Secret Network Overview
Key persons: Tor Bair
Trading volume (24h): $26,799,898
CoinMarketCap rank: 88
- The project was originally called “Enigma”
- Secret Network was created as part of academic research at MIT
- The project gained popularity following the release of 7 NFT tokens — secret scenes from the cult Tarantino film Pulp Fiction.
Project objective: Create a secure and confidential environment for encryption.
Current trends and future plans.
Originally designed as a feature to the Ethereum blockchain, the project has since become a standalone network. The platform uses delegated Proof-of-Stake, based on the Cosmos SDK solution, to validate transfers and encryption. Project tokens are used not only as a way to pay transaction commissions, but also to control the entire network.
Using Secret Network (SCRT), participants can input their information (e.g. code in the form of smart contracts, or any other private data) into the blockchain, where it is processed and encrypted. Consequently, an external observer cannot see the execution or even determine what the results are.
Secret Network is currently in an active business development phase, with the core coding and testing phases completed. The main task now is to expand functionality and find new partners. The action plan for the near future includes creating special sub-projects — bridges to attract liquidity and users from other blockchains (such as Terra or Bitcoin), updating validation software nodes, building frameworks to interact directly with Ethereum and Polkadot DeFi infrastructure.