User privacy has become one of the trending conversations since the internet age expanded. Web2 companies, such as Face, Google, etc, have been accused of misappropriating user information in the past. With cyber theft now on the increase, blockchain has become the only true remedy to privacy. This is the second part of this article, find the first one here.
In order to close that security gap, Secret Network ranks as one of the earliest among the many platforms offering blockchain-based privacy. While many platforms expose the information of their smart contracts to the public, Secret Network adopts a different approach. The privacy platform encrypts such information to protect its users.
This is the second part of our 2-part series on this platform. You can read up on the first here. Now, let’s dive deeper.
The @SecretNetwork is going to have an EXPLOSIVE '22 as we reach a point of critical mass with all the rapid building going on.
You might even call it a ⚡️🌊
— SecretSwap (@secret_swap) January 10, 2022
Is Secret Network Coin ERC-20?
SCRT is the native token of this blockchain. However, Wrapped Secret (wSCRT) is a synthetic ERC-20 version of SCRT. You can see the transaction history of the wSCRT on Etherescan since it is an ERC-20 token. Users can also create wSCRT for SCRT using Secret Ethereum Bridge.
Who is Behind Secret Network?
Secret, formerly known as Enigma, underwent huge changes in 2020 due to an on-chain community vote. Two students from MIT, Can Kisagun, and Guy Zyskind, founded the initial project in 2017.
Prior to founding Secret, Kisagun worked as a business analyst at McKinsey & Company. He also received his MBA from MIT. Zyskind has a long experience in the blockchain industry, with a Master of Science from MIT and subsequent work as a Research Assistant at the Media Lab.
Also, Secret Network announced a $400 million ecosystem fund in February 2022. Top crypto firms such as CoinFund, Alameda Research, Hashkey, and DeFiance Capital participated in the funding.
How to Add Secret Network to Keplr
Keplr is a unique project and wallet. It is currently available as a Brave or Chrome extension. So, this blockchain strongly recommends using the Keplr wallet. Additionally, Keplr works with a number of blockchains, including Kava, Crypto.com, and Cosmos.
Here is how you can add Secret Network to Keplr:
- Create a Keplr wallet
- Access your Secret Network portion of the Keplr wallet.
Now, you need to change to switch it from Cosmos to Secret Network.
Once you are in the secret network chain, you can see your balance:
How to Bridge to the Secret Network (SN)
You can bridge your BEP-20 and ERC-20 tokens to SN, make them private and use the privacy-preserving app. You’ll need a wallet to store your tokens, preferably a Keplr wallet. You’ll also need to pay gas fees. BSC fees are usually lesser than Ethereum’s. The example below is for bridging BEP20 tokens to SN. This is what you need to do:
- Connect your wallet to the SecretBridge app.
- Click on “ Connect Keplr” to grant the app access to your wallet accounts.
- Select the address of the account you want to use for the BEP20 tokens.
- Confirm your permission to access the app.
Here is a step-by-step brief guide:
- Go to the Secret Bridge app
Click the dropdown link. Then, scroll down, and click on “Binance Smart Chain.”
Ensure “Binance Smart Chain” is on the left and “Secret Network” is on the right.
Source: Secret Bridge
2. Specify the amount and destination of the funds you want to transfer.
- Select the coin or token you want to bridge over by clicking the token dropdown.
Enter your desired amount.
- Fill out the “Destination Secret Address” box with the wallet address you want to send your tokens. Click “Use my address” to enter the wallet address connected with your connected Keplr account.
Source: Secret Bridge
3. Confirm your transaction and wait for your funds.
Source: Secret Bridge
Once the transaction is successful, it will appear as a secret token in your wallet.
Secret Network Wallet
There are a couple of wallets you can use for the Secret Network. They include,
- Ledger App
That’s it for this Network. Tell us what you think about the platform.
⬆️For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.
⬆️ Check out our most up-to-date research, NFT and Metaverse buy, and how to protect your portfolio in this market by checking out our Altcoin Buzz Access group. And for a limited time, it’s FREE. Just click the link and try it today.