What is Secret?
A less known cryptocurrency is Secret. The Secret Coin (SCRT
) is running on the Secret Network, and public to buy and sell wherever you want. The name itself will raise a lot of questions. We would like to explain to you what Secret is, how it works and how you could benefit from using Secret.
What is Secret Network?
Secret Network is the full name of the blockchain
where the Secret Coin is running on. It is a blockchain that is using hardware-based and software-based technologies to enable more privacy and secure computation. The nodes in de Secret network are called ‘secret nodes’.
So, the special thing about the Secret Network is that it combines some of the best features; decentralization, open-source networks, privacy and improved usability. These features together are the base of the Secret Network.
What are secret contracts?
A block in the blockchain can contain a so-called smart contract. A smart contract is in fact a contract, stored in the blockchain. This contract is a computer code, which can execute the code by itself, regarding the agreements that have been set between 2 or more parties.
The biggest advantage of smart contracts is the safety; it’s immutable because it’s on the blockchain. The code cannot be changed because all computers in the blockchain network would notice. It will create a lot of trust between parties. Because of smart contracts, there is also no need for third parties any more, because nobody has to check if people are honouring existing commitments; the code will execute if the agreed input has been set. The contract is also incorruptible, and that would be the perfect solution for corrupt governments. A smart contract could be used as a voting system.
One of the disadvantages of these smart contracts is that it’s not really safe when it comes to privacy, as everybody in the network can see the data inside the smart contracts. The reason this is possible is that the smart contracts are decentralized, and so the advantage of blockchain is turning into a disadvantage when it comes to privacy. The Secret Network is protecting data inside a smart contract using encryption. This leads to users of the Secret Network can enjoy the benefits of blockchain and the benefits of privacy.
What are Secret Apps?
Secret Apps are in fact decentralized applications (better known as Dapps). Dapps are applications that run on the blockchain and are the same as any other application. The difference is that they don’t run on a decentralized system instead of a centralized system. Dapps are open source and incentive. The most famous Dapp is the Ethereum blockchain.
Users that are using Dapps, have to share user data with the application. As Dapps are decentralized, the user data is available for anyone who is in the network. You can guess that there is not a lot of privacy when using decentralized applications.
Secret Apps focus exactly on what normal Dapps don’t focus on; privacy. They increase the privacy of the users that are using the Secret Apps.
Secret Apps can utilize encrypted data without having to expose the data itself. Secret Apps are well known for the protection of sensitive data, as the encryption has never been broken.
Benefits of Secret Network
The biggest advantage of the Secret Network that it will protect the privacy of the users of apps that are built on the Secret Network. Normally these days, people have to give away their privacy to get what they want. Take Facebook for example. When you want to use Facebook, you will accept the terms that they can sell your user data to marketers and businesses, so they can show personalized advertisements.
And not only Facebook is doing it. Almost all applications these days will sell user data, and that is a big privacy breach.
The Secret Network solves this problem, as the decentralized applications that are built on the Secret Network will protect the data of its users.
What is Secret Coin (SCRT)?
The initials of the coin that is built on the Secret Network are SCRT, pronounced as Secret. It is the native coin of the Secret Network, and it is possible to buy and sell Secret coins and use them to transfer value on the network.
Nodes that participate in the Secret Network have to stake Secret Coins, otherwise, they are not able to join the network. When they mine blocks and transactions, they will be paid with Secret Coins.
In November 2020, Secret Coin has a market cap of $18.103.844 and a circulating supply of 56.395.809 Secret Coins. The total supply exists out of 111.771.105 Secret Coins.
Where can I buy Secret?
Top exchanges like Coinmerce make it possible to trade in Secret Coins. You can buy, sell and hold Secret Coins at Coinmerce