Hello Secret Agents!
Now that Secret Contracts are LIVE on mainnet, we’re excited to begin building and scaling products that utilize Secret Network‘s unique capability for programmable privacy. One of the most important use cases in our ecosystem is addressing the many critical challenges of decentralized finance (such as front running and lack of privacy). We are building applications to solve these problems and introduce more usable and sustainable DeFi products. Everything – transactions, lending, exchanges, wrapped assets, and stable coins – substantially benefits from privacy.
Guy Zyskind
Below is a summary of just some of what our community hopes to implement next, beginning in the fourth quarter of 2020! Importantly, all of these products are interconnected, creating a universal economy for open finance. This means more accessible, interoperable and sustainable applications and organizations.
This also means that there are many ways you can contribute to creating and scaling these applications! If you’re interested in helping to build a privacy-enabled, decentralized financial ecosystem – whether you’re focused on applications, bridges to other ecosystems, providing liquidity, or any other contributions – keep reading to learn how to get involved.
Interested in participating? 🕵️
Secret Chats: Discord | Telegram
Secret Forum: https://forum.scrt.network
Reach out via email: [email protected]
Secret Committees: Learn how you can join!
Secret Tokens and the SNIP-20 Standard
Description: Similar to the ERC-20 token standard, SNIP-20 (a.k.a. Secret-20) is a standard for building fungible “Secret Tokens” based on Secret Contracts. Wallets, exchanges, and other products in our ecosystem will benefit from a consistent approach used to create privacy tokens on Secret Network. The balance of holders (state of the contract) and transactions (inputs and outputs of the contract) are fully encrypted. Secret Tokens are the building blocks of Secret DeFi applications with composable value structures and privacy network effects.
The first Secret Token, secretSCRT, is already live on mainnet!
Secret Network
What types of applications would benefit from the programmability and privacy of Secret Tokens? What assets could you turn into Secret Tokens?
Guy Zyskind
Secret Bridges
Secret Ethereum: ETH ←→ secretETH
Description: This would allow moving ETH and ERC-20 assets (along with Secret Tokens) between Ethereum and Secret Network. The process locks up ETH and mints an equal amount of secretETH (or any secretERC-20), based on the Secret Token standard. Bridging to this ecosystem is top priority, given the amount of user and developer adoption for DeFi applications on Ethereum and the ongoing innovation. There is a multitude of ways Ethereum users and developers would benefit from the privacy and scalability of Secret Network!
Secret Network
Inter-Blockchain Communication Protocol
Description: Secret Network is positioned as the privacy hub in the Cosmos ecosystem as Inter-Blockchain Communication (IBC) is getting deployed. The vision of IBC is to easily support cross-blockchain interactions and exchanges. One of the first collaborations we are exploring is with Terra, focusing on privacy-preserving stable coin transactions.
What other types of chains in the Cosmos ecosystem will benefit from programmable privacy through IBC?
James Waugh
Other bridges to come…
Secret Apps
Staking Derivatives
Description: Staking helps to support the stability and security of blockchains, but it does mean less liquidity for the native asset of the chain, hampering growth. With secret staking derivatives, users can pool SCRT in a secret contract that chooses how to stake pooled SCRT across validators in the network while issuing a synthetic staking derivative Secret Token (e.g., dxSCRT). In this sense, SCRT serves as collateral; dxSCRT is a liquid token, so it can be used or traded immediately. And because dxSCRT is a standard Secret Token, this particular staking derivative can be used privately.
What types of Secret DeFi applications will benefit from the liquidity unlocked by staking derivatives? How can we optimally balance the need for liquidity with the need for security?
Itzik Grossman
Secret Markets
Description: Being able to exchange assets easily, securely, and privately is not only essential to blockchains – it’s essential to global commerce! Secret Markets enable users to exchange assets on Secret Network without many of the issues associated with current exchanges and markets, including the threat of automated front running. Participants create Secret liquidity pools and can facilitate swaps between any two assets on Secret Network. Building on the work outlined in this blog post, we will begin with a focus on secretSCRT, secretETH, secretERC-20s, secretATOM, and other secretCosmos tokens.
CK
How could you improve, secure, and scale markets on Secret Network? Read more about initiatives happening throughout the universe of Cosmos DeFi!
Martin Worner
Here is the most exciting part: each of the applications and initiatives mentioned above is already in progress! So if our vision inspires or confuses you, please join our community to ask questions, share ideas, and build with us.
Secret Network is a sandbox – the first privacy-preserving blockchain, enabling never-before-seen decentralized applications. This capability for programmable privacy is unprecedented, so we can’t even imagine what you might create. We hope you build the first decentralized app with a million active users, whose privacy we protect, unlocking magnitudes of value for the world!
Whatever you create – let’s build momentum together!
Interested in contributing? 🕵️
Secret Chats: Discord | Telegram
Secret Forum: https://forum.scrt.network
Reach out via email: [email protected]
Secret Committees: Learn how you can join!
James Waugh
To Infinities and Beyond 🛸🛸🛸
To discuss Secret Network and Secret Apps, visit our community channels:
Website | Forum | Twitter | Discord | Telegram
