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Secret

Secret: everything you need to know about SCRT

Axel van den Boogaard

Axel has been immersing himself in the world of crypto and blockchain for quite some time, which he then translates into understandable articles.

Secret facts

Abbreviation

SCRT

Category

Privacy, smart contracts

Founder(s)

Guy Zyskind, Can Kisagun

Blockchain

Secret Network Blockchain

Protocol

Proof of Stake

Launch date

February 2020

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What is Secret?

Secret Network is the world's first cryptocurrency blockchain that offers fully private smart contracts. This means that all smart contract data on the platform is entirely encrypted: transaction data on Secret Smart Contracts cannot even be viewed by the nodes running the Secret Network blockchain. All transactions themselves in SCRT are publicly visible, just like with Bitcoin or Ethereum. Secret Network believes that this balance between transparency and privacy benefits the adoption of cryptocurrency.

How does Secret work?

Secret Network (formerly Enigma) is a blockchain protocol with privacy-focused smart contracts. Decentralized applications (DApps) on the network can perform encrypted computations and secure user data before storing it in a smart contract. This gives users more control over how their personal information is shared.

Programmable privacy is the primary feature of Secret Network. The nodes on the platform implement data privacy controls, allowing developers to build DApps that protect user data. Secret Network was built using the development software of Cosmos.

Applications of the Secret network

Secret Network is more than just a privacy-focused blockchain - it is a platform that offers various digital applications securely and privately. Some of the applications Secret is working on for its blockchain include:

  • Secret Bridges (enabling external blockchain networks to connect to Secret Network)
  • Secret DeFi (Decentralized Finance)
  • Secret NFTs
  • Secret Gaming
  • Web3 applications

The SCRT token

SCRT is the associated cryptocurrency of the network and acts as a utility token. SCRT holders can stake the token, vote on network developments, and pay transaction fees.

SCRT allows users to leverage blockchain technology benefits while maintaining data privacy and security. Given the growing regulations surrounding data privacy, SCRT is becoming increasingly important. It facilitates the development of secure applications, creating a safer and more privacy-focused internet.

With the ongoing demand for secure private applications, SCRT has the potential to become a leader in the crypto industry.

The Technology Behind SCRT

Secret Network is a decentralized network of nodes that enables secure, private transaction data sharing between participating parties. Nodes on the network collaborate to encrypt data before transmission, ensuring that only authorized parties have access. This makes Secret Network an ideal platform for building applications that require confidential data, such as financial services, healthcare applications, or supply chain management.

Secret Network has no central authority or central control point, making the network more resilient to attacks and censorship. It also utilizes a Proof of Stake consensus algorithm, which requires fewer resources than Proof of Work and allows for faster transaction processing.

Privacy

In a Secret Token transaction, data such as the recipient's details, the amount transferred, and the wallet balance are kept secret. Users also receive a 'viewing key,' which can be shared with third parties for regulatory purposes.

Secret Network uses various technologies to achieve privacy, including homomorphic encryption, zero-knowledge proofs, and ring signatures. In simpler terms:

  • Homomorphic encryption allows data to be encrypted in a way that it can be processed and analyzed while remaining private.
  • Zero-knowledge proofs allow one party to prove to another that they know something without revealing that information.
  • Ring signatures are digital signatures that can verify the authenticity of a message without disclosing the identity of the signer.

Thanks to its unique approach to privacy, Secret Network offers both security and transparency. Users can trust that their data is protected from theft or manipulation while still being able to verify computations on that data. This makes Secret Network appealing to developers building apps with sensitive data, without compromising on transparency or security.

Secret NFT’s

Secret NFTs prove ownership of digital assets, just like regular NFTs, but with privacy as a priority. They hide the owner's identity and are perfect for privacy-sensitive applications like trading rare digital collectibles.

Secret NFTs are created using various protocols, each with its pros and cons. For the tech-savvy among us, the most popular protocols for creating secret NFTs are Zcash's zk-SNARKS, Ethereum's ring signatures, and Bitcoin's confidential transactions. Each of these protocols offers different levels of privacy, with zk-SNARKS providing the highest level of anonymity.

Secret NFTs have a wide range of potential applications, including:

  • Storing sensitive data or information, such as medical records or financial transactions.
  • Tracking and managing digital assets, such as artwork or collectibles.
  • Enabling private transactions between two parties without the need for an intermediary.
  • Creating unique digital experiences accessible only to those with the correct secret key.

Since Secret NFTs are designed to conceal the identity of their owners, they can unfortunately also be used for illegal or malicious purposes. Therefore, it's important for developers and users to carefully consider the costs and benefits of this application in advance.

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Benefits of Secret

Every crypto has its own pros and cons. Why do investors choose Secret?

  • Advanced privacy-focused blockchain platform
  • Interoperable with other blockchain networks
  • Developer-friendly with an accessible programming language
  • High scalability with a potential capacity of 10,000 transactions per second
  • A vibrant community and notable investors, including KuCoin Labs

Drawbacks of Secret

Secret is not without its flaws. What should you keep in mind when investing in SCRT?

  • A significantly smaller number of nodes makes Secret less decentralized than, for example, Bitcoin.
  • SCRT has no maximum coin limit, making the coin susceptible to inflation.
  • Strong competition from other robust privacy coins like Monero and Dash.

Who is the founder of Secret?

The founder of Secret is not an individual but the Secret Foundation team. The Secret Network is supported by a community of developers and contributors committed to advancing privacy and security in blockchain technologies.

Price forecasts

In 2026 experts expect a minimal price of €0.8600 and a minimal price of €2.83 in 2031.

Good time to get in?

View all key statistics of the past 24 hours here.

24h ago

€0.2890

24h high

€0.3127

24h low

€0.2856

24h change
€0.0241

Market information

Use these figures to get a better picture of the Secret market.

24h volume

€1.8 million

Marketcap

€78.9 million

SCRT in circulation

271.4 million

All time high

€8.96

SCRT Return On Investment

See how much the price has risen or fallen over the years.

6 months
27.98%
1 year
9.75%
3 years
78.18%

Historical Secret price

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