Thread by @CosmosClub_

Time for a deep dive 🧵 on one of the most promising projects on Cosmos:

👉Secret Network👈

$SCRT
@SecretNetwork
#secretnetwork
#privacy
#SCRTAgents

Secret Network is "the first blockchain with data privacy by default for every dapp - 100x'ing the possibilities for #DeFi, #NFTs, .."

Crypto is becoming a bigger and bigger part of our financial lives, and with that everything is stored visibly on the blockchain.

This means that privacy is going to play an important role, so that crypto users have a choice to keep their transaction history and wallet balances to themselves.

"But I have nothing to hide".

Classic example of any free person's famous last words.

Privacy is a human right.

With Secret Network users and organizations get granular control over their data while still on the blockchain.

Secret's mainnet went live on 13-Feb-20 launching as Enigma, a project founded in 2017 to bring a second-layer private computation solution to Ethereum

The project later rebranded to Secret Network in May 2020.

Unlike Enigma's initial vision, Secret Network is a Proof-of-Stake (PoS) protocol built using the Cosmos SDK and Tendermint consensus engine. Since then, Secret hasn't looked back ;)

@TorBair - the Secret Foundation’s founder - refers to Secret as “programmable privacy,” going beyond transactional privacy like privacy coins such as #Monero $XMR.

Secret uses a network of computers known as “secret nodes” to compute and compile smart contracts.

You can think of the difference like this:

Privacy-focused coins such as #Zcash $ZEC, #Dash $DASH, and #Monero $XMR are private alternatives to #Bitcoin.

Privacy-focused smart contracts like Secret Network is an alternative to #Ethereum’s $ETH.

A great example of the power of Secret is SecretSwap (@secret_swap), a privacy-first, cross-chain Automated Market Maker (AMM).

Besides maintaining user privacy, SecretSwap has prevented front-running on their DEX because the inputs in the mempool are encrypted.

Some other the exciting projects building with Secret Network:

$LGND @LegendaoNFT

$STASHH @StashhApp

$SDAO @secretdaocom + @IncCyclops

@AnonsNFT

@scrtapes

@MetaRatsNFT

$AMBER @AmberDAO_

On governance - unsurprisingly when built on Cosmos SDK - Secret Network allows any SCRT staker to submit protocol improvement proposals and vote on them to determine their outcome.

Voting power is proportional to the amount of SCRT a staker has bonded to the network.

In sum.

Secret Network is one-of-a-kind when it comes to protecting users of blockchain, keeping their data private.

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@SecretNetwork Correction.

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