Hello Secret Agents!
We’re pleased to announce that privacy tokens have finally launched on the Secret Network mainnet! Today we are introducing a privacy-preserving, fungible Secret Token that is backed by SCRT, the native currency of Secret Network. “SecretSCRT” is the first implementation of the SNIP-20 standard. It allows you to deposit X amount of SCRT (which is not private by itself) and obtain X amount of secretSCRT, the wrapped privacy token.
enigmampc
SecretSCRT was deployed on mainnet here:
As the tx describes – the contract’s label is sscrt and its address is secret1k0jntykt7e4g3y88ltc60czgjuqdy4c9e8fzek
About Secret Tokens:
Guy Zyskind
What is encrypted?
- Balances
- Transactions (receiver, amount)
Any transaction and all rolling balances are forever kept encrypted, ensuring both anonymity and confidentiality. Each person can still query their own (and only their own) balance, as well as send tokens to others, privately. Additionally, viewing keys can be generated to allow third parties (including other contracts) to view your balance, without actually taking control of your funds. To illustrate, the equivalent of Etherscan for Secret Network would only show the following details of Secret Tokens: total supply (essentially TVL), plus transfers and holdings corresponding to the viewer.
Usage is pretty simple: deposit SCRT into the contract in order to get secretSCRT, which you can use with the functionality the contract provides including: sending, receiving, allowing, and redeeming SCRT. In terms of privacy, deposits and withdrawals are public because those on-chain transactions move SCRT in and out of the contract. However, the rest of the functionality involves encrypted inputs, i.e., nobody can see if you send / receive secretSCRT or to / from whom.
Privacy Network Effects
Imagine a system where any operation you do, across any DeFi service (be it trading, staking, lending, providing liquidity, issuing synthetic tokens, etc.) happens with complete privacy. That’s the vision of programmable privacy and Secret Network. There is a big difference between transactional and computational privacy. Secret contracts give application developers the power of programmable privacy features, which are composable.
Each DeFi user actually gains more privacy with every additional service and every dollar worth of additional value locked in the ecosystem, leading to privacy network effects. The aggregate liquidity across all DeFi applications quantifies the level of privacy obtained (a.k.a. the anonymity set).
Viewing Keys and Compliance
Privacy by default means the users have control of who sees what! To increase their usability, Secret Tokens are designed to enable owners to share verifiable proofs with anyone. This is also critical to build a compliant financial ecosystem. “Viewing Keys” are used to validate the identity of someone who queries a specific account. User-supplied strings are used for entropy for generation of the viewing key. Viewing keys are designed to be used by 3rd parties like auditors, wallets and explorers when users opt-in to share this information.
SNIP-20
SecretFoundation
Secret Network Improvement Proposal #20 (or Secret-20) is a specification for private fungible tokens based on CosmWasm on Secret Network. Additions to the SNIP-20 reference implementation over the CW20 specification are mostly for privacy features, and as such, we will strive to maintain compatibility.
enigmampcSecret Ethereum Bridge
Secret Network
We’ve also built a simple way to create synthetic (wrapped) ETH and ERC-20 tokens on Secret Network based on this standard that can be used with full privacy, at lower cost. Read this post to learn more about how to lock ETH and ERC-20 tokens in order to receive / use privacy-preserving “secretETH” and other potential Secret Tokens!
About Secret Network
Secret Network combines the best features of decentralized, open-source networks and blockchains with the benefits of data privacy and improved usability. These improvements are critical for achieving mass adoption.
Secret Network is a decentralized network of computers (which we call “secret nodes”) that use hardware-based and software-based privacy technologies to enable secure computation. On top of this network, developers can build Secret Apps – unstoppable, permissionless applications that can utilize encrypted data without ever exposing the data itself, even to the nodes in the network performing computations.
What will you create?
Secret Network
Following the advent of ERC-20 tokens, the “world computer” saw exponential growth as more and more people learned about Ethereum. We believe that Secret Tokens will have a similar effect as developers create useful assets and applications that protect and empower users! Let’s focus on solving real problems and opening the financial industry to everyone. Together, we hope to lead the way towards a better future that is universally fair and sustainable!
To discuss Secret Network and Secret Apps, visit our community channels:
Website | Forum | Twitter | Discord | Telegram
