Enigma Migrates To Secret
During the course of 2020, Enigma holders were able to swap their ENG for SCRT on a 1:1 basis. Enigma migrated to its own Cosmos SDK-based chain, Secret Network, which has performed rather well since its inception. With an all-time low of $0.25 and an all-time high of $10.38, SCRT clearly has been producing the goods for investors. SCRT is currently trading at $4.53 at the time of writing and has a market cap of $751 million. I was fortunate enough to be holding some ENG on an exchange, which was automatically swapped to SCRT. I am still holding my SCRT, especially as it is a staking coin, which is always a criterion that plays into my investment decisions.
Privacy For Web 3
Secret Network enables data privacy by default and subsequently enables users to interact in a permissionless and private environment. Web 3 is heavily reliant upon this dynamic and Secret is enabling programmable privacy for DeFi, NFTs, and more. Secret Network offers privacy-preserving smart contracts known as “secret contracts”, which means that applications built on Secret can utilize encrypted data without revealing it to anyone. This even includes the nodes in the network.
Privacy has begun to attract a lot of attention in recent days, largely due to the consequences of sanctions and financial censorship. Projects like Secret, as well as Dusk, take privacy a step further. Enabling smart contracts to preserve privacy is an element of development that can have multiple expressions and use cases.
Secret NFTs
Stashh is one of the projects in the Secret ecosystem that enables users to buy, sell, trade, and mint NFTs with built-in privacy. This enables galleries to restrict viewership so as to maintain and secure rarity. NFT collectors can also keep their ownership status private and confidential. Sealed bid auctions will also keep a collector’s wallet balance private so that it cannot be used against them during bidding.
Image Source – Stashh.io
Stashh is just one of the projects in the ever-growing Secret Network ecosystem. Secret Heroes is another NFT-based project in the Secret ecosystem and is an NFT game that enables players to mint, collect, and battle Secret NFTs. There are numerous DEXs, as well as private and secure messaging, decentralized cloud storage, and even private file sharing dapps available.
Time To Have A Look At Secret?
The Secret Network is still relatively unknown but not under the radar. The market cap is actually quite close to the billion-dollar mark and has been as high as approximately $2 billion. With the market well off its highs, it may be a good time to have a closer look at Secret and its expanding ecosystem.
Disclaimer
First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.
This article was first published on Sapphire Crypto.
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Really good breakdown on Secret Network. Will certainly reblogging this for our Coin Logic front page feed.
SCRT is one of our holdings as well and our current choice for private transactions aside from Monero, which you can now bridge to Secret!
Thanks! yeah, I like this one for the long term. The market cap may look high but privacy is likely to boom in the future...
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Oh it will for sure. I am not one that uses price and marketcap to judge projects. More on the fundamentals and secret has some pretty solid fundamentals, even with some recent growing pains, they have been able to recover.
I don't know much about SCRT but I keep on adding. Got inspired by @mindtrap to invest in it.
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Got some Metarats, in case you need exposure to Secret NFTs ;)
Tons of airdrops are coming. Just today I found about a new one.
Oh...and one more secret. Start digging on Shade Protocol. L2 built on top of SN. The game changer. These 2 will make waves
I still haven't staked it, keep on accumulating. Would be happy with a 10X on its current value also...
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Massive mistake...
I don't like the idea of holding on some browser extension. Never used metamask either in this regard.
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