Secret Network has disclosed plans to build another bridge. This time around, the bridge which is already under construction, will be dubbed the Secret Binance Smart Chain Bridge.
The Secret Binance Smart Chain Bridge is expected to bring top-notch programmable privacy to Binance Smart Chain (BSC) while subsequently growing Secret’s DeFi network. The recently debuted Secret Network has as its goal to become the data privacy hub for all public blockchains by allowing privacy-preserving cross-chain swaps.
This isn’t Secret Network’s first bridge. The privacy-preserving blockchain launched its first-ever bridge in December. The bridge was dubbed the Secret Ethereum Bridge. Following the launch, ETH and some ERC-20 token holders will be able to create secret and privacy-centric versions of their assets as Secret tokens. Following its December launch, the platform has transacted more than $60 million in ETH assets on its Secret Ethereum Bridge. Interestingly, the blockchain platform has also launched several amazing DeFi projects like SecretSwap and Secret Auctions.
Importance of the Bridge
To further expand its reach, Secret has announced that plans are currently ongoing to launch the Secret Binance Smart Chain Bridge. The bridge will serve as a link between Binance Smart Chain and Secret Network.
The successful launch of the bridge will make it possible for users to convert their BSC-based assets like (BNB and BEP-20) to privacy tokens on Secret Network.
With these tokens, users will be able to:
- Send the tokens to other networks while still ensuring top-notch privacy.
- Carry out important transactions like over-the-counter (OTC) trading, auctions, etc.
- Used for front-running resistant DeFi apps like SecretSwap, etc.
- The secret tokens can then be reclaimed on BSC etc.
- Move Secret tokens across several chains without any loss in privacy.
A bridge like this holds a lot of benefits for users. Some of these benefits include:
- Quality support for assets on BSC, therefore presenting them as Secret tokens.
- Top-notch programmable privacy for all assets on Binance Smart Chain (BSC).
- The network will also serve as a hub for private cross-chain swaps.
Secret and Band Protocol
The privacy-focused network also recently completed a strategic integration of price oracle platform Band Protocol.
1/ 🚀 @SecretNetwork, the leading privacy-preserving secret contract & decentralized application platform, has completed the integration of $BAND to empower developers with over 150+ price feeds from institutional providers to secure Secret DeFi Apps!https://t.co/HIa7oKwrsu
— Band Protocol (@BandProtocol) February 25, 2021
This integration will facilitate the introduction of scalable, reliable, and decentralized oracles to Secret. Therefore driving innovation and also the subsequent growth of Secret apps. Band Protocol will furthermore provide Secret with unrestricted access to the over 150 price feeds on its platform.
About Secret Network
Privacy and transparency are both founding pillars of the blockchain and cryptocurrency space. While individuals and business owners often prefer privacy at all costs, authorities and law enforcement agencies require transactions on the blockchain to be transparent.
Secret Network aims to provide a middle ground for these seemingly opposite ends of the spectrum. In line with this, it creates tokens that are both transparent and programmable like ERC-20 tokens. They are also uniquely built to be able to sufficiently represent any asset, yet completely native to the Secret blockchain. However, the contracts are all completely private.
At the time of publication, SCRT was trading at $3.37, with a market cap of $235,132,998 and a 24-hour trading volume of $6,181,917.
Join us on Telegram to receive free trading signals.
Find out more about the crypto and blockchain space on the Altcoin Buzz YouTube channel.