The open-source blockchain protocol, the Secret Network, provides privacy features for the Ethereum blockchain and 14 ERC-20 tokens. In accordance with the Secret Network blog post, today, the protocol launched its Secret Ethereum Bridge on the mainnet.
The new product provides holders of ETH and particular ERC-20 assets to develop ‘secret’ versions of their assets in the form of ‘Secret Tokens’ to allow private transactions. Moreover, the platform associates these secret tokens to subsisting privacy coins like Monero. SCRT tokens have been swapping since early October. In the past 30 days, SCRT has increased by 67%. The prices have surged owing to the launch of the Ethereum Secret Bridge.
Secret Network would originally provide privacy features to 14 ERC-20 tokens in enhancement to ETH. It involves YFI, UNI, BAND, COMP, LINK, AAVE, KNC, SNX, DAI, OCEAN, MKR, USDT, TUSD, and WBTC. The latest move is a component of a wider plan from the Secret Network to introduce privacy features to public blockchains. Moreover, developers can create and use the protocol’s “secret” smart contracts that utilize encrypted inputs, outputs, and states. These contracts also allow blockchain to use private information in decentralized apps without endangering users’ private data.
Secret Network to introduce Bridge Mining
According to the blog post, Secret network plans to provide Bridge mining. It will allow users to protect their ERC-20 and ETH tokens on the bridge. Therefore, users can receive SCRT rewards. Moreover, Liquidity mining rewards are supposed to go live in January. Moreover, it states that the Secret DeFi Suite is under process. It will also supposedly roll out in January 2021.
The blog post states that the Secret Network anticipates up to two million SCRT to be allotted to the community rewards fund. Thus, to promote the launch of Secret DeFi. It enables users to transfer any amount of SCRT, which is not hidden by itself. Thus, minting and receiving a similar amount of the wrapped privacy version, secret (SCRT).
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