on the crypto
The Secret Network, an open source network focused on data protection for users of decentralized applications, known as the "Secret App", recently started producing tokens and welcomed actors such as Binance, Staked and Figment during its testnet on "Secret contract".
Secret Network
The protocol of this network allows decentralized applications to use encrypted data without revealing it on a public blockchain or even to the nodes themselves, using smart contracts based on private data called "secret contracts".
This is one of the main strengths of the Secret Network, a decentralized community that includes collaborators like Enigma, Secretnodes.org and Chain of Secrets. Moving forward is important, especially for a network that ran into a series of problems after Enigma, which had developed secret contracts, was taken over by the SEC in February for its initial offering of $ 45 million in 2017.
This put Enigma's project into a kind of limbo. But in recent months, community stakeholders have developed an independent vision of the project by organizing a token exchange where owners of old ENG tokens sold during Enigma's ICO can exchange them for Secret Token (SCRT), but not still on platforms like Bitcoin Revolution.
The exchange of tokens
Since the token exchange began on June 27, more than 9 million tokens have been exchanged, worth more than $ 2,4 million. "Privacy is what really attracted me," said Ian Dixon, one of the key members of the community who worked on the token exchange.
The Enigma issue with the SEC has left the company unable to comment or coordinate much of any activity in the community. Dixon and other collaborators wondered what would happen next and decided to intervene by organizing the swap token that started in late June.
The Secret Network uses a processing technique known as Trusted Execution Environments (TEE), which allows computers to analyze data without exposing it to other parts of the system, a bit like a vault. The secret contract code has been concluded, but has yet to be proposed to the main network. There are currently 34 validators active on the network.
Secret contract in action
The time is approaching, meanwhile the Secret Network has launched a testnet for its secret contracts that includes 15 validators including Binance, one of the largest exchanges in the world, Staked and Figment, which are two of the largest providers of staking of cryptocurrencies in the world, as well as Chorus One, which creates a basic infrastructure for blockchain protocols.
The testnet is the last step before secret contracts are proposed to the mainnet and become a possible tool that can be adopted by some of the biggest players in the crypto sector.
The Secret Network community of validators and developers proposed the idea of creating a basis for supervising, coordinating and amplifying the work of the network. The idea led to the launch of the Secret Foundation on June 15, with Tor Bair, former Enigma Growth Manager, as executive director and president of the foundation.
