Secret Network is a blockchain protocol that enables decentralized applications to perform encrypted computations. Secret contracts can take encrypted inputs and produce encrypted outputs, without exposing any data while it is in-use.
Secret Network was built with the Cosmos SDK using Tendermint for consensus, and is governed by SCRT token holders.
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You maintain custody of your SCRT at all times.
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Stake your SCRT tokens in a few clicks by following these steps:
The easiest way to stake SCRT is via Keplr.
Staking rewards and transfers are both currently enabled.
Secret Network's native token, SCRT, is used to stake and to participate in on-chain governance.
Stakers are earning newly-issued SCRT tokens at a yearly rate of 29% as of Nov 26, 2020.
You can self-custody your Secret Network SCRT tokens, ideally using a Ledger hardware wallet. Here are instructions for using your Ledger wallet with Secret.
Figment has partnerships with a number of top-in-class custodians: firstname.lastname@example.org
The Secret Network protocol takes control of your SCRT tokens while you are staking. If you unbond your tokens, this process will take 21 days before the protocol returns your tokens to you. While your SCRT are staked, you may participate in on-chain governance by voting on different proposals.
From the moment you initiate the unbonding process, it takes 21 days to unstake. During this time you will not earn rewards. When the process is complete, you can transfer/trade your SCRT tokens.
Yes, a portion of your staked SCRT can be destroyed. There are two ways this can happen:
Yes. If your the validator you delegate to is offline for 4+ consecutive hours, the validator will be jailed, during which time the delegators will not earn rewards. After a one-hour period, the validator operator must submit a transaction to resume operations in order for delegators to resume earning rewards.
Secret Network is reporting 15% inflation, but the average blocktime can change the effective new issuance rate.
As of Nov 26, 2020, Secret Network is effectively issuing new tokens at an annual rate of 14.97% of the total supply. 88% of the new issuance is distributed to stakers, 2% is held in the community pool which may be distributed arbitrarily via on-chain governance proposal, and there's additional 10% distribution to a foundation tax.
Under 67% of the token supply is staked, so the reported inflation (aka new issuance rate) has increased to reach the maximum of 15%. If over 67% of the supply is staked, the inflation will begin to decrease before bottoming out at 7%.
The Secret Network uses on-chain governance that is nearly identical to that of the Cosmos Hub. Proposals are created to either coordinate together with a signalling proposal, spend funds from the community pool, or to change various network parameters (economic or otherwise).
1000 SCRT must be deposited as a bond for a Secret Network governance proposal to be voted upon. Voting lasts for 7 days. 33.4% of staked SCRT must participate in order for the proposal to be valid. A simple majority is then required for the proposal to pass, but 33.4% of the voting power can veto the proposal.
You can watch proposal activity here: https://explorer.cashmaney.com/proposals
Governance discussions take place on the Secret Network forum: https://forum.scrt.network