What Is Secret Network?
The Secret Network is a privacy-centric blockchain built on the Cosmos chain. It’s designed to handle encrypted applications, ensuring the data remains hidden even from the nodes performing computations.
Background
Secret was launched in 2020 and is the first mainnet blockchain featuring privacy-preserving smart contracts.
How It Works
Secret Contracts have encrypted inputs, outputs, and states. Only those given access can view the information. This structure opens up use cases that are not achievable on public blockchains. Secret Network also provides Secret Bridges and the SNIP-20 standard, allowing any token to become privacy-preserving.
Decentralized Finance (DeFi) applications built with Secret Network provide resistance to Miner Extractable Value (MEV) and protection against hackers and front-runners. Secret Network also supports Non-Fungible Tokens (NFTs) with private metadata and ownership, enabling creators to control access to their content and protect their fans’ identities.
The network uses Trusted Execution Environments (TEEs) that function like a “black box” for data processing. It enables nodes to verify transactions within a block without accessing the data. Even the nodes operating on the network cannot access the decrypted information. Users have viewing keys to access their sensitive data and decide what is shared and with whom.
Key Takeaways
- Secret Network is a privacy-centric blockchain built on the Cosmos chain for encrypted data applications.
- Launched in 2020, it’s the first mainnet blockchain featuring privacy-preserving smart contracts.
- Secret Contracts have encrypted inputs, outputs, and states, allowing only authorized access, which opens up new use cases.
- Secret Network supports DeFi applications and NFTs, providing resistance to MEV, protection against hackers, and user privacy.
- The network uses Trusted Execution Environments (TEEs), which allow nodes to verify transactions without accessing the data inside, ensuring the privacy of the information.
