What is Secret Network? All you need to know about SCRT coin

What is Secret Network?

Secret Network is the first privacy-enabled Layer 1 blockchain built with the Cosmos SDK, featuring privacy-preserving smart contracts (“secret contracts”). Secret Contracts on Secret Network achieve data privacy using on-chain encrypted data with Trusted Execution Environments (TEEs).

Secret Network supports encrypted inputs, encrypted outputs, and encrypted state for smart contracts so the data will not be exposed to the public.

How does Secret Network work? 

Trusted execution environments (TEEs): A “black box” which enables secure, private computation over encrypted data.

Viewing keys: Since data is encrypted and private by default, users need the “viewing keys” to view their sensitive data. They allow users to maintain control over their data and decide what is shared and with who (auditors, wallets or explorers, etc.)

Why is Secret Network unique? 

Secret Network brings new and unique privacy functionality to the crypto space. Privacy is essential to the security and adoption of Web3, from DeFi to NFTs and beyond.

In marketing speak, Secret Network packages the smart contract execution of Ethereum, the transactional privacy of Monero, and the interoperability offered by Cosmos SDK kits.

Secret Network has its own consensus and on-chain governance built atop the Cosmos/Tendermint framework. One major component of the Cosmos ecosystem is their Inter-Blockchain Communication protocol (IBC) — a system that allows different blockchains to connect and communicate with each other. With the IBC protocol, the door is opened for Secret Network to be connected with other chains in the future.

What is SCRT coin?

SCRT is the native coin of the Secret Network blockchain. Its specific use cases will be mentioned below.

Detailed information about SCRT token

SCRT Key metrics

• Token name: Secret Network.
• Ticker: SCRT.
• Token Standard: SNIP-20 (SCRT), ERC-20 (wSCRT).
• Contract:
  • ERC-20: 0x2b89bf8ba858cd2fcee1fada378d5cd6936968be
  • Since SCRT is a native, SNIP-20 token, it does not have SNIP-20 token address.
• Token use cases: Utility, Governance.
• Circulating Supply: 149,815,729.00 SCRT.
• Max Supply: Unlimited.
• Total Supply: 190,165,060 SCRT.

SCRT Token Allocation

• Community 44.12%.
• Team 21.18%.
• Enigma and affiliates treasury 17.65%.
• Ecosystem pool 11.76%.
• Inflation 4.71%.
• Foundation 0.59%.

SCRT Token Release Schedule

Team coins are normally vested based on personal employment or advisory agreements, which range between 2-4 years.

The team has not announced a detailed release schedule for other entities. Stay tuned with Coin98 Insights for further details in the future.

SCRT Token Sale

Secret Network raised $11.5M with the participation from Arrington Capital and Blocktower Capital, Hashed, Spartan Group, Skynet Trading. There is little information about its public sales so stay tuned with us for further updates in the future.

Token use cases

Major functions of SCRT coin include:

• Paying Fees: To use applications on Secret, users need to prepare SCRT as the gas fees.
• Staking: By staking SCRT with the validators, users will help secure the network. Delegators (users) also will earn a share of fees and network rewards.
• Governance: All stakers can participate in the governance of Secret Network, helping set the future direction of the network and community.

How to store SCRT Tokens 

Using Coin98 Wallet

You can store, send, receive SCRT Tokens on Coin98 Wallet with a few single steps. The guides on how to make transactions with SCRT on Coin98 Wallet will be updated soon.

Other supported wallets

You also can store, stake, or spend SCRT on Keplr, Citadel.One, Cosmostation or Ledger.

Note: Keplr is currently the only wallet that integrates with all applications built on the network.

How to buy SCRT Tokens using Coin98 Exchange

You can use Coin98 Exchange to swap other tokens for wSCRT following these simple steps on: https://exchange.coin98.com

Step 1: Connect to the Coin98 Extension Wallet.

Step 2: Choose coins/tokens for trading:

• Choose PancakeSwap New at the top of the trading screen.
• Search SCRT.
• If the token is not shown, insert the token address: 0x2b89bf8ba858cd2fcee1fada378d5cd6936968be

Step 3: Adjust the amount you want to swap.

Step 4: Adjust the gas fee, then click Swap.

Besides Coin98 Exchange, investors can purchase SCRT on various DEXes and CEXes:

• DEXes: SecretSwap (Secret Network), Sienna (Secret Network), SushiSwap (Ethereum), Uniswap (Ethereum).
• CEXes: Binance, Bitmart, MEXC, Gate.io.

Is SCRT a good investment?

Below are some highlights for your consideration:

The team is building Secret Bridges that connect other ecosystems directly to Secret Network and provide access to cross-chain liquidity (such as Binance Smart Chain, Ethereum, and Monero - with more coming, like Terra), and reduces fees relative to Ethereum.

SecretSwap is the first AMM built on Secret Network. The network’s future directly depends on the future of its AMMs and vice versa. When Secret Network flourishes with more projects built, AMMs like SecretSwap will be the first place receiving asset flows.

Important updates will happen this October: Supernova - the first major mainnet upgrade since Secret Contracts launched in September 2020. The upgrade establishes Secret as the cross-chain privacy-first platform for Web3. According to the plan, alongside the Supernova upgrade, new Secret applications will launch on mainnet, new partners and collaborators will be introduced.

There have been only 11 projects running on the network. The project is for sure still in its infancy and the long way is still ahead for the team to actually attract more attention from users and communities.

Team members, Investors, and Partners

Team

Guy Zyskind and Can Kisagun are co-founders of Secret Network. There is little information about their profiles at the time of writing. Stay tuned with Coin98 Insights for any updates in the future.

Investors

Secret Network raised $11.5M with the participation from Arrington Capital and Blocktower Capital, Hashed, Spartan Group, Skynet Trading. Those VCs will work alongside Enigma, Secret Foundation, and the entire Secret Network community to help grow the global adoption of Secret Apps.

Strategic partners: Band Protocol.

Similar projects

• Binance Smart Chain.
• Solana.
• Avalanche.
• Near Protocol.