Hi guys,
I'm going to let you in on an open secret about another privacy focused blockchain project that's been making waves lately. This one, Secret, has made it to the top 100 coins by market cap (#85 according to CoinMarketCap today, #96 according to CoinGecko) and it's been holding its own. It's a relatively young coin, launched in November 2020, and if you're looking for a coin which could 10X in the future, there is still a lot of room for growth on this one. Will it though? Well, you never know in the crypto-verse, but let's get into it.
The Great Crypto Secret
According to its website, "Secret Network is the first blockchain with data privacy by default, allowing you to build and use applications that are both permissionless and privacy-preserving." Interesting, right? But how is it different from other privacy focused crypto projects like Monero?
Well, Monero is described by Investopedia as anonymous, privacy oriented digital cash, and it's been traditionally identified as one of the leading private cryptocurrencies. Secret builds upon that. So, it's decentralized blockchain, like Ethereum, but it's privacy focused, like Monero, and scalable and interoperable like Cosmos.
As its website states: "Secret Network is built as a decentralized network of computers utilizing trusted execution environments (TEEs) to enable secure, private computation over encrypted data." Data is encrypted and private by default and users have viewing keys to access their sensitive data. These private keys can be shared with auditors and wallets, etc., but it is still up to the user to maintain control over his or her data and determine what is shared and with whom. Here's a look at their gray paper.
The SCRT token is used to pay gas fees on the SCRT network. In addition, users can participate in the governance of the Secret Network, and earn a share of fees and rewards by staking SCRT and helping to secure the network.
High Level Investment Partners
The Secret Network has attracted the support of high level investment partners, among them: Alameda Research, Arrington Capital, CoinFund and DeFiance Capital.
Multi-Million Dollar Funding for Secret Developers
The network also recently announced a $225 million ecosystem fund for developers building critical applications on the network and an Accelorator Pool fund of over $175 million.
"We want developers to build confidently in our ecosystem for years to come - not just proofs of concept or narrow pilot programs, but truly groundbreaking privacy-first Web3 applications across every vertical that can be adopted and championed by millions," the team stated in a reference to its ecosystem fund in a blog on its website last month.
Of the Accelorator Pool, it stated: "The Accelerator Pool will be used to support critical growth initiatives across Secret DeFi, NFTs, gaming and metaverse, and other essential application verticals on Secret Network."
Where you can get SCRT
At the time of this post, SCRT tokens were trading for just over $7, ($7.10 to be exact) and are available on both decentralized and central exchanges, with Binance as the most popular centralized exchange, though you can also get them at Huobi Global and Gate.io among others.
More Reviews of this Project
Well guys, what do you think of this project? This was just a brief overview, but for more, there is also a very detailed article which really looks under the hood published by Coin Bureau: Secret Network Review: Privacy Meets Compliance
Final Thoughts
Anyways guys, I don't know about you all, but for me, this project is interesting! And while I wasn't fascinated by the fact that, in terms of its tokenomics, there appears to be an unlimited supply of SCRT- I like assets that can become scarce- I still like the concept of the Secret Network project, the fact that more than 40% of the coins are to be distributed to the community and not held by the developers and founding team, and I like the idea of what this offers in terms of the future development of cryptocurrency and web3. I was so interested, in fact, I threw my hat in the ring to become a Secret Agent. I kid you not. I was on the site and I saw the lines complete tasks and earn rewards and I was like, okay, sold! I swear I can be such a child sometimes!
Wait... Do you announce the fact that you're gonna be a secret agent?
Well, that's it for me, guys. But I'd like to hear from you, what do you think of this project? Do you think there's potential for future growth with this? Do you think that this is the overall direction the industry will be headed in in the future? And do you think that SCRT has the potential to go parabolic? Let me know your thoughts, guys. In the meantime, I'm off on another mission. Until we meet again, please be safe! Arrivederci!
