Secret Network is able to power EVM dapps to have privacy preserving applications!!
Secret Network seems to have cracked ways for Ethereum developers to build dapps with private use cases!! Yes, this is a really big deal because Ethereum as we all know is a public by default Blockchain so all user transactions, wallet balance and their DEFI position holdings is available for everybody to view.
I have explained in my earlier article how Secret Network’s upgradation to version 1.11 enables Ethereum Smart Contracts to make direct calls to Secret Network Contracts, establishing direct communication with Secret Smart Contracts to execute actions.
Secret Network can now can be utilized by Ethereum dapps for availing its privacy functionalities!!
Secret Network creating SDK that allow EVM developers to easily build dapps with privacy features
Now, with this direct connectivity between Secret and Ethereum Blockchain established, Secret developers are facilitating Ethereum developers to make use of this feature.
Secret Network is building an SDK for this purpose. The SDK will have various ready-made privacy functionalities encoded as components which Ethereum developers can just integrate into their Web3 dapps.
So, Ethereum dapps will have mechanism in their dapps to easily generate random numbers for gaming applications with that functionality integrated into their dapps. Gradually, advanced privacy functionalities for use cases such as private voting, sealed bid auctions and more will be in the SDK for Ethereum developers to integrate into their dapps.
So, in the coming years it will become easy for Ethereum and EVM dapps to build dapps that have privacy preserving use cases, powered by Secret Network’s privacy preserving computation.
This is in Secret Networks immediate roadmap.
Secret innovating on more ways to power EVM based dapps with privacy functionalities
Secret Network is working for Ethereum to avail privacy functionalities using Secret Network’s technology through other ways as well. All this is in Secret’s future Roadmap.
Secret is looking to partner with other projects providing privacy functions and integrate their confidential computational technology onto Secret with such projects building on Secret as L1 and L2 chains. This comes under Secret’s Confidential Computing Constellation initiative.
Besides all this, Secret is evaluating ways to make it feasible for Ethereum developers to deploy their dapps on Secret. This requires further investigation and involves processes like –
- porting of Solidity code into CosmWasm contracts
- executing EVM code inside Intel SGX, where it will be possible for Ethereum dapps transactions to get processed inside TEE; that is Trusted Execution Environment and avail privacy, making use of privacy preserving TEE technology!!
A brief about Trusted Execution Environment (TEE) that powers Secret Network with privacy
For context Secret Network’s privacy preserving computation is powered by transactions getting processed inside TEE, a hardware feature in Intel SGX processors. TEE is that area in the processor available to do private computation as this area is inaccessible to other components of the system.
So, encrypted user data(input) is decrypted inside TEE and processed here without anyone able to see the data. After data is processed, the processed data (output) is sent back to the Blockchain.
Please read more on this from Secret Networks website - https://scrt.network/about/about-secret-network
My post too explains about Secret Network and TEE, a decent read for acquiring a basic understanding -:
Secret Network, the Blockchain, powering the Web3 space with the missing element of privacy
Why Privacy is required for furthering adoption of Web3 dapps
These are ways through which Secret Network intends to make it possible for Ethereum Ecosystem to have privacy element that would in turn increase adoption of popular Web3 applications. Obviously, everyone wants their activities on-chain to be private, so their wallet balances, crypto holding, trades are not visible to public.
After all Web2 gives that privacy to users, where users bank account holdings and balances are not known to public. Web3 should also be equipped with that level of privacy and Secret Network provides customisable privacy, where users can share any portion of their data to trusted third parties when needed.
My article illustrates how a investors’ holdings in Curve Dex that is build on Ethereum and available on other public by default Blockchains can be targeted for liquidation to bring down price of asset, because all investor holdings are visible to everyone.
Curve Finance lacks something important which Shade Protocol has - Financial Privacy
Thank you for reading!!
