Have you ever wondered about the back-end architecture behind the SCRT token?
Well, worry no more as Bitkub Academy will take you through the blockchain technology-rich world of smart contracts in the Secret Network!
Secret Network is a platform where developers are able to create Smart Contracts in order to create secret networks or blockchains which are created for private usage of specific information. Smart Contracts that were created will be secured cryptographically.
Secret Network was created from Enigma, which is a start-up company that develops private Smart Contracts. Enigma was founded in 2014 by Can Kisagun and Guy Zyskind.
On the 27th of October, 2020, people were allowed to exchange their ENG (Enigma tokens) with SCRT (Secret Network Tokens) at a 1 : 1 ratio. Enigma still remains to be one of the key players in the Secret Network Community.
Secret Network is the balance between transparency and privacy. In order to gain acceptance in the world of cryptocurrencies, Secret Network had created a secure, yet transparent infrastructure.
Secret Contracts is a Smart Contract that secures privacy by cryptography using Rust, a computer language for processing work, and WASM, a computer language that uses a binary method of cryptography. Transactions in this private contract are secured in a Trusted Execution Environment (TEEs), which has the same duty as a black box on an aircraft.
SCRT Token is a token on the Secret Network, which does not indicate that it is a private token in a literal sense, as all transactions are still visible to the public just like Bitcoin and Ethereum.
A private token is a token on the Secret Contracts which are created with the SNIP-20 standard, much like ERC-20 on Ethereum. All private tokens will initially have a privacy setting, which is then used in Secret Contracts.
The governance of the Secret Network can be changed according to a community vote, where 1 SCRT equals 1 point, within the span of 2 weeks which has 2 steps which are the proposal step and voting step. This whole process limits the number of votes at 1,000 SCRTs. For the proposal to be accepted by SCRT, there has to be at least 33.4% of participation, and at least 50% of those who participate has to vote.
Secret Ethereum Bridge is a two-way asset write-off, by transacting between assets on the Ethereum and SCRT networks and blocking tokens on one blockchain to generate tokens on other blockchains. SCRT tokens will then be cryptographed, where only the owners or those who hold a specific key will be able to view the transactions.
The Secret Foundation handles the community on the Secret Network which organizes files for the development of the network and processes the change that was proposed through the process of voting.
Secret Network is a private network that was created as a decentralized network, where it utilizes the Trusted Execution Environment (TEE) to process its functions through a secret and private processing method which encrypts the data.
Because the information has been encrypted, users will receive a “Viewers’ Key” in order to view their secret information. Users are able to share their key with others such as an account analyzer, or a wallet with authorization to secure the information.
Secret Network is a blockchain network created for the privacy of certain portions of information, meaning that all of its Smart Contract information is encrypted. Transactions that occur on the Secret Contracts are not viewable by the public without a key, but transactions that occur with SCRT are still accessible by the public.
The Secret Network is a blockchain network developed to enhance privacy and security measures for users and their encrypted data, meaning smart contracts are the main cog driving the platform in encrypting and processing them. Additionally, secret contracts can also be found native to the Secret Network with the SCRT token, facilitating private transactions between users.