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The Secret Network (SCRT) is a Layer-1 blockchain network that was built by leveraging Cosmos technology. There’s been a heightened focus on default data privacy for smart contract executions, giving developers an option to build applications protected immediately. Secret Network uses a concept called programmable privacy which adds privacy controls within an application on the network.
Secret Network was originally launched under the name Enigma in 2017 as a secondary privacy layer meant for Ethereum as a security solution. Prior to rebranding to Secret Network, the project’s mainnet officially launched on February 13th, 2020. The company behind Enigma (Enigma MPC) was never disbanded and actually serves as one of several groups contributing to the development of Secret Network.
Primary Use Case
The Secret Network primarily serves the role as a niche Layer-1 network for those wishing for greater privacy when transacting via a smart contract platform. The network was developed in a way to grant far greater security and privacy to users who want to use blockchain networks without all data being publicly available, like that of Ethereum. Transaction privacy via Secret provides a service to entities such as companies who want to leverage blockchain tech without compromising their own private financial information.
Shade Protocol looks to build fully private DeFi applications on Secret Network including Silk, a private stablecoin pegged to a basket of global currencies and commodities. The team recently raised $5M that will be used to support 20+ core protocol development. Shade aims to help build the entire “DeFi stack” including a DEX, stablecoin, insurance, etc. all under one umbrella and with one, unified token.
Rather than each piece of the DeFi puzzle have its own token, all dApps built on Shade will accrue value entirely to the Shade stakers and treasury as well as the Shade governance token. Additionally, all of these protocols will live within the same portal on the Shade Protocol website, simplifying the DeFi user experience. Finally,
SecretSwap was the first DEX built on the Secret Network and offers front-running resistant, cross-chain, privacy-preserving trades.
The SecretSwap dApp has:
- a decentralised exchange (DEX).
- a bridge to move ERC-20 assets to/from Ethereum and Secret.
- single-asset and two-asset liquidity vaults.
Secret’s ecosystem is early but looks to continue on the momentum built up in 2021. Below is a roadmap of other upcoming projects.