Since the launch of the Secret Network in 2020, this Cosmos chain started to revolutionize the web3 industry by being the first mainnet blockchain with private smart contracts in a decentralized and permissionless way.
This year, this chain made it’s 2022 Summit that started on December 15th where anyone can assist for free. So, in this article, we will make a summary of the first conference made by it’s Founder, Guy Zyskind. But first, let’s take a look at what is The Secret Network.
What is The Secret Network?
The Secret Network is the first and only blockchain with programmable privacy by default. It has 2.5 years in production with more than 62,000 smart contracts (called “secret contracts”) and more than 1 million private computations.
— Cosmos Daily ⚛️ (@CosmosATOMDaily) December 1, 2022
Nowadays, it’s native token, SCRT, has more than $120 million in marketcap with a 24 hour trading volume of more than $2.1 million. Also, in its ecosystem, there 28 dApps that focus on DeFi, NFTs, Social, Communications and Games. As you can see, this Cosmos chain is having a sustainable growth.
Why The Secret Network was Created?
Since the creation of the crypto industry in 2008, the main goal is mass adoption. However, the desired crypto adoption needs 3 fundamentals to be sustained (Privacy, scalability and UX) and privacy was the one that the ecosystem was having problems to achieve.
Zyskind started saying that privacy is a human right that many people do not respect. For example, despite knowing that Facebook sells the information they publish there, a lot of people prefer to continue using it. When you talk to people about their digital privacy, they normally say: “I don’t care about privacy, i have nothing to hide!” or “Privacy is only used for criminals”.
In the digital world, it’s even more important to have privacy because it not only protects our data, it can also protect what we do in internet. For example: we can have private e-voting, auctions, games, identity, among others. Also, our wallets will be safer and easier to use. Building on-chain RNG it’s also a possibility. Everyone deserves to recover their privacy and the Secret Network was made to achieve that goal with blockchain tecknology.
Secret 2.0 is The Latest Evolution
Secret 2.0 let the Secret Network expand its position on the market as leaders of private computer. The ecosistem will be able to research, develop and deploy private computation techniques like:
- MPC: Also called Thresfold cryptography. This private tech is the next big thing for blockchains. In a nutshel, it focuses on splitting private keys, where signing/decrypting is done in a decentralized manner.
- ZKPs: ZKPs are very good for scaling and single-user privacy. They were made to handle private compute. FHE is another part.
Have questions about Secret's next MAJOR evolution?
Cutting-edge cryptography and a constellation of interconnected blockchains will come together to form Web3's privacy hub.
— 𝕊ecret Network 🤫 🏔️ (@SecretNetwork) December 13, 2022
This single chain is one of the constellation of chains that are appearing in the Cosmos ecosystem. Also, Secret 2.0 let tokenomics to be sustainable for the privacy hub of web 3.0.
Sustainable Growth of The Secret Tokenomics
Dozens of developers have worked together to design a propose a sustainable way to optimize the on-chain tokenomics of Secret 2.0. These are the Key features made to achieve this:
- Setting up multiple funds to support long-term network growth: Secret 2.0 will have 3 new funds:
- Growth Fund: This one works for acquisitions related to the Secret ecosystem. Example: FHE Chain.
- Developer Fund: This fund works to provide budget for the teams behind dApps, infraestructure and tools.
- Network Incentive Fund: This fund was specially designed to provide shor-term incentives to boost their protocol growth.
Another important measure to promote its ecosystem is the Terra developer fund. It’s a 12-month on-chain fund that have a budget of 2 million SCRT tokens. This will let the secret network to syncronize with dozens of teams that built in Terra’s blockchain. Nowadays, there are 14 teams considered for a grand where 5 were approved for approx 25% of the fund.
- Single year initiation increase, followed by a very gradual decrease since the 3rd year.
- Every year, stakers need to maintain positive ROI.
Secret Network Roadmap
The Secret Network have a very interesting roadmap that this Summit is publishing. In Q1-2023, there are many secret protocols that is launching its mainnet, its android beta version, private file manager, limit orders, IDO, among many others. You can see them in detail in the twiter thread above:
Then it's on to ( part 1 ) of Q1 2023 (2/5) pic.twitter.com/DHWF10KSEp
— 𝕊ecret Network 🤫 🏔️ (@SecretNetwork) December 15, 2022
⬆️ For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.
⬆️ Our popular Altcoin Buzz Access group generates tons of alpha for our subscribers. And for a limited time, it’s Free. Click the link and join the conversation today.