About Secret (SCRT)
The secret is an independent foundational layer blockchain based on the Cosmos SDK and uses Tendermint consensus. Therefore, the blockchain network allows developers to build and deploy decentralized applications from the network layer.
Secret is developed with the idea of privacy for a DApps development and transaction environment. The network enables the creation of private smart contracts that are not only hidden from unauthorized individuals but also concealed from the nodes involved in storing and transmitting data. User data and all smart contract information is encrypted from end to end.
Sensitive information stored within DApps in the Secret network is completely encrypted and kept secret from any access outside the direct participants. The Secret platform is a development of the Secret Foundation, a tech company founded by Chicago-based tech entrepreneur Tor Bair in 2017. The company is built on the premise that the blockchain will disrupt all modern business and banking, and therefore wants to ensure that security can be achieved by what the founder calls “programmable privacy.” Tor Bair and Secret believe this is accomplished by using the private smart contract development process utilized by the ecosystem and all subsequent privacy measures in the network infrastructure.
Nodes in the Secret network are run in Trusted Execution Environments (TEE)- a measure that keeps data safe even from the unencrypted access and view of the nodes themselves, as referenced above.
The Secret cryptocurrency coin is used in on-chain governance and staked for node participation in the Delegated Proof-of-Stake (DPoS) consensus model. The Secret coin is also used to pay fees in the Secret dApps. The secret coin is known by its token ticker $SCRT. The current price of the Secret coin is updated and available in real-time on Binance.