What is crypto currency SCRT (Secret)? Explain the features, future potential, and purchasing method!

Contents of this article

  • Overview of Secret (SCRT)
  • Features of Secret (SCRT)
  • Price transition of Secret (SCRT)
  • Future of Secret (SCRT)
  • How to purchase Secret (SCRT)

Overview of Secret (SCRT)

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Cryptocurrency nameSecret
Ticker symbolSCRT
Platform nameSecret Network
Major exchanges where you can buyBinance

Secret is a native coin of the Secret Network, a blockchain with smart contract data privacy by default .

You can build and use applications that are both permissionless and privacy protected.

This feature protects users, secures applications, and enables hundreds of previously impossible use cases for Web3.

The Secret Network aims to be the foundation of next-generation DeFi applications that ensure user security while allowing existing companies and projects to participate securely while protecting sensitive data.

Features of Secret (SCRT)

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Source: https://scrt.network/

The features of Secret (SCRT) are as follows.

  1. High privacy
  2. Permissionless blockchain
  3. Both data protection and convenience

① High privacy

Today’s blockchain is public by default, exposing all data to everyone, putting users at risk.

To enable meaningful use cases and achieve global reach, users and organizations need to control how their data is used and shared. This is a concept called ” programmable privacy “.

Nodes on secrets (called secret nodes) can perform generalizable calculations on encrypted data, which allows smart contracts (called secret contracts) to enter private or sensitive data. Will be available as .

The focus of the Secret Network is not just transactional privacy, but computational privacy. This privacy feature of Secret is important in many areas such as decentralized finance, Web3, machine learning and access control.

For transactions on the Secret Network, this programmable privacy guarantees a high degree of privacy.

② Permissionless blockchain

Secret Network is an open source permissionless blockchain based on the original privacy research and dissertation written for the first time at MIT in 2015 .

A permissionless blockchain is a chain introduced in Ethereum that allows anyone to join the blockchain network without an administrator .

Among them is “Decentralizing Privacy,” which is currently one of the most influential papers in the blockchain field and has 2,000 academic citations.

Secret is supported by many independent development teams and organizations such as Enigma, Secret Foundation, Secretnodes.org and Chain of Secrets.

③ Both data protection and convenience

The secret network is built as a distributed network of computers (secret nodes) using TEE (Trusted Execution Environment) in order to process encrypted data securely .

TEE is like a black box for data processing and is used on all everyday platforms such as smartphones and game consoles.

By default, the data is encrypted, so Secret Network users have a “view key” to view their sensitive data. The browsing key can be shared with third parties such as auditors, wallets and explorers. This allows users to manage their data and decide with whom and what to share.

Future of Secret (SCRT)

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Source: https://scrt.network/

Next, let’s look at the future of Secret (SCRT).

  1. SECRET token
  2. SECRET BRIDGES
  3. SECRET FINANCE
  4. Secret NFTS

① SECRET token


SECRET tokens (SNIP-20) are encrypted by default in the exchange of smart contracts over secret networks to cast private tokens and ensure anonymity and confidentiality .

You need a browse key to view your token balance, transaction details, and token metadata. These secret tokens can be used throughout the secret network ecosystem, including secret finance and secret NFTs.

It is expected that the demand for these tokens with high privacy features will increase in the future because they can increase the security of transactions on Decentralized Finance.

 SECRET BRIDGES


SECRET BRIDGES can transfer assets on other blockchain networks (Ethereum, Binance Smart Chain, etc.) to the Secret Network.

Cryptocurrency (crypto currency) NEAR etc. also have a similar bridging function.

When the asset is transferred over the secret bridge, the secret token contract is executed and the asset is encrypted so that it can only be viewed by the owner of the address or the owner of its viewing key.

These secret tokens can be used in the secret network ecosystem.

By using SECRET BRIDGES, it becomes possible to centrally manage assets on different blockchains, which leads to improved user convenience.

③ SECRET FINANCE



Secret Finance is a privacy-protected, decentralized financial application enabled by smart contracts built on a secret network .

Secret Defi’s applications are cross-chain interoperable, strong against front running and MEV, private by default, and feature low fees.

Crosschain is a feature of the popular currency Polkadot (DOT).

Secret Finance also provides a high-yielding investment method for growth incentives.

In this way, you can manage with the high yield that is characteristic of Decentralized Finance, which makes asset management more efficient.

④ Secret NFTS

Secrets can also be bought and sold by NFT .

You can read more about NFTs in the following articles.

A secret NFT is a data of unique items and events that is a non-counterfeit secret token whose ownership and transactions are private by default.

These unique items can be used for a variety of purposes, but tokens such as personal souvenirs are highly private. Secret NFTs would be suitable for such use cases.

Summary: Secret (SCRT) is expected to have future demand for Decentralized Finance

This time, I explained about Secret (SCRT).

Secret (SCRT) is the first blockchain ecosystem that prioritizes privacy, and demand is expected to increase due to future expansion of Decentralized Finance .

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