Secret Network is an interoperable blockchain infrastructure that aims to enable computational privacy for general-purpose smart contracts. SCRT tokens are native functional tokens in the project network, which are mainly used for token staking, delegation, governance voting and calculating transaction fees.
Secret Network adopts DPoS mechanism to reach network consensus.
The project’s network nodes are allowed to perform calculations on encrypted data by using Trusted Execution Environments (TEEs), eliminating the need to touch the unencrypted original data. The smart contract in the network can therefore encrypt its own input, output, and state.
Based on Cosmos, Secret Network is the first blockchain with privacy protection smart contracts. On December 15, 2020, Secret Network announced that the cross-chain privacy bridge between Ethereum and Secret was officially launched.
On May 28, 2020, Enigma announced that it would rename the original privacy public-chain Enigma to “Secret Network”, and the mainnet of Enigma (ENG) was migrated to Secret Network (SCRT).
SecretSwap
SecretSwap is a front-running resistant and cross-chain decentralized exchange running on the Secret Network mainnet, using the SNIP-20 token standard and the Secret-ETH bridge.
The privacy protection nature of Secret Network and the Ethereum cross-chain bridge allow assets to be secretly transferred between the two networks, preventing robots from front-running by paying high fees in advance.
The Secret Network contract allows data to be used on the public chain, but nodes cannot obtain the data itself.
With the anonymous auction function of Secret Network, users can create or bid for SNIP-20 tokens. The bidding is completely confidential, and only the winning bid price will be disclosed.
The Secret Ecological Pool provides financial support for future projects built on the Internet and currently has a total of about 20 million SCRTs.
Tokenomics (SCRT)
SCRT has an inflation model with a total supply of 178 million (statistics as of March 1, 2021).
Secret Network rewards are provided by inflation, and the inflation rate will remain at 7 to 15%.
Inflation 4.7%
Foundation 0.6%
Ecosystem pool 11.8%
ENIGMA affiliated company finance 17.6%
Community 44.1%
Team 21.2% (unlocked within 2–4 years)
Practical value analysis
● DPOS consensus reward: Nodes can stake SCRT to get rewards (currently the APY is about 25 to 30%)
● Participate in community governance and voting: SCRT holders can submit their proposals to the project.
● Pay for the transaction fee
Selling pressure comes from:
● Cashing out the unlocked tokens
● Increased tokens from inflation
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