Because of the way blockchain is designed, it has some fundamental privacy issues. The distributed nature of a blockchain, in particular, implies that each full node that processes transactions and builds the blockchain must have access to the blockchain transaction data itself. Everyone has access to blockchain data, including malicious criminals looking to exploit information for financial gain.
Smart contracts are self-executing pieces of code that are managed on a blockchain. Most blockchains that support smart contracts, such as Ethereum, Juno are public by default. This means all the data used in their smart contracts is exposed to the public. Secret Network improves upon traditional smart contracts by supporting encrypted inputs, encrypted outputs, and encrypted state for smart contracts – data privacy for sensitive information stored on the blockchain. Privacy is essential to the security and adoption of Web3, from DeFi to NFTs and beyond. Secret Network brings new and unique privacy functionality to the space and will be foundational to the next generation of successful Web3 applications.
In this article, we are going to explore the role Secret Network is playing to strengthen blockchain security in terms of privacy
What role is Secret Network playing to solve the problem of privacy?
Secret Network is built as a decentralized network of computers (secret nodes) utilizing trusted execution environments (TEEs) to enable secure, private computation over encrypted data. TEEs function like a “black box” for data processing and are utilized in all types of everyday platforms, such as smartphones and video game consoles.
Since data is encrypted and private by default, Secret Network users have “viewing keys” to view their sensitive data. Viewing keys can be shared with third parties like auditors, wallets, and explorers. They allow users to maintain control over their data and decide what is shared – and with who.
Secret Network is the first blockchain with customizable privacy. You get to choose what you share, with whom, and how. This protects users, and empowers developers to build a better Web3.
Secret Network Applications
The Secret Apps are decentralized and permissionless that is private by design.
Secret contracts, written in the Rust programming language, allow applications to utilize encrypted data without ever exposing the data itself – even to the nodes in the network performing computations. This enables unique use cases that simply aren’t possible on other blockchains.
Secret Tokens
Secret Tokens (SNIP-20) are smart contract interactions on Secret Network that mint tokens that are private by default, encrypted to ensure both anonymity and confidentiality. Viewing keys are required to view token balances, transaction details, and token metadata. These Secret Tokens can then be used across the Secret Network ecosystem, most notably for Secret Finance and Secret NFTs.
Secret Bridges
Secret Bridges transfer assets on other blockchain networks (Ethereum, Binance Smart Chain, etc.) to Secret Network. Once assets are transferred across a Secret Bridge, a Secret Token contract is executed and the asset is encrypted to be only viewable to address owners or holders of their viewing key. These Secret Tokens can then be used across the Secret Network ecosystem.
Secret Finance
Secret Finance encompasses all privacy preserving decentralized financial applications enabled by smart contracts built on Secret Network. Secret DeFi applications are cross-chain interoperable, front-running and MEV resistant, private by default, and utilize low fees. Secret Finance also offers high-yield opportunities for incentivizing growth.
Secret NFTs
SecretNFTs are non-fungible Secret Tokens, which enable verifiable representation of unique items and events, such that ownership and transactions are private by default. These unique items can be used for a variety of purposes, but generally, we believe tokens ought to be private if they represent our personal goods and experiences. Secret NFTs are perfect for these types of use cases.
Secret (SCRT)
SCRT is the native coin of the Secret Network blockchain used as “gas fees” across all Secret Apps. It is also used for staking and governance on the Secret Network. SCRT can be purchased on exchanges and stored on wallets that support Secret Tokens.
In conclusion,
Take control of your data. As large data monopolies and an overly centralized internet continue to put our privacy, security, and society at risk, it’s important that privacy be protected and supported by all the technologies and services we used. Secret Network is dedicated to building solutions with privacy at its core to empower people to take and keep control of their personal data and sensitive information.
About 01node
01node is a high quality staking and validation service headquartered in Romania. We have the expertise and time tested infrastructure as a highly secure and reliable node. Our track record shows this reliability, We prioritize great focus on security and we ensure the best practices for every service we offer. We aim to provide the best performance and reliability through our physical infrastructure collocated in tier-3 datacenters.
We are a team of highly skilled and dedicated professionals with decades of experience in the fields of software development, IT infrastructure, cryptography, and financial services. Our existing validator nodes have secured value on several POS networks since their inception such as Terra, Iris, Solana, Cosmos, Near, E-money, IOV, Solana, Skale, Secret Network, Oasis and others who will soon launch like Celestia or Nomic chain, and Near Protocol.
Our community has an active voice in how we participate in the decentralized ecosystem, and our combined strength will propel the project towards a successful future. We vote on most of the governance proposals, and consult with our delegators before this, it’s important to note that we always vote on what is best for the network.