Thread by @ShisuiKnowledge

Good morning, so here is my first $scrt thread (probably first of two or three). Big fan of the project and ethos around it, let´s take a first look 🧵...

1/What is secret network
Secret network is a L1 blockchain that uses proof of stake (PoS) consensus algorithm, built by @cosmos SDK (software development kit). Making it part of the broader interconnected cosmos ecosystem, by IBC (inter blockchain comunication protocol).

2/@SecretNetwork, as it names suggests, leverages privacy for its users and its use cases. So, like ethereum, it can run smart contracts, in a trustless and permisionless manner.

3/The tradeoff with traditional smart contracts is that everything is done publicly, anyone con look into it, can be traced and your web3 activity can be monitored by anyone and everyone.

4/The flipside has been protocols like Monero or Zcash, which protects privacy but has limited use cases, basically a transactional one. So SN combines the best of both, bringing private contracts while also leveraging cosmos interoperability.

5/Why is privacy important?

So lets start with an already cliché (but truthful) quote from Snowden, “Arguing that you don't care about privacy because you have nothing to hide is like arguing that you don't care about free speech because you have nothing to say.”

6/Privacy is important, that´s a given. If we didn´t have privacy in our daily lifes we would be made easy crime targets. People would know where we´re at and what we´re doing at any given time...

7/...permitting people to take advantage of that in a lot of ways (home robberies, stalking, selling of our data to malicious third parties, government & company surveillance, etc). The same goes for our digital conduct...

8/...if third parties know what we´re doing and what we digitally own, we are putting ourselves in a vulnerable and exploitable position. This can range from being the target of a hack or phishing, or all the way to exploitable and currently acceptable MEV and front running.

9/The latter are not a crime, but merely a way of gaming the system, so don´t hate the player, hate the game. SN changes the rules and by doing so, lets a whole new set of use cases and user protection that we haven´t seen before in the industry.

10/This is the value proposition of the secret network & the vision @GuyZys has been so upfront about.

Glenn Greenwald TED presentation about privacy:


Secret Network introduction in 60 s:

11/Team
Formerly know as Enigma, @scrt_labs is the main team contributing on building and optimizing the SN blockchain. In this @l_woetzel thread you´ll find a long list of individuals that have contributed to this project

https://twitter.com/l_woetzel/status/1498104258310418434?s=20&t=J30L9Ljzxf0gtn2m2SlnNA

12/SN native token is $scrt, which is used for:
-Governance
-Gas fees
-Securing the network via staking

13/The privacy token standard is called SNIP-20, these are the private tokens and interactions with these are only viewable to the holders of the viewing key.
$scrt, ironically is not a private token, so all transactions of $scrt are not private...

14/ ...the rest of the tokens are private by default, including native SN dapp tokens like $shd $sefi $silk, Other bridged tokens (private versions) have a s- attached like this:

15/The sSCRT token is the private equivalent of $scrt, here is a tutorial on how to convert between the two:
Here is the keplr tool for it:

16/Here is the Keplr tool for it.
wallet.keplr.app/#/secret/secre…

17/So how does SN work?

Basically is a "Descentralized network of computers (secret nodes) utilizing Trusted Execution Environments (TEEs) to enable secure, private computation over encrypted data", so what does all this mean?

18/SN nodes have specialized hardware that does the computation of data, but in a blackbox kind of way. In this blackbox, data is isolated and such is protected from any kind of reading or revealing of its content, even to the node itself.

19/This makes data private by default, but it is viewable (or decryptable) by the owner of the data (everyday user/tx sender) and can be shared with third parties, if said owner is willing to via sharing "viewing keys".

20/The smart contract (in SN, secret contract) is the other end that can view the content of the tx. The node is the one that computes it, but lacks access to the info. Nodes use Intels SGX, which contains the TEE.

21/Check this thread by SCRT Labs lead software enineer, explaining how this was done @assafmo

https://twitter.com/assafmo/status/1479162213361500161?s=20&t=OdTIiq2CetSgs_bB1kfFPw

22/Viewing keys: are for the user & can be shared with a third party, without giving them full access to your wallet. Meaning, you can choose to disclose just a portion of the data. In this example, secretswap needs the viewing key to show your balance.

23/Use Cases
Lets go one by one.

24/Secret DeFi
All secret finance applications are private by default, but users are given the power to choose how their financial data is gonna be handled, while still benefitting of the descentralized web. Like I said before, SN is MEV and front-running resistant.

25/In the next links it goes in to the basics of both exploitable practices and how SN changes these:
scrt.network/about/secret-f…

26/Secret DeFi Protocols worth looking at right now:
@secret_swap $SEFI
@sienna_network $SIENNA
@Shade_Protocol $SHD $SILK
@StakeEasy $SEASY
auctions.scrt.network

27/NFTs

Secret NFTs allows for different use cases than your tipycal NFT, I´ll provide links for more in depth knowledge. What makes it different is:
-Private ownership, so nobody knows who own the NFT unless disclosed by the owner itself.

28/ -Controlled access to NFTs content and also it´s metadata.

The NFT marketplace on SN is @StashhApp, website stashh.io

29/This allow for different use cases on NFTs.

30/Gaming

Some info on games must be private, specially if it´s PvP. The next article is the thesis on gaming in the SN ecosystem. Check it out for an in depth look.
medium.com/@secretnetwork…

@LegendaoNFT

31/Other use cases:
Jackal, @JACKAL_DAO Cloud Storage solution.
Alter, @AlterDapp Private and secure messaging app.

32/Socials & helpful links
Twitter: @SecretNetwork
Discord: discord.gg/yFNay2hG
Youtube: youtube.com/c/SecretNetwor…
Website: scrt.network

The block explorer for Secret Network can be found at secretnodes.com.

33/In the next $scrt threads I´ll go into:

Tokenomics
Growth & roadmap
Investing opportunities
Staking, how to stake and best practices
Airdrops
Network issues and challenges

34/Follow these people for more info, updates & alpha.
@SecretNetwork
@scrt_labs
@scrt_foundation
@SCRTAgent000
@SCRTNetworkNews
@TecPachuca
@CryptoChem0000
@sienna_network
@TorBair
@l_woetzel
@GuyZys
@cryptocurnc1
@Myco_Freak
@assafmo
@SecretReuven
@EricWaisanen

35/
@Shade_Protocol
@Secretmansam
@scrtcosmonaut
@Secret_Taz
@WinstonAnon
@cosorg
@WhisperNode
@scrtkeepernode
@OrderofSecrets
@secretnodes

36/Hope you liked it. A follow & retweet would mean a lot.

I´ll continue my coverage on the network. After I´m done writing introductory threads on SN I´ll get into @Shade_Protocol threads😍