Thread by @Crypto8Fi

MEGA Thread #SecretNetwork : The Data Privacy Platform For Web 3.

Here's everything you need to know about $SCRT, the first blockchain with data privacy by default.

A thread 🧵👇

2. #SecretNetwork is the first blockchain with privacy-preserving smart contracts.

@SecretNetwork primary goal is to enable secure, private computation over encrypted data and gain global adoption.

3. $SCRT Network's mainnet went live on Feb. 13, 2020. #SecretNetwork has gained traction and adoption. Using trusted execution environments, they keep data secure.

Using secret contracts, written in Rust, allow applications to utilize encrypted data without exposing the data.

4. #SecretNetwork is an independent, base-layer blockchain network built using the #Cosmos SDK.

The protocol implements "programmable privacy," which is defined as arbitrarily complex data privacy controls within an application.

5. In the financial industry, institutions will not want to transact with billions of $ where all transactions are visible to the public.

They want a degree of privacy, sparking the use cases of privacy networks.

6. With #DeFi, the markets are always open and there are no centralized authorities who can block payments or deny you access to anything.

DeFi applications built on #SecretNetwork are private by default and subsequently front-running and MEV resistant, increasing the security.

7. Secret Finance gives users privacy protections for their financial data from the start.

However, your financial data can still be made publicly available with those you trust, auditors and third party wallets and explorers.

Protectable privacy.

8. Uses

• Unlock programmable privacy for supported tokens on other blockchains via Secret Bridges
• Trade, save, and invest on Secret Finance, privacy-preserving DeFi applications built on Secret Network
• Mint SecretNFTs, NFTs with private metadata built on Secret Network.

9. That said, Secret Network’s native $SCRT coin is not a privacy coin. All transactions made in SCRT are publicly viewable just like those on #Bitcoin.

By contrast, Secret tokens issued on the Secret Network preserve privacy by default like #Monero.

10. #SecretNetwork was built using the #Cosmos SDK. As such, it uses the Tendermint Byzantine Fault Tolerant consensus mechanism – delegated proof of stake.

Like Cosmos, Secret Network has a block time of 6-7 seconds and can process close to 10,000 transactions per second.

11. Secret Contracts are privacy preserving smart contracts built on the Secret Network.

These are coded in #Rust and compiled using WASM. All #Secret Contract transactions are made inside Trusted Execution Environments (TEEs).

12. Secret tokens on the Secret Network can be made using the SNIP-20 standard. Secret tokens are used in Secret Contracts.

Secret token holders will have access to something called a Viewing Key which can be given to third parties to prove ownership of their secret tokens.

13. An interesting feature in the Secret Network is the Secret Bridges function.

It allows holders of assets in #Ethereum and the #Binance Smart Chain to create a privacy-preserving version of their assets.

14. Viewing keys are also used in #SecretFinance, the DeFi arm of the Secret Network.

This also prevents front-running, where bad actors can see what kind of transactions are going on or waiting to be added to the blockchain.

15. Secret #NFTs

The key differences between a regular NFT and as Secret one is, once again, the emphasis on privacy.

Quentin Tarantino to launch his Pulp Fiction NFT project on the Secret Network, making use of this privacy.

cnbc.com/2021/11/02/que…

16. Staking on the #SecretNetwork can be done in two ways: as a validator or as a delegator.

Validators on the Secret Network only need to stake 1 $SCRT token to participate. However, there is currently a limit of 70 validators on the Secret Network.

17. $SCRT Labs is the organisation building the Secret Network. Their mission of wanting to create products that are privacy-first with decentralisation.

This is the esteemed CEO of #SecretNetwork

linkedin.com/in/gguyz/

18. Secret Network team has lofty ambitions for 2022 which sees them:

1. Build 100 new projects in the #Secret ecosystem
2. Onboard hundreds of thousands of new users onboarding onto Secret Apps
3. Achieve 10,000+ active users on multiple Secret Apps

19. The biggest push on their end is Shockwave, a multi-initiative project aimed at driving up adoption and solidify their standing as the go-to Web3 privacy hub.

scrt.network/blog/shockwave…

Accounts to follow for Secret Network insights:

@LegendaoNFT @StashhApp @AnonsNFT @Shade_Protocol @ShinobiProtocol @secretcodepod @AlterDapp @secretheroesnft @SCRTMarket @FardelsNetwork @secret_swap @sienna_network @SecretReuven @scrtkeepernode

RT would mean alot!

Accounts to follow for Secret Network insights:

@Secret_Taz @cashmaney3 @scrt_labs @cryptoproph @scrt_foundation @secretnodes @l_woetzel @assafmo @SecretNetwork @TorBair @Guyzys

RT would mean alot!

26. Hope this was insightful, a retweet would mean a lot!

More $SCRT insights coming your way, follow to keep up.

Here are some of my past threads:

https://twitter.com/Crypto8Fi/status/1507323532337770502?s=20&t=ysW2DFpXaEHuBLSGGHtBfw