What is a secret network digital currency?
Blockchain technology offers users several advantages such as transparency and high accessibility that current core networks cannot offer. But some private data should not be shared with the public. For example, is there anyone who wants to use a network? Does that reveal their financial details and identity information to everyone? This is a problem that the secret digital network currency is solving.
By providing smart contracts that run on blockchain and process them in trusted executable environments. That hides even its data from the nodes themselves, and the secret network digital currency aims to enhance the benefits and transparency of blockchain with the level of security and privacy of web services. Offer.
In the following, we will take a full look at the digital secret network currency and the SCRT token and talk about the project of this coin and the future of the SCRT token price. Stay with us.
What is Secret Network Digital Currency?
Secret Network Digital Currency has a blockchain created specifically for the privacy of users’ information. By supporting the input, output, and rules of smart contracts programmable intelligent contracts that can protect user information If coins like Monero or Zcash are secured, privacy-based versions of Bitcoin, Secret Network digital currency is like an evolved version of Ethereum that supports the idea of making Ethereum by supporting smart contracts while maintaining data security and privacy.
The secret network digital currency was created by the startup Enigma. The startup has developed the concept of decentralized protocols for secret smart contracts. Enigma raised $ 45 million in its initial public offering (IPO) in 2017, but the US Securities and Exchange Commission (SEC) halted its operations in 2020, forcing Enigma to compromise with the SEC. 
Eventually, the Enigma fan community and activists decided to pursue this vision and idea as an independent and decentralized project. This gave birth to the secret currency digital currency. Holders of Enigma Ethereum-based ENG tokens were also able to exchange their tokens for SCRT tokens in a 1: 1 ratio. The SCRT token is a native network secret token used to govern and pay in-network fees. Enigma also remained one of the main components of the remote network support and development community.
How does the secret network digital currency work?
Secret Network Digital Currency is a layer-1 blockchain with network governance developed based on the Cosmos / Tendermint framework. This blockchain mounts on a network of distributed nodes that processes intelligent secret network contracts. Of course, these nodes use a trusted executable environment (TEE), which is like a black box, so that the nodes can not be informed of the content of the data. 
These blockchain works are similar to how a smartphone works to process sensitive data such as fingerprints, but instead of TEE in a smartphone, there is a node blockchain. The Secret Network calls its smart contracts “secret contracts”; Because it is designed to protect data privacy. Nodes must stick to the SCRT token to participate in network activity. Of course, the CSRT token is also used to pay commissions and transfer value.
What is the unique feature of Secret Network?
Blockchains have attractive features and capabilities such as immutability and data transparency. But this kind of transparency limits data that can be processed quite securely in blockchains; Including confidential data that individuals or companies do not want anyone to be able to see.
The secret network digital currency intends to eliminate these problems by providing a new layer of protection for privacy. While maintaining the attractive features of blockchain. Although this is not the first project to address this issue, it is a concept that could shape a bright future for decentralized applications (DApps), especially in decentralized economics (DIFA).
This blockchain can process and manage sensitive information that users and various organizations are reluctant to share, using a trusted operating environment and hiding confidential data from the public and ninety operators.
The operators of this network offer a wide range of different uses, among which we can mention the following:
- Credit and lending rating applications that have a high level of privacy.
- Machine-learning systems maintain the privacy of individuals in the process.
- Increase the ability to share and earn secure data
In general, the Secret Network is useful for decentralized applications that deal with sensitive data.
SCRT token
As mentioned, the SCRT is the native digital currency token of the Secret Network. The $ 0.5 SCRT token was listed on the CoinMarketCap website on September 30, 2020. The total amount of network tokens is 190,165,060 units. This token is used to maintain privacy, network transparency, sovereignty, and pay within-network fees.
If you want to buy SCRT tokens, you can use Binance, Quinx, or Gate.io exchanges. Of course, due to the closure of the Binance exchange for Iranians, you can use the second option. Currently, Quinx Exchange does not have a problem with the activity of Iranian users in Quinx, but it is better to be careful.
After the SCRT token was accepted on the CoinMarketCap website. was not much price increase for the token. It was traded without much change until almost early February 2021. However, the lowest recorded price for this token was recorded during the same period (November 3, 2020) at the level of $ 0.255. On February 8, 2021, the first wave of the token began. In less than two weeks, the wave pushed the SCRT token price from around $ 1 to $ 4.6.
Of course, this level was not maintained for a long time, and the next day the price started to fall and even recorded a floor of $ 2.4. The next wave started in early April, but the SCRT price could not exceed $ 4.7. After the cows failed to register a new peak, the token began to decline and, in July 2021, reached levels below $ 1
After hitting $ 0.81 in July 2021, a slight uptrend for the SCRT token began. The uptrend intensified in early October 2021 and reached $ 6.9 on October 11. The next wave of SCRT price correction started on October 20. It has reached a historic high of $ 10.7 on October 28. After a downtrend, it started moving up again, and on January 18, 2022, it was able to grow again in the range of $ 9.5. Then, under the influence of the general trend of the cryptocurrency market, it experienced a new correction and a fall in the price and dropped to the range of $ 4.8
The future of SCRT
With the merger of the Enigma and secret network projects and the swap of the ENG and SCRT tokens in January 2021, the story of the Enigma project was officially closed and replaced by the Secret Network digital currency to collaborate with other blockchains. Lack of cross-chain capabilities can hinder the development of the secret digital currency and, as a result, its widespread use and acceptance by developers.
The secret network digital currency can also make a big difference in defense with its new Secret Defi project. In addition, the launch of SecretSwap Decentralized Exchange in February 2021 will increase the credibility and value of the SCRT token. According to the question and answer section of the Secret Network website, “part of the project’s vision is to add privacy and data protection systems to all blockchains.” So in its roadmap, it intends to work with the Cosmos network first. Have a blockchain.
Concluding remarks
It has always been an issue many companies and users have been looking for. The Network Secret Digital Currency Blockchain Network has also begun to address. This issue provides developers and users with a wide range of services while protecting privacy.
Privacy and confidentiality of users are used in various fields such as banking, health, insurance, etc. This could lead to an increase in the popularity of the secret digital currency in the future. The construction team of this project has always tried to expand efficiency and cooperation. It has also done some work to enter the field of defense.
In addition, Secret Network Digital Currency is focused on attracting more developers to build DApp on the blockchain. And showcasing more uses for the network. It should be noted that this is not the only blockchain based on the privacy of smart contracts in the world of cryptocurrencies (for example, Oasis Network is a similar example). Also, there are other solutions, such as multiple secure processing for managing and processing sensitive data in current blockchains. So whether the proposed secret network digital currency system can excel in this area. It makes the SCRT token a good investment option depending on this network’s future innovations and collaborations.
