As blockchain technology becomes more mainstream, more data is being entered into smart contracts and blockchains. One problem is that blockchains are public by default. That means that the data entered in these blockchains can be accessed by anyone. The Secret Network addresses this problem by introducing data encryption and privacy in their blockchain.  

SCRT Website | Source: AS

So what is the Secret Network? The Secret Network is the first blockchain that has data privacy as a default. It uses privacy-preserving smart contracts written with Rust to encrypt data, making it more private and secure.  

The Secret Network is built as a decentralized network of computers called secret nodes that use trusted execution environments (or TEEs) to enable secure private computations over encrypted data. In addition, the TEEs act as the “black box” for data processing.  

Secret (SCRT) Emphasizes Privacy | Source: See credits

Because data is encrypted and private by default, users need to have “viewing keys” to unlock and see their sensitive data. Since users have the key to view data, they also have the power to share this data with trusted third parties like auditors, wallets, and explorers, making it more secure and less prone to hacking.  

The Secret (SCRT) Token

Users can create decentralized apps, NFT’s, and other digital assets on the Secret Network. These assets are powered by the SCRT token.  

SCRT Token Price | Source: Crypto.com

The SCRT token is also the cryptocurrency and native token of the Secret Network. It has three main functions: to pay fees and other service charges within the network, to be used as a staking token to earn rewards and also to be used as a governance token to be able to vote for changes in the network.  

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