What Is Secret (SCRT)?
Secret (SCRT) coins are based on the Cosmos blockchain. Cosmos is a project that has the purpose to solve the issues that the blockchain industry faces, for instance, Proof-of-Work (PoW) protocols, that are harmful to the environment.
The Secret cryptocurrency prioritizes user privacy as well as end-to-end data encryption. This distinguishes the Secret coin from other blockchains. Moreover, Secret Contracts may transmit encrypted inputs into encrypted outputs without disclosing data. Secret Contracts refer to smart contracts. Also, as usual in the crypto world - the Secret price is constantly changing.
SCRT crypto can be employed in decision-making processes, paying for transaction fees, and even staking. Besides, the token uses the Proof-of-Stake (PoS) consensus algorithm. This way of validating entries was originally developed as an alternative to Proof-of-Work. This is because Proof-of-Work is not energy efficient.
Therefore, validators are simply required to hold and stake coins in order to receive rewards.
The Secret tokens are SNIP-20 tokens, and they are programmable just like ERC-20 ones. The Secret Network, on the other hand, issues tokens that guarantee complete secrecy. Private voting methods and credit rating applications are also largely facilitated since they do not disclose important data.
To examine the transactions and balances, you must first create a "viewing key." These keys are used to authenticate the identity of someone who gathers information about a certain account. Moreover, the network allows anybody to establish a Secret coin, which can be transferred between cryptocurrency wallets.
The SCRT price hit an all-time high of $10.39 back in 2021. Nevertheless, it also had an all-time low in 2020, when the Secret price was down to $0.255219.
Who Founded Secret?
The Secret crypto was launched by the Secret Foundation. The company is entirely dedicated to the widespread adoption of decentralized finance and technology. It also attempts to emphasize the significance of privacy. The creators feel it is critical to empower individuals and defend their freedom.
The Secret Foundation was established in 2017. It also includes a $400 million ecosystem fund with involvement from many major crypto funds. These funds are HashKey, CoinFund, Alameda Research, DeFiance Capital, and so on. The founder is an entrepreneur and MIT alumni from Chicago - Tor Bair.
The two directors are Guy Zyskind and Zaki Manian.
What Are the Key Features of Secret?
Firstly, the network allows developers to program Secret tokens like ERC-20 tokens, nevertheless, they remain encrypted. The project itself has a purpose to upgrade the processes that help the adoption of dApps which focus on privacy the most.
Secret crypto has several use cases. Secret auctions and secret voting are a few examples. This implies that the winner can be announced without the need to showcase the numbers. Besides, Secret is able to ensure anonymity in decentralized finance by utilizing a permissionless economic system that provides previously unattainable economic chances for wealth growth. The Secret token also serves as a governance token.
SecretNFTs are generated by the Secret token and may be used to trade, invest, and save on the Secret Finance platform. Using Secret Bridges can also enable programmable anonymity for compatible coins on other blockchains.
Secret Bridges are designed to allow holders from various locations to create privacy-preserving editions of their assets. They are responsible for connecting the Secret Network to other blockchain networks. Today, Secret enables the private transferring and swapping of a variety of tokens across Ethereum and the Binance Smart Chain.
Additionally, the blockchain works by users transmitting encrypted input and Secret nodes executing calculations over encrypted files. Then, by suggesting a validator, the encrypted output is submitted, and validators reach a consensus on the findings. Also, the contract's status is logged on the Secret Network.
The Secret token’s price is volatile. However, there is a total market cap of 170 million tokens that are shared among the community, the team, the foundation, and the treasury. There is also a reserve for inflation. Moreover, 2020 was the year when the SCRT price was the lowest.
The Secret coin targets a 15% inflation rate, with a forecasted inflation rate of 20%.
Because the Secret token employs a Proof-of-Stake consensus algorithm, holders of non-node operating tokens can assign their SCRT to a validator to earn a portion of the network rewards. Validators also get rewards and a portion of the transaction costs from token swaps.
The Secret pricing is continuously changing, so make sure to always check the SCRT price before purchasing.