SCRT - the Native coin of Secret Network

SCRT (pronounced “secret”) is the native coin of Secret Network. SCRT is used for payment of transactional and computational fees such as gas fees, staking with validators to secure the underlying network and earn inflation rewards, participation in community governance which helps to shape the future of the network, and so on.

The SCRT coin is a public asset on-chain and interactions with the coin are public-by-default (eg. balance, receiver etc).

This means interactions on the network that require SCRT gas such as viewing key generation, NFT minting, AMM swaps, and more will all show as interactions on-chain. These interactions can sill have private metadata through the implementation of Secret Tokens, but the interaction is publicly verifiable on-chain.

SCRT utility

Governance

Voting on Secret Network is powered by the SCRT token: every staked SCRT is equivalent to 1 vote. Secret Network uses the delegated-Proof-of-Stake (dPOS) system included with the Cosmos SDK and the Tendermint Consensus engine. This means validators vote with the power of the combined total staked SCRT of all of their delegators. A delegator overrides the vote of their validator by voting themselves. If Quorum on a proposal is reached, a simple majority of staked SCRT is needed to pass a governance proposal. Proposals have a 7-day voting period and delegators can change their vote until the last block. Staking SCRT gives any network participant a vote in the ecosystem.

Staking/Inflation

The SCRT coin has no supply cap because it constantly rewards network participants with SCRT inflation to enable security of the protocol. When staked users secure the protocol from potential attacks, delegators are rewarded. Validators receive a commission from the inflation rewards of their delegators so they can run a sustainable business and pay their hardware. The Secret Network inflation parameters are dynamic: the current inflation is 9% as long as the ratio of staked to non-staked SCRT remains under 66%. If the bonded rate goes above 66%, the inflation gradually declines to 7%. The current Secret Network staking APR is ~23%, which is higher than the annual inflation. If a user stakes SCRT, they gain a real return of ~5-7%. If a user does not stake, they are being diluted. These tokenomics generate a sustainable environment for the SCRT coin and all network participants.

Gas Fees

When processing transactions on Secret Network, users need to pay for the space they take up in a block. This payment for computation of data is called a gas fee. The gas fee on Secret Network is set by the validators and their min_gas_fee setting.

The current gas fee per unit of gas is 0.05uSCRT . A transaction, on average, is sized at 100,000 gas units, each transaction therefore costs 100,000 * 0.05 *10^-6 = 0.005 SCRT . The prices for these example transactions can always change if validators decide to run with different settings.

There is no reason for a fee market to arise on Secret Network due to high throughput and fast finality. The fee on Secret Network could be 0 but this is not done as to eliminate denial-of-service attacks. An attacker would have to pay a full block worth of gas every 6 seconds to maintain an attack, which disincentives the attacker.

Transaction fees are paid out to stakers on the network and are an addition to their yield. Every wallet on Secret Network needs SCRT to complete transactions: this drives utility to the SCRT coin.

Want to learn more about SCRT and how you can participate in the Secret ecosystem? Visit Secret Network's website for more information on how to buy and store SCRT.

SNIP-20 - Private Tokens On Secret Network

Secret Network’s programmable privacy enables non-private tokens to be wrapped into their private and fungible equivalent through the Secret Network Improvement Proposals 2020 ( known as SNIP-20 standard), thereby providing complete confidentiality and anonymity through viewing keys via Secret contract. For example, SCRT can be wrapped into sSCRT(pronounced as secretSCRT) through SNIP-20 standard. Hence, sSCRT is a privacy-preserving and fungible equivalent of SCRT. Whenever you transact using a wrapped token such as sSCRT, the transaction remains private and nobody knows whether you send/receive sSCRT to/from whom.

All native tokens like SHD, SEFI, ALTER, SIENNA are SNIP-20s and have privacy by default, all coins and tokens bridged from other networks like sATOM, sETH and sBNB are also private by default.

Example Of SNIP-20 Privacy

If wallet A sends 100 sSCRT to wallet B this will happen:

• Block explorer denotes that wallet A interacted with the sSCRT smart contract (It is not known whether this was a send, buy of NFT, viewing key etc. Amount of tokens is also unknown)

• Wallet B will NOT have an interaction listed on chain (aka on the block explorer)

• Wallet B can use their viewing key to decrypt the receiving transaction so will see the address of the sender and the amount they got.

The blockchain space has seen a lot of innovation since DeFi summer in 2020. However, public blockchain is still struggling with MEV (Miner Extractable Value) and de facto anyone swapping through AMMs are subject to front-running or sandwich attack. More than $611million was collected in MEV since January 2020.

How Secret Solves MEV

These problems are solved with Secret by having an encrypted state and a validators set which know nothing about the transactions they are processing.

You will be able to use the standard DeFi primitives such as lending, borrowing and providing liquidity in pools without revealing your liquidation targets, your position size or your strategies as all your interactions are private.

Future DeFi landscape on Secret

Let’s now talk about what could be built on Secret (or what’s being built).

We could have a private credit scoring enabling you to borrow more with less collateral or even without.

Borrowing stablecoins against your assets and providing liquidity on an AMM on Secret or on Cosmos chain through IBC smart contract call, all of that privately is opening the field of new revenue opportunities.

Secret could also enable DAOs treasury assets and farming positions to only be visible to the DAO community.

Shade Protocol is launching an algorithmic stablecoin (SILK) pegged to a basket of currencies and commodities for maximum volatility shock absorption.

Learn more --> What Is Shade Protocol?

Dark Pools

Large investors are using dark pools in traditional finance for huge transactions. They are then subject to front-running from High-Frequency Trading firms. Private dark pools on Secret could lead to a massive amount of liquidity exchanged and finally provide foundations for the institutions and big players to enter the DeFi space with Secret.

Source: Pros and Cons of Dark Pools of Liquidity

More about DeFi dApp on Secret? - Sienna Network - Button Group - Shade Protocol

Art and Digital Media are booming in the blockchain space thanks to the NFT primitive. Secret Network is providing exciting and critical features to NFT with privacy. You can learn more about the infinite horizon of Secret NFTs in this article.

What Secret Could Bring To Art And Digital Media?

NFT 3D galleries are starting to pop-up in the ecosystem. We could have a private version where the artist may show only some pieces to the public and have a VIP section only accessible if you own a NFT from that artist or with the password written in the private metadata of your NFT.

This protects the artist’s content and allows them to generate fair revenue streams by building a fan base. The artist could also release exclusive private content which is only to be seen by his NFT collections owners.

Quentin Tarantino and Kevin Smith both launched unique pieces on the Secret Network. You can follow LegenDao.io for more upcoming famous creators.

Fractionalized NFTs

Fractionalized Secret NFTs (currently in development) allows you to own a share of an expensive NFT privately and in the meantime provide NFTs a more liquid market and better price discovery.

What about owning a share of a luxury real estate that had been fractionalized and owning that token could generate a yield from vacation rent? Or do you prefer owning a share of a private island?

More about NFTs on Secret - Marketplace (Stashh) - Fractionalized NFTs

One of the issues with blockchain gaming is having your NFT and assets public, giving your opponents an edge against you. Leveraging private NFT metadata, Secret will disrupt the entire industry and give all players the same chance to be the best.

Secret gaming is also taking advantage of its private on-chain randomness number generation with Secret RNG which provides fair and private outcomes for gaming.

Secret Feature: Secret Oracles | Used in Gaming, NFTs & More!

Here is some of the function made possible in gaming through Secret’s technology:

1. Fully or partially hide your card deck in a PvP card game

2. Private equipment and skills set for PvP session in your favorite action RPG

3. Unlock special skills based on your NFT private metadata (only known by you)

4. Fair randomness for online Casino or Poker (with Secret RNG)

5. Private betting markets

If you want to dive deeper into what differentiates Secret games then read this article.

Now, let’s take a look at what Secret is bringing for your day-to-day applications.

The rise of the Internet has provided a seamless communication experience for billions of users. You’re maybe one of them, communicating on a daily basis with your family, friends, co-workers, and communities.

But with a public by default blockchain, we would enable the same Web2 companies to again exploit user data by simply looking at the blockchain.

Privacy-Preserving Communication Tools

That’s why we need communication tools, like email, group chats, video calls, social media, and collaborative software with data protection and encryption at its core. We must take back control over our data when using these communication tools.

Alter is paving the way on Secret and has released its private & secure messaging application (email, messaging, and group chat). They plan to release an email bridge, voice calls, video conferencing, and calendar applications in the future with of course privacy at its core.

Its goal is to become the most decentralized, flexible, and scalable communications platform for Web 3.0.

Social Media

You could also imagine any of today's social media platforms or dating apps using Secret and its built-in privacy to protect its users and give them back control of their data and privacy.

This could also apply to decentralized music and video streaming. It’s better to be the only one knowing that you spent hours on cat videos and not your video streaming provider, no?

If you want to learn more about Alter --> Website / Blog

The core issue with public blockchains, when it comes to cryptocurrency payment is the lack of transactional privacy. This creates a huge barrier to adoption. You should be able to spend your cryptocurrencies and stablecoins without revealing wallet balances and worst of all, your entire transaction history.

Does your favorite coffee shop have access to your bank account balance when you’re swiping your credit card? We should certainly expect that level of privacy as the minimum standard in this new financial wave of cryptocurrency.

Privacy In Payments

A straightforward use case would be a payment platform leveraging Secret privacy to pay with cryptocurrency and preserving data, and account balance for both the consumer and the business owner without trusting a centralized third party. This is exactly what Silk Pay from Shade Protocol is aiming to provide. It’s introducing a new sender/receiver confirmation architecture using an escrow contract in the middle ensuring that the transfer is going to the intended address.

Read more about it here: Silk Pay

Privacy In Transfers And Company Expenses

Cross-border wire transfers are expensive, slow, and require paperwork. Alternatives by trusting a 3rd Party exist but with a huge fee involved.

Why not use Secret for instant, private and cheap transactions with no capped amount?

On the business-to-business (B2B) side, Secret has already developed an invoicing application for requesting and sending money to business counterparties. This is only scratching the surface of what is possible to develop thanks to Secret.

Secret Feature: Secret Invoice Payments

Privacy is a human right and Secret is setting the landscape to take back the full control and ownership of our data. Privacy is fundamental to a better decentralized web.

Why are you not receiving any incentives when your data is monetized and exchanged on marketplaces you’re not aware of?

Cloud Data Storage

Jackal is building a decentralized Web3 hot/cold cloud storage system that follows the Amazon S3 standard but with higher digital privacy and cyber security standards by bridging Secret and Filecoin. Jackal is based on a P2P node network which are all a gateway to FileCoin and an IPFS node (acting as a cache layer), ensuring a smooth and private user experience.

Only the owner of the private key can access the content of his storage and Secret smart contract are used to encrypt/decrypt the content uploaded/downloaded by the owner.

For example, you could have a private vault for digital evidence in a justice case which could be only opened during hearings with the private key avoiding any prior tempering.

Web3 developers could use Jackal to build:

1. Password Managing Service

2. Website Hosting

3. NFT Storage Solution

4. Google Docs and Dropbox or similar applications

Content Marketplaces

By controlling the viewability and ownership of your data, you should be able to decide to sell, if you choose to, your data in marketplaces.

DataVault is being developed on Secret, introducing a decentralized privacy-preserving content management and data exchange. You will be able to download an encrypted dataset containing any type of content (video, music, software, picture, data proofs, …) and by purchasing the viewing key you will unlock its full content. Marketplaces plugged into DataVault would generate revenue from sales for the governance stakers. They could vote to approve or delist dataset providers and provide dataset scoring. This economic model benefits the creators and users and not one centralized company.

Only Share What Is Needed

And what about private Decentralized Identity? You should be able to connect to all your dApps with your unique DID and share only data that is needed by the dApp.

StarShell is a privacy-preserving, free, and open-source Web3 wallet built for the Secret Network and Cosmos Ecosystem. It protects your identity by limiting the types of information dApps can collect from your account.

With Secret as a base layer, you can see the impressive diversity of use cases that become possible.

Learn more about Alter.network, DataVault, and StarShell.

Secret Network is the first blockchain with customizable privacy. You get to choose what you share, who you share with, and how long you share it for. This protects users and empowers developers to build a better Web3.

The Network's privacy-by-default nature is essential to the security and adoption of the decentralized web. User-side privacy not only enables novel use cases but also puts users back in charge of their sensitive data.

Built with the Cosmos SDK and the Tendermint consensus engine, Secret Network provides a platform for scalable, private, permissionless smart contracts which can connect to the interchain.

Privacy Technology

Secret Network leverages novel key management techniques, encryption schemes, and Trusted Execution Environment (TEE) technology to bring encrypted input, output, and state to the blockchain.

The decentralized network of computers that host Secret Network come to a consensus (delegated Proof-of-Stake — Byzantine Fault Tolerance) without ever obtaining access to the data they process. Users can use “viewing keys” to view their sensitive data or enable third parties to do the same.

Smart Contract Use-Cases

“Secret Contracts”, an implementation of the Rust-based library CosmWasm, enable computation with private metadata. This brings unique use cases to Secret Network which simply aren’t possible on other blockchains.

Secret Contracts have many real-life use cases including user-side encrypted data storage and communication, NFTs with private content and ownership, lending protocols with private collateralization information, and any application requiring true on-chain randomness.

The nature of Secret Network also means that all dApps benefit MEV resistancy. Attacks are not possible due to the encrypted mempool and state of the chain. All users on Secret are protected from front-running and information disparity by default.

The SCRT Coin and Secret Tokens

Secret Network's native coin is called “SCRT”. It is used for gas fees, governance, and staking towards network security.

By wrapping SCRT or any bridged token (from various ecosystems such as Ethereum, Binance Smart Chain, Monero, Cosmos/IBC) into their “Secret Token” (SNIP-20) equivalent, users gain immediate privacy. The balance and every interaction with “Secret Tokens” are private by default.

Secret Tokens can be used to buy/sell NFTs, participate in DeFi, pay in private, escrow for data/content and even get a credit score all while maintaining your financial privacy.

Ecosystem

Secret Network and its applications are built by a community of over 100 dedicated developers and business leads from all over the world. The Network and its builders are supported by the community pool, SCRT Labs, the Secret Foundation, 80 validators, and a multitude of infrastructure and investment partners.

The Secret Network community, known as “Secret Agents,” are the core of the Network, helping to test and enjoy new applications while spreading the importance of web3 privacy online and at in-person events.

History And Roadmap

Secret Network has come a long way, with the core development group starting out in 2017 and the Mainnet launching in early 2020.

The most recent string of updates dubbed “Supernova” and “Shockwave - Alpha & Delta” have brought Secret Network IBC interoperability, 200x performance upgrades for encrypted verifications, the launch of query permits for user authentication, multiple performance optimizations for blockchain queries, a more redundant API node infrastructure, and IBC compatible cross-chain smart contract integration. The latter kickstarting Privacy as a Service for the entire Cosmos ecosystem.

With the "Shockwave - Omega" upgrade, Secret Network switched to a more performant smart contract engine increasing throughput significantly. Beyond this, Secret is hard at work to ensure long-term privacy for all users with the introduction of Secret 2.0 and expanding Privacy as a Service to Ethereum and other blockchains. The upcoming infrastructure upgrades will bring several features like: Encryption seed rotation, Iterators and upgradeabillity for CosmWasm Contracts, the Gramine SGX backend, support for new generation hardware, and lastly the Wasmer contract engine bringing another significant increase in contract throughput. In the meantime, research towards MPC, FHE and ZKP's is ongoing. For a first look at Secret 2.0 and the cryptographic primitives coming to Secret check out the most recent forum post and the roadmap section of this documentation.

Transactional Vs. Computational Privacy

Secret Network differs greatly from protocols like Monero and Zcash as it does not aim to provide complete transactional privacy, but focuses on programmable privacy, a different use case entirely.

Unlike other protocols aiming to provide programmable privacy, Secret Network does not utilize “group-oriented anonymous signature schemes” but assures privacy through encryption and specified hardware. Secret Network does not utilize ZK-proofs (ZKPs), Multi-Party Computation (MPC), or Homomorphic Encryption (HME) to achieve privacy due to concerns including poor scalability, technical infeasibility, and information centralization.

However, research is ongoing to include more of the above cryptographic primitives in the Secret Network base layer as ideated in the original paper from Guy Zysking at MIT. Read more about the vision of Guy for Secure computation in our Series #BeyondZK.

Conclusion

There has never been a greater need for easily accessible privacy solutions inside and outside the blockchain space. Blockchains that are entirely public are limited in their capacity to generate effective use cases where privacy is a fundamental component of the feasibility of the application.

The intent of Secret Network is to be an open-source protocol that enables a wide range of privacy-preserving tools and applications through programmable privacy — improving the adoption and usability of decentralized technologies.

Secret Network is built with the Cosmos SDK and the Tendermint consensus engine. Secret Network provides a platform for scalable, private permissionless smart contracts which can connect to the interchain.

Secret Network leverages novel key management techniques, encryption schemes, and Trusted Execution Environment (TEE) technology to bring encrypted input, output, and state to the blockchain.

The decentralized network of computers that host Secret Network come to a consensus (delegated Proof-of-Stake — Byzantine Fault Tolerance) without ever obtaining access to the data they process. Users can use “viewing keys” to view their sensitive data or enable third parties to do the same.

Secret brings privacy to the Interchain by leveraging CosmWasm IBC compatible smart contracts and IBC native token bridging.

Learn more about the Secret Network technology by exploring our Website.

Dive in deep by exploring our detailed documentation of the Secret Network technology stack:

• Blockchain technology

  • CosmWasm Smart contracts

  • Inter-Blokchain Communication (IBC)

  • Cosmos SDK

  • Tendermint Consensus

  • Cosmos introduction

• Privacy technology

  • Encryption - Key Management

  • Trusted Execution Environments (TEE) - Intel SGX

  • Access Control

  • Private Smart contracts

  • Plans Beyond SGX

  • Theoretical Attacks

Reading not your thing? Do not worry, our Secret technology basics video series got you covered.

Blockchain 101

The Cosmos SDK, Tendermint and IBC

Privacy technology of Secret Network

The life of your Private Smart Contract transaction

Below info comes from the "Request for Feedback" forum post.

Secret remains today the only privacy-preserving smart contracts L1 in production. We were first to identify the need for privacy beyond transactional and beyond Zero-Knowledge Proofs (which in general are more of a scaling solution rather than a privacy one). With concerns such as MEV and L1 censorship, it appears that others are catching up to the need of having base-layer privacy.

To support further growth (and Secret still has a lot of room for growth) and to ensure we remain the market leaders, it’s time to look ahead and revise our short, medium and long term vision that will ensure that Secret grows to become the privacy hub for all Web3.

What does being the privacy hub for all of Web3 actually mean? We identified several areas of focus:

1. Cryptography layer for Secret: SGX was always the pragmatic choice, and TEEs in general (not necessarily SGX), are certainly a big part of any end-game solution. TEEs will continue to evolve into a more robust solution, but for highly sensitive use-cases combining TEEs with MPC (and other cryptographic techniques such as additively HE or ZKPs) is the most secure option (much more than using cryptography alone). Secret 2.0 Cryptographic roadmap will add the building blocks required for this. These primarily include: MPC/Secret-Sharing, Threshold (Homomorphic) Encryption/Decryption, and accompanying Zero-Knowledge proofs in Secret’s client libraries.

• Some examples of the kinds of use cases this would enable or greatly improve include private DAOs, RNGs, threshold wallets (and by extension - threshold key management and stronger Secret NFTs)

1. Constellation of chains: Secret 2.0 will look to collaborate with others to build an ecosystem of blockchains that Secret Network will spearhead and/or support, truly solidifying Secret’s position as the hub of Web3 Privacy. Alongside the existing Secret Network blockchain, we expect to see:

• The development of a threshold fully homomorphic encryption (“FHE”) Layer-1 (“L1”) - now started as fhenix.io

• The development of consumer chains utilizing Privacy-as-a-Service (“PaaS”)

• The development of privacy-preserving rollups to complement the threshold FHE Layer-1

• The addition/inclusion of any chain that shares our mission for privacy. In other words, becoming part of the constellation does not necessitate having an affiliation with Secret. Being a kindred spirit and formalizing all kinds of business relations (see next section on becoming a liquidity hub, as an example) is enough.**

Roadmap items Secret 2.0

More info/detail coming soon!

• Honest-dealer Key Generation

• Validator Threshold Decryption Protocol - On the roadmap

• Distributed Key Generation Protocol

• Additively Homomorphic Encryption Library and API (client and enclave-friendly) - In production

• Client-side proof of encryption ZK API

• Hardened Private Voting (via HE+ZKP) - Under development

• Threshold wallets - In production

• Threshold key-management (e.g., hardened Secret NFTs)

• Threshold Randomness (using Threshold BLS) - In production

You can buy SCRT from Centralized exchanges and decentralized exchanges. Once you own SCRT you may store it on the centralized exchange you purchased it from, or store it in your personal cryptocurrency wallet.

For more detailed information about buying, selling, and storing SCRT you can look at our website.

Centralized Exchanges

• Binance

• Kraken

• Bitmart

• Gate.io

Decentralized Exchanges

• Btn.group

• Sienna

• Shade

• Osmosis

• Kujira

Cryptocurrency Wallets

• Starshell

• Fina.Cash

• Leap

• Keplr

• Citadel.One

• Ledger

• Cosmostation

A guide to install a wallet, buy SCRT and stake it for yield are available as videos on our youtube.

You can find the latest roadmap for the Secret network Core development in the below blog from October 2023!

If you are interested to learn what is in development on the application side instead then please check out the Ecosystem Roadmap on the scrt.network website.

Introduction

A testnet network is an almost identical copy of a blockchain that serves as an alternative specifically made for testing without affecting the operation of the original network (mainnet).

In this step-by-step guide I’ll show you how to connect to a testnet with Keplr and SecretCLI, receive tokens through a faucet, and interact with secret applications.

Set Up With Keplr

The easy way to use a testnet is via the Keplr wallet browser extension, you can install it and set it up by following this guide or this video.

Once you have saved your mnemonic phrase you can connect to the pulsar-3 chain.

• Go to https://keplr-connect-pulsar3.vercel.app and click on the Keplr button

• Click “approve” once the Keplr window pops up to add the chain config

And again to connect the website, and allow it to view your balances etc

• Now you should be able to see the Secret Testnet network on Keplr wallet by selecting it from the drop down menu. (verify that your Secret mainnet and testnet addresses coincide and start with “secret”)

You have now successfully added the Secret Testnet to your wallet and you’re ready to get your first tokens and experiment!

Faucet

The fastest and easiest way to get some test SCRT into your wallet is to use faucets which are tools that distribute a standard amount of tokens to a specific address.

Remember that all tokens on the Secret Testnet have no real value as they’re free to mint and they’re impossible to transfer to mainnet.

• Go to https://faucet.pulsar.scrttestnet.com/

In a matter of seconds you should be able to see 100 test SCRT on your Keplr balance.

Set Up SecretCLI

To have access to all the testnet functionalities and to develop you can connect using SecretCLI, a desktop client tool to interact with the blockchain from the console.

• Install and configure SecretCLI by following this tutorial

• Open your terminal and run the following commands to connect to pulsar-3 and add your wallet:

  Copy

  secretcli config node https://rpc.pulsar.scrttestnet.com
  secretcli config output json
  secretcli config chain-id pulsar-3
  secretcli keys add <a-name> --recover

• Paste your wallet’s mnemonic phrase when asked to do so

You can always change the parameters to connect to alternative APIs and testnets. You can find the full list of testnets, APIs, faucets and explorers on the official github repository.

Interact With Dapps

Once you have everything set up you can connect to protocols that have a public testnet URL available.

Here’s a table of the main ones:

Alternatively you can directly interact with their testnet secret contracts. Below are some of the main smart contract addresses available:

With Keplr you’ll need to approve a connection request for each protocol that you want to connect to. You can easily manage active website connections under “Manage Connections” in the Keplr settings.

Note: If you’re using secretcli view a full list of commands for Secret Contracts here.

Viewing Testnet Transactions

To view testnet transactions and contract interactions on the testnets you can use the [Ping Dashboard, a light explorer for Cosmos-based Blockchains. https://ping.pub pulsar-3.

• Ping Dashboard - pulsar-3

  • Ping Dashboard, light explorer for Cosmos-based Blockchains. https://ping.pub

Secret’s tech is the ultimate blank canvas for innovative applications. You might already know of Secret as the Web3 privacy hub. And with programmable privacy enabled by default, Secret is enhancing existing concepts created on the blockchain (DeFi, NFT, Gaming). But more crucial than that, Secret offers developers an edge to innovate on real-world use cases.

What Will Web3 become?

Your privacy was an afterthought in Web2 and we are repeating the same mistake in the early days of Web3. We have seen massive privacy and data breaches in the last few years (Cambridge Analytica to name one).

Without privacy, Web3 will be a dangerous version of Web2 where your data and consumer behavior are just public and sitting here for big corporations to exploit them, again…

Secret Network is providing the solution to take back control, preserve your right to manage your privacy, decide what data and with who you want to share it, and in the long run for cryptocurrency to go mainstream.

Secret Network is not only bringing privacy to existing blockchain applications but also providing the base layer for a better Web3. This is where we are seeing a lot of real use case applications putting back the user at the center of it all, preserving your right to privacy.

June 2015

Guy Zyskind publishes the first two papers about secure and private decentralized computation from Research at Enigma/MIT. "Decentralizing Privacy: Using Blockchain to Protect Personal Data" describes how with encrypted inputs and access control blockchain can bring back privacy to users of distributed technologies like the internet. "Enigma: Decentralized Computation Platform with Guaranteed Privacy" describes how secure Multi-Party Computation could enable a new private blockchain solution dubbed Enigma. At this moment in time when Enigma has its first public mention.

September 2017

Enigma does an ICO and raises $45m to build the decentralized privacy solution proposed in 2015.

January 2020

Developers and community members of Enigma realize the importance of instant-finality and privacy by default on a layer 1. A decision is made to bring the privacy-as-a-service layer Secret Network to the Cosmos ecosystem.

February 2020

Over 20 independent genesis validators launched a new blockchain that came to be known as Secret Network. This mainnet is a proof-of-stake blockchain based on Cosmos SDK / Tendermint and secured by a new native coin, Secret (SCRT). The collective vision for this blockchain was to create a privacy-first chain that would allow smart contracts to utilize private and sensitive data. The network would utilize privacy technologies that could enable secure computation over encrypted data.

September 2020 - Private smart contracts

A mainnet upgrade made Secret Network the only blockchain running live smart contracts with encrypted inputs, outputs, and state. That is possible because every node operator validating the network activity uses a secure enclave – the same type of technology securing your fingerprint on your smartphone. You can think of Secret Network as combining the programmability of Ethereum with the privacy of Zcash. This capability for "programmable privacy" now allows developers to begin building their own permissionless and privacy-preserving “Secret Apps.”

Since this upgrade, more and more use cases have been built and deployed, most notably the SNIP-20 standard for Secret Tokens. Several implementations of this standard were launched, including secretSCRT (a privacy-preserving variant of SCRT), community tokens (such as FAT SCRT, sALT, and many others), and thanks to the Secret Ethereum Bridge, a wide variety of Ethereum assets (including ETH and many other prominent ERC-20 tokens). Other use-cases showcasing the power of Secret Contracts (such as Secret Auctions, private-voting, and Secret Vaults) have been deployed to the network, and many other use-cases are currently being built.

December 2020

the Secret Ethereum Bridge brought the power of programmable privacy to ETH and ERC-20s at low cost.

February 2021

SecretSwap launched on the Secret Network mainnet, the first AMM (Automated Market Maker) to be launched in our ecosystem and a one-of-a-kind product for the blockchain space. This is a critical piece of Secret DeFi, unlocking new liquidity for secret tokens!

October 2021

Sienna Network launches its first application on the Secret Network mainnet called SiennaSwap. Also ALTER launched on-chain, the first verifiable user-side encrypted communication platform. This time is also when the first Secret NFT comes on-chain. The SNIP-721 standard is used as the base for the well**-**known Anons NFT.

November 2021

The Supernova upgrade brings privacy to the Interchain by enabling IBC for the Secret Network. SCRT can now freely flow to other Cosmos SDK chains like Osmosis, and the Cosmos HUB. Both SiennaSwap and SecretSwap enable DEX listings for sATOM, sOSMO, sDVPN, and more. November also marks the date where SCRT labs announces their collaboration with Quentin Tarantino for the TarantinoNFTs

December 2021

The Stashh NFT marketplace launches bringing many different artists to the Secret Network blockchain and giving the Cosmos ecosystem its first taste of the utility and interest that comes with SecretNFTs.

January 2022

Secret Network announces the next phase of growth with a $400M ecosystem fund for builders as part of the Shockwave initiative

February/March 2022

Shade protocol launches its token SHD in a cross-chain airdrop and the SCRT token lists on several high-profile exchanges like Kraken, Huobi, Kucoin, and FTX. At this time Kevin Smith also announces his collaboration with SCRT labs and LegenDAO to launch the first NFT feature film "Killroy was Here".

April 2022

SiennaLend launches on Secret Network. The only private on-chain lending solution in the world.

May 2022

Secret Network completes the Shockwave Alpha upgrade bringing 200x improvements to cryptographic verifications like cross-chain airdrops and query permits while also enabling the Cosmos "interchain accounts" module and enabling the CosmWasm StateSync module. The network also increased its active validator set to 80, allowing for many known faces to enter the community.

September 2022 - Secret contracts go Interchain

The Shockwave Delta upgrade brings CosmWasm v1.0 and with that Interchain contracts. Privacy as a Service is a reality and Cosmos chains can start easily integrating Secret network True randomness, private voting and many other usecases. After a small bugfix Snip-20 tokens also get the option to move cross-chain of which many are now accesible on DEXs all over the cosmos.

November 2022 - Ecosystem expansion

Secret summit and a new Ecosystem roadmap show the inmense progress on the Secret application layer. New applications like Eqoty music, Bidshop, Prifi labs, Bushi gaming, Serenity shield, Yoiu, Actilist, kado, Fina and Blizzard pitch their project and showcase their innovative ideas to the Secret community. Find a summary of the secret summit in this playlist.

December 2022 - More scalability

SCRT labs launches the Shockwave omega upgrade containing a new smart contract engine dubbed Wasm3 increasing contract throughput by ~5x. An extra emphasis also went into the testing of gas consumption of the varying contract elements to better protect the network against exceptionally high computational load.

Additionally the Secret Agency DAO joins as an extra registered NPO in the network helping applications, developers and users with leveraging Secret Network for their success.

January 2023 - Secret 2.0

2023 will be the year of Secret2.0 initiative signalling the completion of the initial whitepaper and looking into the future. Together with the Blog #beyondZK Part-2 a clear roadmap is lined out for adding cryptographic primitives and additional functionality to the Secret blockchain.

March 2023 - Consensus seed rotation, Light client verification, Auto restaking and more

on the first of March Secret network upgrades to v1.7 bringing seed rotation upon upgrade to the network. This feature allows the network as a whole to select new randomness from which the network encryption keys are generated completely mitigating impact on the future state of any potential past encryption key leaks and SGX breaks. The auto-restaking feature also brings native autocompounding to the network while light client verification inside the enclave improves the trusted data landscape for contract developers opening up many more usecases and added privacy.

March also saw the Announcement of Secret Admirers and the launch of the first Privacy as a Service application "The locker" - a seedphrase backup solution by Prifi labs.

April 2023 - The new Wallet era, HackSecret and Secret surge (Shade + Axelar launch)

Fina launched the beta of their Debit card while Starshell launched full hardware wallet support and mobile Apps. Secret now has 2 dedicated wallets powering its Ecosystem with additional privacy and more features. HackSecret also brought more than 50 developers to Secret hacking away at a DeFi competition with Sponsors like Shade and whitewhale to earn more than 50k USD in prizes.

Last but not least April saw the launch of Shade protocol with their Swap and Stablecoin SILK. Secret surge provided additional incentives and Secret networks TVL did a 10x in roughly 1 month. Shade proves Private DeFi can be both more secure and intuitive to use while Axelar bridge integration brings in more accesible liquidity with a better security model than the old bridge. We also saw the migration of tokens to SNIP-25 - a new Secret token version protecting against additional privacy risks.

June 2023 - New Secret foundation, Secret-vrf and the Fina IDO via Yoiu

June sees the announcement of a new Executive director for the new secret foundation NPO. Lisa Loud joins the ecosystem to lead secret to a succesfull Secret2.0 and Privacy as a Service campaign. Additionally the version 1.9 upgrade brings Secret-VRF, the first of many Privacy as a Service APIs accesible cross-IBC and even on EVM. Meanwhile Yoiu launches on mainnet with the Fina IDO and Airdrop following suit.