Having been born in MIT in 2015, Secret Network is quickly rising to be a popular blockchain for privacy-based smart contracts. While platforms like Ethereum support smart contracts, they are public by default. With the Secret blockchain, everything is private and encrypted. According to the developers of the network, the unique privacy functionality will be essential in the adoption of Web 3 technologies. It can be used for NFTS, decentralized finance, and other Web 3 applications. The native coin of Secret Network is called Secret (SCRT).
Briefly about Secret Network
Secret Network was founded in 2015 by Can Kisagun and Guy Zyskind, and its original whitepaper was published at the MIT Media Lab. The native cryptocurrency of the network is SCRT, and it was previously known as ENG. It was initially launched as an ERC-20 token but is now used to pay gas fees on Secret Network. On the network, users can create secret tokens, secret NFTs, and secret bridges for the transfer of digital assets. The blockchain is also used to transmit secret financial data.
Secret Network is the first blockchain with data privacy by default, allowing users to build both permissionless and privacy-preserving dApps.CryptoLists.com
The Secret Network is meant to solve the privacy issue in blockchain technology, and it helps to protect personal data. With Secret blockchain, people are able to use applications that are permissionless and highly privacy-preserving. With this functionality, the blockchain is capable of unlocking new use cases for Web 3. Since the data is not public, users of the network have to use viewing keys to access their sensitive data. Users can share these viewing keys with third parties like auditors and explorers.
Utility of Secret Network?
This privacy focused blockchain is used for applications that require high levels of classified and confidential information.
The Secret Network is not just designed for security but is also highly scalable. It can be used to launch Secret Finance and Secret NFTs, and these will be released as SNIP-20 tokens. To ensure anonymity and confidentiality, the network requires individuals to use viewing keys to access the token balances, token metadata, and transaction details. The network can also be used to create Smart Bridges, which will enable the transfer of assets from other blockchains like Ethereum to Secret Network.
Secret Network Consensus Method: Proof of Stake
Release Date: February 13, 2020
Advantages at Secret Network+ It offers privacy by default.
+ Secret Network offers high transaction speeds.
+ They seems to be able to handle a large number of users.
+ The native cryptocurrency, SCRT, is listed on major crypto exchanges.
Disadvantages- The development is quite slow.
- There’s no limit to the number of SCRT that can be created.
- Secret network's gas fees are quite high.
- Its scalability has not been tested practically.
Costs▪ Rated at 10/10
In order to pay gas fees on this network, you will have to hold SCRT in your crypto wallet. The rate isn’t fixed, but you can expect to pay about 0.25 SCRT per transaction. It is possible to time low fees on this network, and this can allow you to save money on transaction costs. As SCRT becomes a popular cryptocurrency, the gas fees are likely to be very high. This is among the biggest issues with the network. In the future, the developers of Engima may find a better way of ensuring high levels of security without charging very high gas fees.
Reputation and Buzz▪ Reputation rated at 9/10
▪ Buzz rated at 9/10
Enigma and later Secret Network has had a slow release and only became functional a few years ago. Still, the network has been able to catch the attention of crypto enthusiasts on platforms like Twitter and Reddit. On Twitter, the network has more than 154,000 followers, and people have generally appreciated the functionality of the platform. The main issue users have pointed out is that the gas fees on the network are very high.
Who created Enigma Blockchain?
The whitepaper of Enigma blockchain was written by Guy Zyskind and Alex ’Sandy’ Pentland, both of who were are MIT Media Labs. Alex ’Sandy’ Pentland also helped with drafting the whitepaper. Unlike the other two, he was based in Tel-Aviv University in Israel.
Is The Secret Network proof of stake?
Yes, the Secret blockchain is based on proof of stake, and that means it doesn’t consume as much electricity as Bitcoin and similar proof of work blockchains.
Will Secret Network overtake Ethereum?
The Secret blockchain is becoming highly popular and has many useful advantages over other smart contract blockchains like Ethereum. At the same time, this is a specific niche within the crypto industry, and for that reason it might be hard to be so broad and popular as Ethereum. Crypto Lists find it extremely unlikely that it will overtake Ethereum since the latter enjoys the first-mover advantage.
What is the native cryptocurrency of Secret Network?
The native cryptocurrency of this network is SCRT, and their native coin was formerly known as ENG. It was initially released as an ERC-20 token and currently works on the Secret Network blockchain. SCRT is used to pay gas fees on the network.
What are Secret Bridges?
One of the key functions of Secret Network is to create Secret Bridges, and this allows users to connect the network to other blockchains. Whenever a token crosses these bridges, it will become a secret token and will be identified by an ‘s’ in front of it. For example, BTC will become sBTC.