What is Secret Network (SCRT)? SCRT Cryptocurrency Complete

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2022-01-09 10:52:18

What is Secret Network (SCRT)?

Secret Network (SCRT) is a smart contract platform built on Cosmos based on the Cosmos SDK, the focus of the project is on privacy.

Highlights of Secret Network (SCRT)

In Secret network, data is encrypted at both input and output, even the data is not revealed to the nodes on the network. So the network enables encrypted smart contracts that can create dApps without compromising privacy.

Secret network is not limited in its network. Through bridges, crypto assets from BSC, Ethereum (maybe more in the future) can participate in the Secret network and take advantage of the privacy provided from the Secret network.

Besides that, Secret Network compatible with EVM, so Devs familiar with Solidity can easily adapt to building Dapp/protocol on Secret network.

Secret Network Token Information (SCRT)

Key Metrics SCRT

  • Token Name: SCRT Token.
  • Ticker: SCRT.
  • Blockchain: Secret blockchain.
  • Standard Token: the native token of the Secret network.
  • Contract: native token of Secret network.
  • Token type: governance + utility.
  • Total Supply: unlimited (network inflation 2% per year).
  • Circulating Supply: 69,703,477 SCRT (May 13, 2021).

Token Allocation

The network started as Enigma – an IDO project since 2017 and introduced as a layer 2 scaling solution for Ethereum. Later, the project was rebranded as Secret network in May 2020.

Therefore, there has been a token migration from the Enigma network to the Secret network, the exact number is difficult to announce exactly, the team has given a rough estimate of SCRT’s token allocation in January 2021.

  • Community: 75M.
  • Team: 36M.
  • Enigma (including all affiliates): 30M.
  • Ecosystem pool: 20M.
  • Foundation: 1M.
  • Inflation: 8M (2% per year).

Token Sale

The project did not conduct a token sale but migrated tokens from Enigma to the Secret network.

Token Release Schedule

Udating…

Token Use Case

  • Staking (Validating and Delegating): Validators and Delegators require SCRT Staking to secure the network, in return they receive transaction fees and network inflation rewards (SCRT tokens).
  • Transaction fees: SCRT is used as a transaction fee on the network (similar to gas fee on Ethereum).
  • Governance: SCRT Staking can participate in network governance.

How to earn and own SCRT Token

Currently, the simplest way to own SCRT tokens is to buy it on exchanges that support SCRT exchanges like binance,…

SCRT . storage wallet

There are 5 wallets that already support SCRT storage, including:

  • Ledger Nano S and Ledger Nano X.
  • Keplr.
  • Cosmostation Wallet.
  • Citadel.One.
  • Math Wallet.

Roadmaps & Updates

The project does not provide an overview roadmaps of the project, but according to my personal observations, currently, the project is focusing on developing the DeFi ecosystem on its platform, a notable recent step is the successful completion of the DeFi ecosystem. set up an ecosystem development fund for native projects built on Secret network.

Project team, investors & partners

Project team

The main contributor to the Secret network project is the Enigma team.

Investors

Some prominent investors of Secret network: Fenbushi capital, Hashed, Arrington Capital, Blocktower Capital, Spartan Group, Skynet Trading.

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