What is Secret Network? Things to know about the Secret Network project and the SCRT token

• Secret Network Overview
• Secret Network project development idea
• What is Secret Network?
• Features of Secret Network
• Development plan
• Secret Network development team
• Secret Network project advisors, investors and partners
• Overview of the SCRT . token
• What is SCRT token?
• Functions of the SCRT . token
• Where can SCRT tokens be bought and sold?
• Potential of Secret Network project
• summary

Secret Network Overview

Secret Network project development idea

In the development history of the information technology industry in the last few decades, or more specifically, from the 1990s to the present, our species has witnessed countless changes and remarkable developments in the world. technology field. But perhaps the most notable and similar is the birth of the Internet and blockchain today.

If you have never experienced the birth of the Internet, you will surely think that these two pictures cannot be from the same company that is one of the giants of Silicon Valley. It is impossible that the interface like those advertising spam pages are from a company with a total value on the stock exchange of more than 3 trillion USD (according to Reuters, January 3, 2022).

But that was true, not only for Apple but also for all the leading technology companies of the time. During that period, it took an average of 30 minutes for users to load the homepages of websites with these funny shapes and colors. Also during that time, the landline phone was completely unusable. Some readers will wonder why it is a desk phone, I would like to introduce to you the technology of connecting to the Internet in the 90s, which is a dial-up modem.

Yes, the yellow device on the left is the modem to connect or "communicate" with other computers over the telephone line, creating the first concept of the Internet - a network of computers and systems. Database systems exchange information with each other at the current rate of milliseconds. 

Previously, the user's computer needed to make a direct call to the Internet Service Provider (ISP). The ISP must "pick up" so that the two computers can start a "conversation" with each other with audio cipher signals to transmit the content and information that the user will see on his computer screen after a period of time. 30 minutes of communication and interpretation. That's how Internet application businesses and Internet believers have directly experienced using the service, feeling the inadequacies, paying expensive phone bills and not daring to think about playing games. online.

However, in just a few years of development, many young startups and a series of Internet projects were born, producing famous names such as Yahoo, AOL, eBay, Amazon, Netscape... And in this period that period of history named dot-com, the development team of projects and startups are mostly young people, university students, attracted by high salary, dynamic working environment. activities and sky-high corporate share regimes. Hundreds of millions to billions of dollars of investment are poured into this market with the desire to change the lives of all investors. 

However, the model of dot-com companies did not follow the traditional mold of that period. Most seek to provide services to potential customers for free, hoping to one day capture a small share of the market. In fact, profit was not a priority, so most of the technology companies at that time did not make any sales.

And then investors despaired, stocks kept crashing, the dot-com bubble burst and the market fell into the red. A series of companies had to close, had to sell to merge with other companies, a series of financial lawsuits occurred. Speaking of which, you must sound very familiar, right? Yes, that is exactly the status quo that blockchain and Crypto are experiencing.

At that time, who dares to predict the future of the Internet will develop to this extent? When we can sit in a deserted place, sometimes half a hemisphere apart, as long as there is still enough 4G or 5G wave, wireless connection on a compact smart mobile device in the palm of a table hand to read this article in less than 5 seconds of page load. At the same time, opening a background application to listen to a Jazz song or general market news on Youtube?

The future of the global computer network (Internet) is proven now, so what about the “Internet of blockchain”? Please join TraderH4 to learn through this Secret Network project.

What is Secret Network?

If the Internet 30 years ago was a network of links and information exchange between elements that are single computers, the Internet of blockchain is oriented to be a network that links all the blockchain ecosystems that are still in development. separate as it is today.

Currently, on the market there are thousands, even tens of thousands of blockchains operating independently. Each blockchain is a metadata block of an ecosystem of applications and the associated user community. Ironically, most of them have very common problems: Gas fees, scalability, connectivity, carbon footprint, number of applications, number of users, liquidity, security Therefore, to choose the most optimal blockchain for all usage needs of all subjects from individuals, private, organizations, state... is extremely difficult, if not impossible. 

The reason is because, if today Ethereum gets to the top 1, tomorrow surely a blockchain like Harmony or Polygon launches new security technology with free gas, Ethereum will be brought down for dissection. In fact, this war of kings does not benefit users and the app development community in the long run. It benefits early investors or scalpers only.

So, is the future of blockchain a network that connects them all, just as the concept of a solar system connecting planets and galaxies encompasses so many solar systems? The Secret Network project believes in that direction.

Technically, the Secret Network is a blockchain that puts security first. That feature is integrated by default in smart contracts to ensure user data is safe. From there, allowing developers to both build open applications, without users needing to be licensed to use, while keeping personal data safe. This feature allows blockchain to protect users, secure applications and open up hundreds of new applications for Web 3.0 .

In terms of blockchain technology, we can already have a stronger Internet network that covers almost all user needs, often referred to as Web 3.0. However, for current blockchains, by default, anyone can view all data information, exposing users to potential dangers behind.

Secret Network tackles the problem, not by simply building a solution, or providing a library of tools, or a platform to create smart contracts according to an existing framework, but by build an optimal blockchain ecosystem and focus entirely on data security.

Secret Network is an open source and permissionless blockchain project, developed based on security documents and research written in 2015 at MIT, including the thesis "Decentralized Security". ". Today, it is one of the most influential research papers in the blockchain field with over 2,000 different academic citations.

Features of Secret Network

The nodes on the Secret (called secret nodes) can operate algorithms as usual on encrypted data, allowing smart contracts (called secret contracts) to use the data. sensitive and personal data as an input source.

In addition, the project also focuses on computing security, not merely the security of the transparency level of a blockchain network. This feature of Secret is a deciding factor in a wide range of applications, from decentralized finance, Web 3.0, machine learning, access management, and more.

Development plan

According to the development plan shared publicly on the project's homepage, the process of building Secret Network in the first quarter of 2022 will be divided into two areas: decentralized applications, tools and networks. :

February 2022

• Dapp: Jackal, Alter, Stashh, Secret Dreamscape, Secret Heroes, SiennaLend and Orbem Wars.
• Tools and networks: Blackbox, StakeEasy and Secret Oracles.

March 2022

• Dapp: Data Vault.
• Tools and networks: Shinobi Protocol, Stakepool and stkd-SCRT.

April 2022

• Dapp: No information yet.
• Tools and networks: No information available.

In addition, the development process also includes:

• Dapp: Fardels, Secret Lottery and SiennaLaunchpad.
• Tools and networks: Secretnodes.com, Secret Wallet, Silk and Shade Protocol.

Secret Network development team

The Secret project receives support from many independent development teams and individuals, including SCRT Labs, Secret Foundation, Secretnodes.org, Chain of Secrets, Secure Secrets, Figment, Citadel.One, Stake or Die, WhisperNode… The specific identities of the members are kept confidential.

Secret Network project advisors, investors and partners

The Secret Network project has raised an ecosystem building fund with a total amount of about $ 400 million with the participation of more than 25 large and small organizations, including some famous investors in the blockchain world such as DeFiance. Capital, Alameda Research, CoinFund, HashKey, Arrington Capital, Dragonfly Capital Partners, Fenbushi Capital, Skyvision Capital, Blocktower Capital, Terraform Labs, Hartmann Ventures, NGC Ventures, Figment Capital, Arkstream Capital, Shima Capital, Magnus Capital, Bison Fund, Momentum6 , Arca, Iconium, Huobi Ventures, Kucoin Labs and Skynet Trading.

Overview of the SCRT . token

What is SCRT token?

SCRT token (or Secret) is the private token of the Secret Network project. Initially when the new Secret Network project was launched, it was called Enigma – a project running on Ethereum, with a token called ENG. The Secret Network community organized a conversion process for those who still own ENG tokens to SCRT tokens in June 2020. Users converted 114 million ENG tokens (out of 150 million total supply) for the SCRT mainnet. The transition period from ENG tokens to SCRT tokens ended in early 2021.

According to a report from the foundation of the Secret Foundation, the initial supply of SCRT tokens is 161,993,000 SCRT, which includes 114 million ENG tokens converted to.

The distribution of SCRT tokens is arranged as follows:

• Inflation: 4.7%
• Platform: 0.6%
• Ecosystem Pool: 11.8%
• Treasury: 17.6%
• Team: 21.2%
• Community: 44.1%

Functions of the SCRT . token

• Used to pay transaction fees in the network.
• Used to stake into the network to operate a Secret node.
• Secret nodes can receive rewards from inflation and transaction fees paid by users.
• Those who do not operate a node can delegate their share to validating node pools to earn a share of the fees earned by the nodes.
• There is an administrative function with voting for network changes and upgrades.

Where can SCRT tokens be bought and sold?

Currently, SCRT tokens can be purchased at many major CEX and DEX exchanges such as Binance, Huobi Global, Gate.io, MEXC, Osmosis, CoinEx, WazirX, Mandala Exchange, SiennaSwap, Pionex, BKEX and Hotbit with many different trading pairs. Readers can refer to information sites such as CoinMarketCap.

Potential of Secret Network project

Currently, Secret Network's ecosystem of decentralized applications includes 14 applications, in areas such as DeFi decentralized finance, NFT, communication solutions and the GameFi Secret Heroes project.

The potential of the Secret Network project is very high when other blockchain ecosystems join this "Internet of blockchains". For example, projects that need to store user information, or platforms that want to store users' credit card information, or store password information... 

It is conceivable that if Secret Network linked current leading ecosystems such as Solana, Binance, Avalanche or Ethereum, the total market capitalization of this project could reach tens of billions of dollars. However, that is if this project continues to develop well as originally planned, and this market is always fluctuating.

summary

Hopefully through this article, you have gained a new look at the development potential of not only the Secret Network project, but also of Web 3.0 or a future of the Internet of blockchains.

If interested in the Secret Network project, readers can follow the project's communication channels:

Website | Project Information | Twitter | Telegram | Reddit

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