- Category: Cosmos Ecosystem
- Coin Launched: September, 2020
- Resources: White Paper
- Official Website: Secret
- Reddit: Secret
Secret History / Information / Buying / Staking
Mainnet Launch Secret Network's mainnet went live on Feb. 13, 2020. It launched as Enigma, a project founded in 2017 to bring a second-layer private computation solution to Ethereum. The Enigma team announced the network's launch on the same day it revealed its settlement with the U.S. SEC over Enigma's $45 million ICO in 2017. The project later rebranded to Secret Network in May 2020. Enigma MPC (the company behind the original Enigma protocol) is now one of several development groups that contribute to Secret Network's underlying technology.
HOW SECRET WORKS
Secret Network is a blockchain platform that enables encrypted smart contracts and ensures complete data privacy. It improves on traditional smart contracts by encrypting inputs and outputs at a protocol level. Secret Network ensures privacy for any sensitive information collected and stored in decentralized apps (DApps).
BENEFITS OF USING SECRET
Some of the benefits of using Secret are:
Secret Network is expected to have Cosmos-wide privacy. This feature makes it possible for users to wrap their IBC-enabled tokens with confidentiality.
$SCRT holders will be able to swap their tokens for other Cosmos tokens like $CRO, $LUNA, $ATOM, $OSMO, etc.
There are plans for LP (Liquidity Pools) incentives.
CAN YOU STAKE SECRET
The only way to stake Secret is through the Secret decentralised application (dApp).The token is primarily staked for contingency purposes, rather than being used to validate and process blockchain transactions, the Secret platform is the one generating rewards.
OTHER METHODS TO MAKE MONEY WITH SECRET
Secret supports lending and borrowing of over 25 tokens, such as ETH, DAI, LINK, and UNI. Users can lend a specific token and earn interest by contributing their tokens to an Secret liquidity pool, from which other users can then borrow. When users contribute their tokens to the liquidity pool, they receive in return what is called “aTokens,” which represents the underlying token (at a 1:1 ratio) plus accumulated interest.
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