Thread by @Cov_duk

Secret Network 101: bringing privacy to crypto

Here's your everything guide to $SCRT, the first blockchain with privacy-preserving smart contracts.

A thread 🧵👇

2. Crypto is a world built upon transparency and openness. However, everyone wants privacy and doesn’t want to share all their info.

3. Even if the address is anonymous, it’s still possible to analyze that transaction and identify people.

There are already reports of govt tracking tools that analyze crypto transactions.

4. Financial info and other private info should be private. This is exactly what Secret Network is trying to do.

$SCRT is a chain built for data privacy.

Through encrypted technology, #SecretNetwork enables smart contracts that keep user data safe.

5. #SecretNetwork is an L1 that is built on top of #Cosmos.

It has a network of nodes that execute the smart contract, however the nodes operate in a trusted execution environment (TEE).

6. Just as smart contracts are a trusted neutral party for transactions, TEEs are neutral parties that ensure that data is secured and can’t be tampered.

7. Crypto’s transparency is big, but there are things that ought to remain private. $SCRT is aiming to make things private, while still sticking to the ethos of crypto.

8. As we evolve and more towards the masses, privacy will be key. This is a big barrier that scares a lot of people and secret is changing it up.

Coins like #Monero are private alternatives to #BTC.

Secret is trying to do just that, but with ETH’s smart contracts instead.

9. #SecretNetwork is designed to strengthen dapps and add that extra layer of security.

It can completely change the way crypto works and has endless use cases.

10. $SCRT is the native token that can used for staking, governance and transaction fees.

Users stake $SCRT to make the secret nodes secure, the recipient, balance and transaction amount can be encrypted.

It currently has a market cap of 800M and circulating supply of 165M

11. Blockchain tech will disrupt so many industries; finance, healthcare, etc.

For that to happen, privacy is key. #SecretNetwork makes that happen. Its use cases are endless.

12. A while ago, they announced the Secret Ethereum Bridge, which allows the transfer of assets between Ethereum and Secret Network.

They plan on building more bridges later.

13. It's in the #CosmosEcosystem, which means that $SCRT has great connectivity to it

Essentially, it's trying to combine #ETH's smart contracts, #Monero privacy and #Cosmos' scalability and interoperability.

14. #DeFi is a big play for $SCRT.

They’re making a big push for mass adoption and bringing privacy to all. I think it has enormous potential.

15. Lately, there have been a lot of targeted attacks and tracking. This has had everyone frustrated.

While transparency is big in crypto, so is privacy. This is why we see so many people with pseudonyms on Twitter.

People are desperately looking for privacy in this space.

16. #SecretNetwork is bringing that desperate privacy. Its implications are huge and has enormous potential.

17. Accounts to follow for $SCRT insights:
@SecretNetwork @ahaywa @scrt_labs @scrt_foundation @SCRTAgent000 @SCRTNetworkNews @TecPachuca @CryptoChem0000 @DCA_Cryptoz @sienna_network @TorBair @l_woetzel @GuyZys @cryptocurnc1 @Myco_Freak @assafmo @SecretReuven

RT would mean a lot

18. Accounts to follow for $SCRT insights:
@SCRTAgent000 @fireintheslums @EricWaisanen @scrtFugitivez @timalexandre @CosmosHOSS @steve_stevenso @stablekwon @MehdiFarooq2 @Shade_Protocol @PaikCapital @JensonSG @Secretmansam @Al_i_imran_ @scrtcosmonaut

RT would mean a lot!

19. Hope this was insightful, I regularly tweet crypto 101s and breakdowns, follow to keep up

An RT would mean a lot!

Here are some of my past 101:

https://twitter.com/Cov_duk/status/1500714387417436168