Secret Network’s big advancement in recent months is Decentralized Confidential Computing or #DeCC. The idea is simple. Real privacy is a sliding scale, not an all-or-nothing thing. This idea of all-or-nothing is how crypto has worked on privacy up until now. But it’s a tough road with regulations and for many small types of transactions, total privacy is unnecessary. DeCC lets you protect what’s most important.
And Secret Network has a new partnership update to keep the DeCC train rolling along.
Secret Network Partners With Swisstronik
Secret Network announced on Twitter that it is now partnering with Swisstronik. Swisstronik is a Layer 1 chain built on Cosmos. Secret is on Cosmos as well. Swisstronik’s goal is to preserve privacy and be compliant with regulators.
This is a new-ish story in privacy but we will see A LOT more of this. Protocols now want to comply with regulators while still offering a privacy solution.
Swisstronik is licensing Secret’s DeCC technology so Swisstronik users can access decentralized confidential computing. Also, as part of the deal, Swisstronik is providing Secret with TEE-compatible EVM technology. TEE is the type of privacy and encryption tech Secret uses. It stands for Trusted Execution Environments. And EVM, we know most of you know, means the Ethereum Virtual Machine, and all the EVM-compatible platforms like BNB Smart Chain, Polygon, or Avalanche. Bringing TEE together with EVM means Secret will offer DeCC on EVM smart contracts.
This is a huge deal for Secret and privacy lovers alike. The 2 largest smart contract networks are EVM and CosmWasm. CosmWasm are smart contracts based on Web Assembly and compatible with all Cosmos chains. So Secret already has CosmWasm covered. Now most smart contracts you interact with can have DeCC very soon.
We’re excited to announce a partnership with @swisstronik, a privacy-preserving blockchain for Web3 compliance, which will expand the Confidential Computing Constellation!
This will bring native EVM contract execution to Secret, and more 👇https://t.co/WcojPYcrKQ
🧵1/4
— Secret Network (@SecretNetwork) May 28, 2024
An Airdrop Too
Swisstronik is also contributing to Secret’s grants program by airdropping 300,000 $SWTR to Secret and another 700,000 $SWTR to Secret holders. Both protocols are making obvious investments in the other’s success.
At the time of writing, Secret’s $SCRT token is trading at 41 cents with 271 million in circulating supply of a total of 295 million. Swisstronik’s $SWTR token has not had its TGE yet but it is coming soon. Until then, you can test out their network with their testnet faucet. The TGE is soon so keep on the lookout especially if you are into privacy.
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. This article has been sponsored by Secret Network.
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