Secret Price

Secret Network is a privacy-focused independent blockchain network with its native coin SCRT. The protocol supports smart contract development and introduces data privacy, enabling developers to build decentralized applications that protect user data and preserve privacy. Secret implements "programmable privacy" and brings together blockchain technology and privacy technologies.  It protects users, secures applications, and unlocks hundreds of new use cases for Web 3.

Check the Secret SCRT price, market cap, circulating supply, total supply, max supply, trading volume, historical statistics, etc., along with in-depth information on several of the biggest and fastest-growing cryptocurrencies on CoinStats, one of the best crypto platforms around.

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Interested in the Secret Network and how to invest in SCRT? Read on to learn everything you need to know about the Secret platform and the SCRT token.

What Is Secret

Secret Network is an open-source and privacy-preserving blockchain protocol. It allows developers to build  Secret Apps - unstoppable, permissionless applications that can utilize encrypted data without exposing the data itself.

Achieving complex data privacy controls within an app becomes possible as the protocol uses the concept called "programmable privacy."  Secret nodes can perform generalizable computations over encrypted data, allowing Secret contracts to use private and sensitive data as inputs. Transaction details on Secret are entirely hidden from everyone, including validator nodes. At the same time, everyone can see SRT token transactions through blockchain explorers. This becomes possible through SCRT tokens, which preserve privacy by default.

With blockchain technology, we have the potential to create a more empowering and inclusive internet - what is often referred to as Web3. Unfortunately, current blockchains are public by default, exposing all data to everyone and putting users at risk. The Secret Network team offers a solution to the problem and believes that blockchain technology will enable meaningful use cases and achieve global adoption when individuals and companies control how their data is used and shared.

Secret Founders

Secret Network is a permissionless blockchain based on original privacy research and papers first written at MIT in 2015, including "Decentralizing Privacy," one of the most influential papers in the blockchain space with 2,000 academic citations.

To understand how the Secret Network started and what it represents, users need to learn about the initial project called Enigma. Enigma was a privacy-focused Layer 2 scaling solution for Ethereum founded in 2017 by business analyst Can Kisagun and computer science specialist Guy Zyskind. The native token of Enigma, ENG, raised $45 million through an ICO. Later, the company faced a lawsuit by the US financial regulatory authority, the SEC, for carrying out an unregistered offering of securities.

In February 2020, Enigma announced reaching a settlement with the agency and launching on mainnet. In May, Enigma introduced its ecosystem development and rebranding into Secret Network after a unanimous on-chain proposal. From June 2020 to early 2021, ENG token holders swapped their tokens for SCRT.

The event brought significant changes. Enigma MPC, the company, standing behind the development of the Enigma protocol, continued its role in the Secret Network as one of its core developers along with other organizations supporting the Network.

Secret Foundation is an independent agency that also supports the protocol. The founder of the Secret Foundation is Tor Bair, previously the foundation's Head of Growth and Marketing. He is also an advisor at Proof of Stake Alliance, Numerai, and OpenFinance Network.

The Secret price hovered between $0.3-$0.5 during the first months of entering the market.

How Does SCRT Work

Secret Network is a layer-1 blockchain with its own consensus and on-chain governance, built atop the Cosmos/Tendermint framework, a development framework for Proof-of-Stake blockchains. The Network communicates with other chains through the Cosmos InterBlockchain Communication protocol (IBC). It uses key management and encryption techniques and Trusted Execution Environments (TEEs) to provide complete data privacy.

The native coin SCRT plays a significant role in the protocol. It's used for paying transaction fees, staking, and governance. Its total supply is 190.165.060 tokens.

With the hard fork on September 15, 2020, smart contracts were enabled on the protocol. Operations on the Network are performed by validator nodes, with 50 active participants on December 4, 2020.

On December 15, 2020, the Network launched Secret Ethereum Bridge, allowing users to transfer tokens between the two protocols. 

In November 2021, the second major upgrade of the Network, Supernova took place, to connect the Network with various other blockchains across the Cosmos ecosystem. With this, SCRT became available on cross-chain Cosmos apps such as projects based on Terra blockchain, Gravity DEX, Osmosis, etc. Supernova also brought other improvements, i.e., scaling the Network and lowering gas fees.

The Secret Network has its DeFi app SecretSwap. It's an Automated Market Maker (AMM) protocol using secret contracts and supporting cross-chain exchanges.

How to Buy SCRT

Buying SCRT is possible in different ways depending on users' trading experience, location, and how well they know the market. 

To purchase Secret (SCRT), people need to choose a crypto trading platform that supports the token. Currently, cryptocurrency exchanges supporting SCRT are Binance, Gate.io, CoinEx, Hotbit, WazirX, BitMart, etc.

Follow these easy steps to buy LPT:

• Open an online account. To start trading, you need to open an account with the exchange of your choice and verify your identity. Most exchanges require you to submit personal information, i.e., your address, Social Security number, and a picture of your valid ID. Once your account is verified, you can fund the account and start trading.
• Buy a crypto wallet (optional). Software and hardware wallets give users more control over their cryptos. Software wallets are easier to use, but hardware wallets offer a more secure offline storage.
• Make your purchase. Now, you are all set to make your purchase. You can fund your exchange account with a bank card, a wire transfer, or deposit other assets such as Bitcoin or Ether from a crypto wallet. Now that your funds are deposited, look for the trading pair with SCRT set your desired price, and make your purchase.

More advanced traders can buy mainnet SCRT from DEXes on the Secret Network or wrapped Secret tokens on Ethereum-based DEXes.

SCRT price is volatile. Price to USD - SCRT reached its all-time high of $10.64 on October 28, 2021. As of November 26, the token trades at around $6.

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