Secret Network – Data Privacy For Web 3

Enigma Migrates To Secret

During the course of 2020, Enigma holders were able to swap their ENG for SCRT on a 1:1 basis. Enigma migrated to its own Cosmos SDK-based chain, Secret Network, which has performed rather well since its inception. With an all-time low of $0.25 and an all-time high of $10.38, SCRT clearly has been producing the goods for investors. SCRT is currently trading at $4.53 at the time of writing and has a market cap of $751 million. I was fortunate enough to be holding some ENG on an exchange, which was automatically swapped to SCRT. I am still holding my SCRT, especially as it is a staking coin, which is always a criterion that plays into my investment decisions.

Privacy For Web 3

Secret Network enables data privacy by default and subsequently enables users to interact in a permissionless and private environment. Web 3 is heavily reliant upon this dynamic and Secret is enabling programmable privacy for DeFi, NFTs, and more. Secret Network offers privacy-preserving smart contracts known as “secret contracts”, which means that applications built on Secret can utilize encrypted data without revealing it to anyone. This even includes the nodes in the network.

Privacy has begun to attract a lot of attention in recent days, largely due to the consequences of sanctions and financial censorship. Projects like Secret, as well as Dusk, take privacy a step further. Enabling smart contracts to preserve privacy is an element of development that can have multiple expressions and use cases.

Secret NFTs

Stashh is one of the projects in the Secret ecosystem that enables users to buy, sell, trade, and mint NFTs with built-in privacy. This enables galleries to restrict viewership so as to maintain and secure rarity. NFT collectors can also keep their ownership status private and confidential. Sealed bid auctions will also keep a collector’s wallet balance private so that it cannot be used against them during bidding.

Image Source – Stashh.io

Stashh is just one of the projects in the ever-growing Secret Network ecosystem. Secret Heroes is another NFT-based project in the Secret ecosystem and is an NFT game that enables players to mint, collect, and battle Secret NFTs. There are numerous DEXs, as well as private and secure messaging, decentralized cloud storage, and even private file sharing dapps available.

Time To Have A Look At Secret?

The Secret Network is still relatively unknown but not under the radar. The market cap is actually quite close to the billion-dollar mark and has been as high as approximately $2 billion. With the market well off its highs, it may be a good time to have a closer look at Secret and its expanding ecosystem.

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