Secret Network, a privacy-focused blockchain, has launched its Ethereum bridge, which allows assets to be transferred between Ethereum and the Secret Network privately.
Privacy first of all for Secret Network
A bridge essentially offers interoperability between protocols. The secret bridge, initially announced in December, will make privacy cheaper and more practical for assets based on Ethereum and Ethereum itself.
According to an announcement posted on Twitter, it "allows users to create synthetic (wrapped) ETH and ERC-20 tokens on Secret Network that can be used while protecting privacy, at a lower cost."
Users will need Metamask or a Keplr wallet to interact with the bridge. Tor Bair, executive director and president of the Secret Foundation, said the biggest immediate benefit to users from this launch is that they can gain transactional privacy.
Users can turn Ethereum-based assets into secret tokens, which are "programmable like ERC-20 but preserve privacy like zcash or monero," according to Bair. Bair said the cost for ETH or ERC-20 holders using the secret network would be lower than using other privacy alternatives such as TornadoCash, a tool for obfuscating ether transaction history. quotation ETH). Tornado Cash uses ZKP (zero-knowledge proof), a crypto tool that proves that a transaction took place without revealing the information within the payment itself.
Secret Smart Contracts
Secret Network's key offering is the secret contract, a type of smart contract that allows private data to be used in decentralized applications without revealing the raw data. The inputs, outputs and network status are encrypted in a secret contract, which means that the data is also hidden on a public blockchain.
It is also invisible to the nodes that execute the contract. “After launch, we also plan to introduce bridge mining rewards, in which Secret Ethereum Bridge users can earn secret tokens to provide bridge liquidity.
These awards are available for both ETH and ERC-20 ″. The bridge will also give users access to Secret DeFi, decentralized privacy-preserving financial apps built on the secret network. For example, OCEAN and Secret have collaborated to provide "convenient and reliable access control for ocean datatokens, as well as decentralized private processing via the Secret Network."
The full list of currently supported ERC-20 resources are BAND, AAVE, SNX, MKR, LINK, OCEAN, TUSD, YFI, UNI, KNC, COMP and DAI. "Our community will continue to launch Secret DeFi applications that use Secret Token, especially our next Secret AMM," said Bair.
“We will also explore bridges and supports for additional resources and ecosystems, including other Tendermint chains such as Cosmos. As a result, our AMM will feature cross-chain functionality and resistance first and foremost and will also allow you to trade Secret Network native secret tokens ”.
