Don't Miss This 10X Sector Gem | Secret Network SCRT

Privacy is a $2.2 billion market right now. But in 10 years, it’s expected to grow by more than 10x to $24 billion. You don’t need us to tell you companies and governments are getting both more intrusive and careless with our data at the same time.

Some services we have to use, and other times we have choices. And if you want to decide when and how often you disclose your data, then you need to see what Secret Network has been up to lately. Let’s see what is it first.

What is Secret Network?

I was surprised to find it had been about 18 months since we last talked about Secret Network in any serious detail. Well, I’m going to fix that now. Most of you know a little bit about Secret like:

  1. It’s a Cosmos chain.
  2. It has a focus on privacy.

But here is the thing about privacy. It has lots of challenges, yet we know blockchain probably can’t get mass adoption for transactions without at least some level of privacy.

After all, it’s bad enough that your bank knows all your transactions. You certainly don’t want anyone with the skills to scan a blockchain to be able to see all your transactions too.

So, we need privacy on one side. Then there is the other side. The other side is that we mostly think of privacy as an all-or-nothing situation. A transaction or other piece of data is either all public or all private. But in reality, and not just for government compliance for transactions, privacy is a sliding scale.

What most of us want in crypto is to be able to decide for ourselves. Some transactions are sensitive and we want to shield those. Others where we pay for an NFT for our favorite game, we don’t care. This is more the reality of privacy. And Secret solves this with Confidential Computing. More on that coming up in a second.

Secret believes, as you and I do, that your data is yours to use how you please and YOU should have that control over it.

Privacy As A Service

For example, you can have an open, permissionless blockchain as we prefer. And with Secret and its Privacy-As-A-Service, you can keep your data on-chain but confidential, too. This sounds like a best-of-all-world scenario to us.

Imagine walletless authentication. In other words, your chain of preference does not have many account abstraction options. But Secret’s service here can put your keys in a Secret smart contract creating the abstraction you want for better security. That’s a huge deal, especially for EVM chains that are subject to wallet-draining apps and phishing.

Or even better, create a private data layer for your app. Imagine being able to make part of your app private. The most identifiable aspects like which NFTs you have while playing a game OR your most sensitive documents are things you can keep private. But while you do so, the rest of the chain stays open and public. Again, what we like is YOU have the control.

How Does Confidential Computing Work?

We are going to do a deep dive on this topic soon. But first, we wanted to give you an idea of what confidential computing is. What is happening is Secret creates a smart contract using TEE. TEE are Trusted Execution Environments. It’s one of the best forms of encryption.

So the smart contract has encrypted data and it interacts with the app. So the app is public but these interactions in this smart contract are private. The Secret Team just presented this at a side event to NFT NYC this past week. The DeFi use cases alone are staggering.

Again, the main point is with confidential computing, you decide how much of your data to reveal. That’s why we like it.

Do you use many wallets or other tools to make it more difficult to track your activity? Let us know some of your favorite tools in the comments below.

Ecosystem

Secret maintains an active ecosystem of dApps that use varying levels of confidential computing. Here are some standouts we found:

  • Fina Cash: For our EU friends, a fully compliant Web3 prepaid Visa that’s easy to top up with any crypto from any chain. Very convenient and available in many parts of the world. You can even use SCRT or Shade Protocol’s private stablecoins so people don’t know where you are moving your money.
  • Blackjack: This is a cool one to me because the same cryptography that Secret uses lets a game like Blackjack have its “provable randomness”. In other words, it’s not a scam from the developer team. The same random function, called a VRF, gives honesty and authenticity to the game that ANYONE can prove publicly. It’s probably fair.
  • Shade Protocol. Private DeFi. Simple sounding but hard to do. And the Silk Protocol within Shade has its private stablecoin. Of all the stablecoins we’ve seen in the market, we have not seen one that’s private before this one. It achieves stablecoin privacy by using a basket of different assets and overcollateralizing the coin.
  • The Trivium transaction decrypter. You may want to look at your transactions on Secret. Or maybe you want to share a transaction with your accountant. Remember, with confidential computing, you decide what to shield and what to show of your data. So with Trivium, you can decrypt your transactions. Pretty cool.

All of this leads to one thing. I just do not get how the $SCRT token is so undervalued at $168 million for all the things this project and ecosystem offers. There is 1 product project or hyped projects in testnet with higher market value. They don’t have 10% of the great projects and services that Secret has.

You have several ways although often not direct to buy $SCRT unless you have an account at Binance, Kucoin, Bybit, or Kraken. But there are lots of buying and bridging options that you can check out there so you can check them out here. And once you get some $SCRT, you can stake it for between 11-17% so that’s a good deal too.

Check out Secret Network and its ecosystem today.

Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.

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