What is Secret (SCRT) crypto?

Highlights 

• Secret (SCRT) is a privacy-oriented, blockchain-based open-source protocol.

• It was founded by the Secret Foundation to boost privacy-focused decentralized technology.   

• SCRT is the native token of Secret, used for staking, governance, and network fee payments. 

The open-source Secret (SCRT) crypto claims to keep personal data safe through decentralized applications. Secret (SCRT) plans to carry out two mainnet upgrades under its Shockwave initiatives, Shockwave Alpha and Shockwave Omega, in April and June. 

Secret (SCRT) token rose 0.55% to US$4.92 at 10:53 am ET on Friday.

What Is Secret (SCRT) crypto?

Secret (SCRT) is a privacy-oriented, blockchain-based open-source protocol built on Cosmos. Its mission is to improve decentralized technologies' adoption and usability, keeping data privacy in mind. 

The smart contract on the Secret network is called Secret Contracts and allow DApps to operate smart contracts the same as on other blockchains.

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The ability of Secret Contracts to take encrypted inputs and produce encrypted outputs without exposing any data is what makes it different.

On its network, data privacy is guaranteed by combining encryption protocols working within a Trusted Execution Environment (TEE). Unlike other blockchains, on the secret network, data remains private. For example, private voting mechanisms or credit scores are possible with Secret Network that does not expose sensitive user data on-chain.

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The Secret crypto was founded by the Secret Foundation to enhance privacy-focused decentralized technology.  

The Foundation was set up by Tor Blair, an MIT alumnus, in 2017. Its director is Guy Zyskind, who previously worked with MIT Media Lab. 

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The Foundation had announced a US$400 million ecosystem fund in collaboration with Alameda Research, CoinFund, DeFiance Capital, and HashKey, in February 2022.

On the Secret Network, even the network nodes cannot see the data used for computation. 

The nodes perform computations and verify the blockchain activity. The network uses Tendermint, a popular delegated proof-of-stake (DPoS) consensus algorithm, where up to 50 node operators can be validators at any given time.

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Data Source: coinmarketcap.com

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SCRT token details:

SCRT is its native token used for staking, governance, and network fees. The token has around US$46.8 million under Total Value Locked (TVL) and a market capitalization of US$802.95 million. Its circulating supply is 163.3 million, and the total supply is 190,165,060 SCRTs.

The token can be traded at crypto exchanges, such as Binance, Mandala Exchange, Huobi Global, Gate.io, etc. The token volume rose 56.05% to US$34,554,192 in the last 24 hours. 

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Bottomline

Data security is the main focus of the Secret Foundation. Its blockchain-based, open-source protocol guarantees data privacy. However, the market is not risk-free and adequately regulated. Hence, investors should diligently analyze the crypto companies and the broader market before investing in digital assets. 

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