Secret (SCRT)

What is it?

Secret (SCRT):Secret (SCRT) is the native token of the Secret Network. It operates as a utility token within the network, playing a crucial role in securing the network, staking, and governing proposals.

Secret Network:Secret Network is a decentralized platform that specializes in privacy-preserving smart contracts. Unlike traditional smart contracts on many blockchain platforms that are transparent, Secret Network's contracts keep inputs, outputs, and state information private. This means that while the transactions and smart contracts themselves are verifiable and secure on the blockchain, the data contained within them remains confidential.

What is it used for?

SCRT is multi-functional within the Secret Network:

• Staking: SCRT can be staked to earn rewards and secure the network. Validators and delegators participate in the consensus mechanism by staking SCRT, ensuring network integrity.
• Governance: SCRT holders can participate in governance by voting on network upgrades, parameter changes, and other proposals.
• Transaction and Compute Fees: Like gas in Ethereum, SCRT is used to pay for compute and transaction fees in the Secret Network.
• Privacy-Preservation: SCRT is used as a means to interact with secret contracts, enabling the functionality of private computations.

Who created it?

Secret Network originated from the Enigma project, which was initially conceived at MIT by Guy Zyskind and Oz Nathan, with the first whitepaper being published in 2015. The transition to what's now known as the Secret Network was part of an evolution and expansion of the original Enigma vision, with a more robust emphasis on privacy in decentralized applications.