- Secret Community is a blockchain that permits privacy-centric sensible contracts.
- The “secret” contracts are computed by nodes inside a trusted execution atmosphere.
- Such contracts permit clear blockchains to soundly deal with delicate information.
Blockchain know-how gives a helpful layer of openness and transparency that present centralized networks can not, however some non-public information isn’t meant to be shared publicly.
How many individuals need to use a community that shares their monetary particulars and figuring out data to everybody, for instance?
That’s the problem that Secret Community goals to resolve. By enabling programmable sensible contracts that run on blockchain and compute inside trusted execution environments, shielding the information from the nodes themselves, Secret Community guarantees the clear advantages of blockchain with the form of safety and privateness that customers demand from net providers.
Right here’s a have a look at how Secret Community works and what the neighborhood behind it hopes to attain with the venture.
What’s Secret Community?
Secret Community is a blockchain constructed particularly for information privateness. By supporting encrypted inputs, outputs, and sensible contract states, Secret Community allows programmable sensible contracts that hold consumer information protected. If cash like Monero and Zcash are the privacy-centric evolution of Bitcoin, Secret Community’s sensible contracts are like an evolution of Ethereum’s personal sensible contracts, constructing upon that premise whereas enabling the safe switch of personal information.
Secret Community was born out of Enigma, a startup that developed the idea of a decentralized protocol for secret sensible contracts. Enigma raised $45 million in a 2017 preliminary coin providing (ICO), however faced enforcement from america Securities and Alternate Fee in 2020 that pressured a settlement with the SEC.
In the end, the neighborhood round Enigma determined to proceed that imaginative and prescient as an impartial, decentralized venture, which is how the current version of Secret Network was born. A swap allowed holders of Enigma’s Ethereum-based ENG token to commerce 1:1 for SCRT, the native coin of Secret Community used for governance and paying charges. Enigma stays concerned as one of many key gamers in the neighborhood supporting improvement of Secret Community.
How does Secret Community work?
Secret Community is a layer-1 blockchain with its personal consensus and on-chain governance, constructed atop the Cosmos/Tendermint framework. It depends on a community of distributed nodes that carry out the computation of sensible contracts constructed on Secret Community, however the nodes use a trusted execution atmosphere (TEE)—like a black field—to take action away from prying eyes.
It’s just like how a smartphone processor makes use of a TEE to deal with delicate information like fingerprints, but it surely’s a blockchain node as an alternative. The community payments its sensible contracts as “secret contracts,” as they’re designed to protect the privateness of the information held inside. The SCRT (“Secret”) coin should be staked by nodes to take part within the community, plus it’s used to pay charges and switch worth.
Do you know?
As a part of the 2020 settlement, the SEC pressured Enigma to supply refunds to buyers, register its token as a safety, and pay a $500,000 advantageous.
What’s so particular about Secret Community?
There’s lots to love about blockchains so far as being immutable and clear, however that form of openness limits the form of information that may be safely dealt with by many blockchains—notably top-secret information that folks or firms wouldn’t need seen by simply anybody.
Secret Community goals to plug that gap by offering the layer of privateness and safety whereas nonetheless protecting what individuals like about blockchain know-how—the most effective of each worlds, in principle. Whereas it’s not the one firm trying to fill that void, it’s an idea that may very well be key to driving the way forward for sure decentralized apps (dapps), notably within the realm of decentralized finance (DeFi).
What are you able to do with Secret Community?
Secret Community is designed to empower decentralized purposes that demand a stage of privateness not discovered on many different blockchain networks. By utilizing a trusted execution atmosphere and protecting non-public information away from each the general public and node operators, it might deal with delicate data that customers and organizations may not in any other case be keen to share.
The community’s operators have proposed a large variety of potential use instances, together with credit score scoring and lending dapps that guarantee privateness, machine studying capabilities that also retain privateness within the course of, and enhancing the power to soundly share and monetize information. Extra broadly, Secret Community might probably be helpful to any dapp that handles delicate information.
Do you know?
Cosmos, the framework Secret Community is constructed on, is billed as “the web of blockchains” and goals to create an interconnected ecosystem of blockchains, whereas many present blockchains are like particular person silos.
The long run for SCRT
With the ENG-to-SCRT token swap concluding in January 2021, successfully closing the e book on the previous Enigma venture, Secret Community is making an attempt to construct in direction of a future that embraces interoperability with different blockchains. A scarcity of cross-chain compatibility might restrict Secret Community’s enchantment and in the end hold it from being as widespread or helpful because the neighborhood builders intend it to be.
Secret Community can be making a giant decentralized finance push with its Secret DeFi initiative, and launched a SecretSwap decentralized change in February 2021. In line with the Secret Network FAQ, “a part of our imaginative and prescient has at all times been bringing privateness to each blockchain,” and it calls out Cosmos inter-blockchain communication and interoperability as one other potential initiative on the roadmap.
Past that, Secret Community seems centered on attracting extra builders to construct their dapps on the blockchain, thus demonstrating extra use instances within the course of. It’s not the one blockchain with privacy-focused sensible contracts (Oasis Network is one other instance) and there are different potential options to the dilemma of dealing with delicate information on blockchain—comparable to safe multi-party computation. Whether or not Secret Community’s resolution in the end stands above others presently in the marketplace and even on the horizon stays to be seen.