Omakasea Defi Lesson 4- Secret Network

By vanassen.eth | understandingadoption | 20 Feb 2023


 The Secret Network, built on IBC with Cosmos, with their private ecosystem of d’apps and privacy tools, set themselves apart from the herd of blockchains by offering a level of privacy for developers and users to take advantage of to protect their assets or information.

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  What is the purpose of Secret? According to the Network page…

    Secret Contracts protect your financial assets from spying eyes, hackers, MEV bots, and front-running. While viewing keys and permits allow you to share your details with third parties—an accountant or auditor—if needed...

   Most DeFi projects and applications are built on blockchains that reveal all user data. Wallet addresses, balances, and transfers can be viewed on a public ledger and used by others to profit at the expense of the app’s users.

   With Secret Contracts—Secret’s privacy-preserving smart contracts—user data is private by default and can’t be viewed by others unless given permission. This gives users of Secret DeFi apps:

 Protection from hackers and scammers

   If others can’t figure out how much you hold, you’re much less likely to become the target of hackers and scammers. Even if hackers manage to get access to your wallet, they won’t be able to view your funds if you stored them as Secret Tokens—the token standard used in Secret DeFi apps.

 Safety from front-running and MEV bots

   Front-running and miner extractable value (MEV) occur when actors use knowledge of future trades and transactions to make a profit, often at the expense of individual investors. But with Secret Contracts, orders are never visible on the mempool, and no attacker or malicious miner can front-run orders.

 The flexibility to share details and stay compliant

   With Secret DeFi, you get privacy but can allow others to view your financial information with viewing keys. Viewing keys allow you to comply with financial regulations—now, and in the future.


  There’s two main ways to get tokens into the Secret Network:

  1. Centralized Exchanges-

  2. Bridging tokens from other chains in the IBC Cosmos ecosystem.

  Either way, you’ll need to download a Keplr wallet. 

  Secret tokens can be purchased on Binance, Kucoin, Kraken, or Gate.io and the  sent to the Keplr wallet.

  Essentially, the protocol works as a wrapping machine for IBC chains. Whether you have SCRT tokens, ATOM, or LUNA, you can wrap them as sSCRT, sATOM, or sLUNA, rendering them invisible to anyone without access to your keys. 
  
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    Let’s talk about bridging token from other chains to SCRT. As you can see below, bridging is available from the Ethereum, Binance Smart, and Monero chains- therefore users can retain privacy by obtaining SCRT tokens in a decentralized manner.

 

  

 

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   The Secret Ecosytem is comprised of an array of dapps, ranging from AMM and DEXs, applications for extra layers of privacy, games (including a third person shooter), and NFT marketplaces, as well as some novel applications such as online time capsules and DAO organization/ creation tools. 

 

 

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   Secret Analytics allows anyone with a web browser to

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   Some specifics- use SecretSwap.io to wrap Tokens into sTokens- they cannot be used in Secret DeFi until you do so.

  Use sienna.network for additional DeFi options on Secret Network.

 

Consider buying a PokeGan NFT.

  You'll gain so much more than the basic outlines here. 

  Tokengated lessons provided by Omakasea. 

  Follow me on Lens and Twitter.

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vanassen.eth
vanassen.eth

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