Here’s the ultimate run-down of everything you need to know to get started with Secret Network.
Last updated: 27th of January, 2022
What is Secret Network?
Secret Network is the first open-source blockchain with computational privacy. Developers on Secret Network can build privacy-preserving decentralized applications, and users can use these applications without leaking any of their sensitive or private data.
Secret Network is a layer 1 blockchain built using the Cosmos SDK and is part of the broader interconnected Cosmos universe (IBC). Secret Network uses a PoS consensus algorithm where blocks are produced by validators. Every SCRT holder can stake their tokens—with no minimum—to one of these validators for an annual interest.
The Secret of Secret Network: Computational privacy
Many smart contract blockchains are public by default. When someone knows your wallet address they can query the blockchain for all your past transactions, current balances (including any NFT purchases), auction bids, and current collections.
Blockchains like Monero and Zcash are private, but restricted to transactional privacy. Meaning that individuals can only send value from one address to another with privacy.
Secret Network is unique as it is the first blockchain with private-by-default smart contracts. This unlocks new use-cases for blockchain technology that no other blockchain can support. Interactions with the blockchain get much closer to what users have come to expect from the conventional financial system while staying true to the ethos of blockchain and distributed ledger technology.
Secret enables private balances, private transactions, private DeFi interactions, private NFT collections (with the option to share publically), and many more technological solutions that only work if users can keep full control of their on-chain data. Visit our learn pages to learn more about these use cases on Secret Network.
What is SCRT?
SCRT is the native coin of Secret Network. Similar to Ethereum, SCRT is used to pay all transaction fees on the network. SCRT is public by default and has a private SNIP-20 version — sSCRT — to be used for private transactions.
The block explorer for Secret Network can be found on the Secret Nodes website.
Individuals can stake their SCRT with a validator in return for a share of inflation. The current APR for staking is around~26% per year. Staked SCRT also gives voting rights in Secret Network’s governance proposals.
Where to buy SCRT and how to store it
An always up-to-date list of exchanges to buy SCRT can be found on CoinGecko.
Popular choices include:
If you are a US citizen to easiest way to acquire SCRT is to purchase ATOM on an exchange and swap for SCRT on Osmosis. Here is a guide.
SCRT can be held in multiple wallets across hardware solutions, desktop, and mobile including:
This guide will help you use your Keplr wallet in conjunction with a Ledger hardware wallet.
How to get your first SCRT
Here’s how to get your initial SCRT for gas to get started:
- The easy way: Buy native SCRT on a CEX like Binance and send it to your wallet
- For more experienced users: Use Osmosis to purchase SCRT and transfer it to your wallet using IBC
- You can also use the Stakely.io faucet in exchange for a tweet
What are viewing keys?
All tokens on Secret Network (except for SCRT) are private by default. That means no one can see the token balance unless they have a viewing key—including you.
Viewing keys are primarily for you, but you can share them to give someone else view-only access to your account. This helps users and developers stay compliant with regulations they may be subject to, or enlist the help of an accountant in a convenient manner.
You can create a viewing key with many Secret DeFi apps. To manually add a viewing key in your Keplr wallet, follow this tutorial by Whispernode.
What is a SNIP-20?
Secret Network’s privacy token standard is called SNIP-20. These tokens are often referred to as Secret Tokens. Interactions with Secret Tokens are encrypted and viewable only to holders of the viewing key.
More information can be found here.
What are Secret Bridges?
Secret Bridges allow for the transfer of tokens from Ethereum, Binance Smart Chain, IBC compatible Cosmos chains & Monero to Secret Network, creating their Secret Token equivalents. Through Secret Tokens you can give Ethereum, BNB, and dozens of other tokens privacy features.
Bridges to other ecosystems, including Bitcoin, Terra, and Polkadot, are in development. These bridges will allow for more tokens and liquidity to enter Secret Network.
What’s the difference between SCRT, sSCRT, and wSCRT?
As mentioned earlier, SCRT is public and used to pay fees on the network, stake, and vote in governance. sSCRT is a Secret Token and can be used for SCRT denominated private transactions.
wSCRT is found on Ethereum and exists to provide liquidity to DEXs like UniSwap and SushiSwap. This can be “unwrapped” to sSCRT using the Ethereum bridge.
Watch this video for details on how to buy and unwrap wSCRT to sSCRT.
Bridge URL: https://bridge.scrt.network/
What are Secret NFTs?
NFTs on public-by default-blockchains can be queried by anyone. However, Secret NFTs on Secret Network can have private ownership, and/or private metadata. This helps protect creators and collectors, improves utility, and unlocks new use cases including better and more sustainable monetization models that increase the value of the NFT.
Secret NFTs give the owner the choice to decide who can see that they own an NFT and which data is revealed. This access control is made possible due to Secret Network’s privacy-preserving smart contracts.
What apps have been built on Secret Network?
There are a number of applications that have already been built on Secret Network. You can find an Ecosystem Overview and an Ecosystem Roadmap on the website. Some of the more popular applications you can use today are:
- SecretSwap — first front-running resistant and privacy first AMM
- SiennaSwap — second front-running resistant and privacy first AMM
- Stashh — the NFT marketplace of Secret Network
- Fardels — a social media network aiming to foster a culture of sharing digital items of small value
We welcome you to our Discord channel for any other questions you may have.
Important websites to bookmark 🔖
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