Secret Network (SCRT)

What Is Secret Network

Secret Network is a blockchain-based, open-source protocol that lets anyone perform computations on encrypted data, bringing privacy to smart contracts and public blockchains.

Secret Network Unique Features

Secret is the native coin of Secret Network, a blockchain with data privacy for smart contracts by default, allowing you to build and use applications that are both permissionless and privacy-preserving. This functionality protects users, secures applications, and unlocks hundreds of never-before-possible use cases for Web3.

With blockchain technology, we have the potential to create a more empowering and inclusive internet – what is often referred to as Web3. But current blockchains are public by default, exposing all data to everyone and putting users at risk. In order to enable meaningful use cases and achieve global adoption, users and organizations need control over how their data is used and shared – a concept referred to as “programmable privacy.”

Nodes on Secret (known as secret nodes) can perform generalizable computations over encrypted data, which allows smart contracts (known as secret contracts) to use private and sensitive data as inputs. Secret Network’s focus is on computational privacy, not just transactional privacy. This privacy functionality of Secret is critical for many fields, including decentralized finance, Web3, machine learning, access control, and many more.

Roadmap

Secret Network Token Economy

Secret Network leverages inflation, block rewards, and staking to incentivize SCRT holders and validators to bond their tokens to the network. The less supply that is in circulation, the more difficult it is for a Byzantine actor to successfully execute a Byzantine attack against the Secret Network consensus layer. In addition, in order to drive adoption of the protocol, a generous inflation rate helps pull users, developers, and stakers into the network with the understanding that the inflation rate can be modified in the future through a governance proposal. Secret Network has a variable inflation rate that ranges from 7% – 15% based on the ratio of bonded to unbonded SCRT in relation to the target goal % bonded rate which is 67%. Secret Network has a twenty-one day unbonding period, with a circulating supply of approximately 70 million SCRT and a total supply of approximately 190 million SCRT. Validator nodes can charge a commission rate on delegated SCRT. Currently, the commission rate floor is 0%, with a maximum rate of 20%. The commission rate of validators is only capable of changing by up to 1% every twenty-four hours. Separate from commission rate, there are two additional sets of fees on earned block rewards: the community fee (2%) and the Secret Foundation fee (15%). The annual approximate ROI for Secret Network staking ranges between 22% to 27% depending on the validator of choice. The community fee gets pulled from all block rewards and is sent to a pool of funds known as the Community Pool. This pool is used to help fund on-chain governance proposals that help advance the Secret Network ecosystem and protocol. No single entity owns these funds; they are governed in a completely decentralized fashion, empowering the community to voice their opinions and help shape the identity of Secret Network. The Secret Foundation is an organization dedicated to building, researching, and scaling open-source, privacy-centric technologies for the public good. The Secret Foundation helps establish efficient and effective governance practices for the community and the Foundation itself. Additionally, it produces educational content and supports a range of committees that are helping empower individuals and projects created organically within the Secret Network community. The foundation uses its block reward fees to aggressively expand the Secret Network ecosystem which includes direct support for valuable community contributors.

Detailed Token Metrics

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Token Distribution

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Token Release Schedule

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Partners

Investors

The investment was led by Arrington Capital and Blocktower Capital and also includes Spartan Group and Skynet Trading. Previous investors in Secret include Outlier Ventures, Fenbushi Capital and Hashed, as well as Secret Foundation and Enigma MPC, and node operators such as Figment Capital and Staked.