, with a growing number of dApps and a vibrant community of developers, validators, and users, known as “Secret Agents”. The network’s development is supported by the community pool, SCRT Labs, the Secret Foundation, and various partners.

Future Directions

The whitepaper and accompanying documents highlight ongoing efforts to expand the network’s capabilities, including the “Shockwave” upgrades for performance enhancements, the introduction of Privacy as a Service, and the development of Secret 2.0. These initiatives aim to solidify Secret Network’s position as a privacy hub for Web3, offering tools and services that ensure long-term privacy for users.

In summary, the Secret Network whitepaper presents a compelling vision for a privacy-preserving blockchain ecosystem. By enabling secret contracts and offering a platform for scalable, private, permissionless applications, Secret Network addresses critical privacy concerns in the blockchain space, paving the way for broader adoption and innovative use cases.