Secret Network: Increasing Blockchain Adoption with Privacy

Clayton Menzel
September 25, 2020
2
minute read

Secret Network is a blockchain protocol that enables decentralized applications to perform encrypted computations. On September 22nd, we spoke with Tor Bair, Founder of Secret Foundation, and Can Kisagun, Cofounder of Enigma. Check out a recording of the conversation below.

https://www.youtube.com/watch?v=7-eUMvH84mU

Takeaways

Secret Network is a privacy-first blockchain within the Cosmos ecosystem. Secret Contracts on Secret Network can keep inputs, outputs, and state of contracts completely private, even from the nodes that are executing the contract.

This will allow developers to build new applications that will let content creators to monetize content on the decentralized web, build more in depth turn based games like poker, or build privacy focused DeFi applications where the contract, amounts, and addresses are kept private, which would solve issues like front-running. 

SNIP-20 Tokens (Secret Tokens)

SNIP-20 is a newly proposed token standard on Secret Network. Similar to the ERC-20 token standard, SNIP-20 will be the token standard for Secret Tokens on Secret Network. Once minted, balances, transactions, and states of contracts using these tokens will be kept completely secret. 

This would allow tokens outside of Secret Network, like ETH, to be locked on Secret Network and exchanged for secretETH, which can be brought back to Ethereum and used on Ethereum based applications. 

Community Focused

The Secret Network is governed entirely by its community, and not just through on-chain governance. Secret Network has 5 community-led committees devoted to the Secret Network ecosystem. Anyone is able to participate and contributions to the Secret Network ecosystem are rewarded with SCRT via the Secret Foundation. 

“We’re trying to break down the barriers to participating for people who do not have traditional developer skill sets in the ecosystem, but have a ton to say about how this project should get and be adopted.”

Tor Bair, Secret Foundation Founder

Special Thanks

Special thanks to Tor and Can for taking the time to chat with us!

Thank you Secret Network community for all of your wonderful questions.

Feel free to follow us on Crowdcast if you haven’t already.

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