The requirement of privacy policy has spurned Secret Network to launch a new protocol aimed at bringing more programmable privacy to ERC-20 tokens and the Ethereum platform. Secret network is also preparing to launch ‘Secret DeFi’.
The Secret Ethereum Bridge which went live on December 15th, 2020 says its new product will allow holders of Eth and ERC-20 tokens to create a hidden version of their assets in the form called “secret tokens”. The aim of the “secret tokens” is to enable holders to perform private transactions.
The privacy network will support at least 16 tokens
The new platform launched by Secret Network secret tokens are almost like Monero but are just more powerful, very programmable and private by default. On the official Twitter page of the network, it posted that “Secret is the first and only privacy-enabled blockchain, featuring smart contracts with encrypted inputs, outputs, and state”.
It also confirmed on the post that about 2million $SCRT are required to be available to support its bridge mining and the launch of the Secret Defi over the coming weeks. The initial offer privacy of the new network is set to support ETH and 14 ERC-20 tokens which include YFI, UNI, BAND, COMP, LINK, AAVE, KNC, SNX, OCEAN, MKR, DAI, USDT, TUSD, and WBTC.
Bridge mining set to allow users to earn in SCTR
It is normal for any new Defi protocol launched to create its governance token and induce mining incentives into the protocol. In the same vein, Secret Network has also declared its intention to offer what is termed as ‘bridge mining’ on the bridge network. Bridge mining will allow users to earn SCRT rewards after locking their tokens on the platform.
It allows users to deposit any amount of SCRT, which is not private by itself, to mint and receive the equivalent amount of the wrapped privacy version, secretSCRT. In the announcement that confirmed the plans to launch Secret DeFi’ suite next year, also confirms that liquidity mining incentives will be available in January 2021. The company has also added a new automated market maker to its pipeline of activities in the new year.
The SCRT token is the native utility token of the Secret network and is used for staking, delegation, governance, as well as all computational and transactional fees. The tokens have been trading since early October. The last 24hours have seen the utility token trade at $0.64, representing a decline of about 2.5% from its all-time high of $0.7, which is traded on December 13th. The launch of the Ethereum Secret Bridge has propelled a 67% rise of SCRT in the last 30days.
Secret Network is the first blockchain with privacy-preserving smart contracts. That means applications built on Secret can utilize encrypted data without revealing it to anyone, even the nodes in the network. Secret Network solves the problem of privacy, helping to secure and scale the decentralized web.
