AMA Recap: CRYPTO MINERS X SECRET NETWORK
Secret Network is a decentralized network of computers (secret nodes) that use hardware-based and software-based privacy technologies to enable secure computation. On top of this network, developers can build Secret Apps — unstoppable, permissionless applications that can utilize encrypted data without ever exposing the data itself, even to the nodes in the network performing computations. Secret Network combines the best features of decentralized, open-source networks and blockchains with the benefits of data privacy and improved usability. These improvements are critical for achieving mass adoption. Secret (SCRT) is a privacy-oriented blockchain built on Cosmos. Its smart contracts are called Secret Contracts and allow DApps to use private data on Secret, similar to how smart contracts operate on other blockchains. However, Secret Contracts transfer encrypted inputs into encrypted outputs without exposing data. This is made possible thanks to the encrypted contract states during the execution. Data privacy is guaranteed by combining encryption protocols and key management within a Trusted Execution Environment (TEE). This allows Secret Contracts to compete for several privacy-related use cases that traditional blockchains have found difficult to accommodate. For instance, private voting mechanisms or credit scoring applications become possible since they do not expose sensitive user data on-chain with Secret. The Secret Network stands out with its focus on privacy and end-to-end encryption of data, something that blockchains like Ethereum don’t offer. Developers are able to build solutions that protect data privacy without compromising usability, contributing to the network’s goal of advancing the adoption of privacy-first, decentralized applications.
We hosted an AMA session with Secret Network on 14th August.
Mr. Ramsy was the host from Crypto Miners and Mr. Assaf was the guest. He shared delightful knowledge and unique features of Secret Network.
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Segment 1️⃣: Introduction
Ramsy | Crypto Miners:
Hello everyone 👋 Welcome to Our #Special AMA session With Secret Network
Thank you all for joining us today❣️
To help us learn more about Secret Network, We are lucky to be joined By Mr. Assaf
Hello Assaf 👋
Assaf | SCRT Labs:
Hi all! I’m Assaf Morami, working with SCRT Labs (http://scrtlabs.com) as a core developer of Secret Network (https://scrt.network). A very proud husband and girl dad. Before joining SCRT Labs in 2019 I was in the cybersecurity field for 8 years, working with the Israeli ministry of defense, defending against nation state actors. And that’s me in a nutshell. 😁
Ramsy | Crypto Miners:
Welcome here Assaf ❤️
Thanks for bringing Us Secret Network
Assaf | SCRT Labs:
Secret Network is a cosmos-based chain with permission-less CosmWasm (the cosmos smart contracts framework), with the only difference of having private inputs, outputs and state for contracts.We get privacy by making all nodes use Intel SGX, which is a trusted hardware in the CPU that lets you run computations over encrypted data, so even the nodes themselves can’t see what they are running.
Inside SGX we’re running permission-less CosmWasm, so users can send encrypted transactions and only inside SGX contracts can decrypt the user input and calculate the result.
The result is then encrypted back by the contract, so only the user can decrypt it on their machine and see the result. The best thing is that each contract also has private keys to encrypt its own storage, so for example on a token contract or NFT you can have private balances and ownership stored in the state of the contract.
Ramsy | Crypto Miners:
Thanks for this brief start about Secret Mate 👍
Now let’s Start our first part of The AMA session, If You’re ready!!
Assaf | SCRT Labs:
Cool new possibilities that this opens up:
1. Using randomness on-chain (examples).
2. Implementing games of incomplete information (like poker)
3. Storing private keys on-chain
4. Private voting
5. Private balances & transfers of tokens
6. Private ownership & metadata of NFTs
7. MEV resistant DeFi applications
8. Private swaps in AMMs, private positions in lending
Ramsy | Crypto Miners:
Now please share What are the features of Secret that makes it superior and special as compared to its competitors?
Assaf | SCRT Labs:
I think I just did 😁
Ramsy | Crypto Miners:
Alright 😃
So let’s move to our next question from this segment
3. How Secret Network provide users with customizable privacy?
How privacy preserving smart contracts works in Secret Network and how about its security?
Assaf | SCRT Labs:
We get privacy by making all nodes use Intel SGX, which is a trusted hardware in the CPU that lets you run computations over encrypted data, so even the nodes themselves can’t see what they are running.To call a contract, the user encrypts the input and only the contract can decrypt it
Same with the output, so it’s end-to-end encrypted
And to write to storage, each contract has a unique encryption key for itself, so only contract can access their own storage
This of course relies on Intel SGX security, but we’re researching other avenues like using homomorphic encryption, but that’s at least 3–4 years in the future and not nearly as production ready a Intel SGX which is best in class right now
So to sum up, each contract can read its own storage, and when sending transactions and queries only the contract and the sending user can read the input/output
Ramsy | Crypto Miners:
Thanks Assaf For making clear the information
4. Now tell us about the native token $SCRT, what are its usecases and utilities in Secret Network? Also Please provide with us the tokenomics
Assaf | SCRT Labs:
So $SCRT is the native coin of Secret Network, and just like any other cosmos coin it’s public. It’s used for transaction fees, for block rewards (15% inflation), for staking (current APR is ~21%) and for voting on governance proposals (for chain upgrades, param changes, on-chain funding, etc).
On Secret Network you can also wrap SCRT to the sSCRT token which is privacy preserving and by that you get private balance & transfers, meaning if you transfer that sSCRT it’s completely private.
We also have secret tokens for all the major cosmos chains (https://wrap.scrt.network), and for ETH, BSC, XMR and the major ETH ERC20 via the ETH bridge (https://bridge.scrt.network), so you can send ERC20 tokens to Secret Network and wrap them as secret tokens and get privacy for your balances and transfers.
In addition, $SCRT is traded on all the major CEXs & DEXs (https://www.coingecko.com/en/coins/secret#markets).You can explore current & future dApps on Secret in here: https://scrt.network/ecosystem/dapps
Cool ones are Sienna (https://app.sienna.network/) which have a privacy preserving AMM, lending & launchpa, and Shade which are also doing private DeFi dApss (https://shadeprotocol.io)
AMMs on Secret:
- https://app.sienna.network/swap
- https://app.secretswap.net/swapBecause inputs are encrypted you get front-running resistance by default for swaps!
Ramsy | Crypto Miners:
Lastly, what important updates and developments we’ll get in coming months and years in Secret Network?
Assaf | SCRT Labs:
Here’s some examples of cool features:
- DAOs — https://twitter.com/assafmo/status/1476619171316346884
- Gaming — https://twitter.com/assafmo/status/1418637182051438593We’re always upgrading:
- Our WASM engine for faster txs
- Our WASM framework for it to be easier to write contracts
- Adding new wallet support (MetaMask, Keplr, StarShell, Leap, Fina, and more)
- Adding new privacy features
- Looking for builders ($400M grant program — https://github.com/scrtlabs/Grants) to build privacy dAppsWould love to answer more questions! Trying to squeeze in a lot of links for interested people to explorer later
Another cool dApp — private DMs between all cosmos wallets!
Ramsy | Crypto Miners:
We have three More questions — one from Twitter & two From Live 😁
Assaf | SCRT Labs:
Also an on-chain email platform — https://altermail.live/
Ramsy | Crypto Miners:
Wow, That’s Cool 👌
Assaf | SCRT Labs:
On-chain poker: https://holdem.enigma.co(On testnet currently)
Shinobi — A BTC bridge to Secret Network, completely on-chain including private keys, no trusted custody of funds
Then on Secret you’ll be able to get sBTC which has private balances & transfers
(currently on testnet, will launch in December I think)
Stashh — NFT marketplace
There’s also Quentin Tarantino the chose to mint his NFTs on Secret because of its privacy features — https://tarantinonfts.com
And Kevin Smith that minted his new movie on Secret as an NFT collection — https://killroywashere.io/
Ramsy | Crypto Miners:
Thanks Assaf for this well detailed introduction about Secret Network ❤️
And that’s the wrap up of our the first part of the AMA session
Let’s now proceed to our Twitter Question section
Segment 2️⃣: Twitter Questions
1)I found that Secret Network uses Zero-Knowledge Proofs as a mechanism to provide privacy. Can you tell us more about this? How can these mechanisms help you achieve your Web3 privacy goals in your platform? What are the benefits of using Zero-Knowledge Proofs?
Assaf | SCRT Labs:
We don’t use ZKP for privacy, and in fact ZKP cannot be used for general purpose computational privacy (see this https://twitter.com/0xstackcanary/status/1558141857145634816We do use SGX for privacy, see this 👆 for more info
Ramsy | Crypto Miners:
Alright
Now Moving on to our last segment — Live Q&A
Shall we Assaf?
Assaf | SCRT Labs:
Let’s go 🔥
Ramsy | Crypto Miners:
letss go
Segment 3️⃣: Live QnA
(In this segment group was opened for 60 seconds and Miners sent hundreds of questions. Guest choose some best to answer)
1) Itz Abhi ⚡️ :
Can you introduce us to Secret NFTs and about the use-cases of these NFTs? If I am interested in creating Secret NFTs or NFT based applications on Secret Applications, Is it possible to do it and How do I do it? What are the requirements are there for it?
Assaf | SCRT Labs:
Please see this https://stashh.io/#:~:text=4-,Why,Apps,-Private%20Galleries%20%26%20Ownership
2) Munna Bhaiya:
The name is mystery itself. So, why do we call it Secret? Is there any Secret behind the project? How did you got this name for your project?
Assaf | SCRT Labs:
A secret is a piece of information that you own and you have the power to choose who to share it with. It gives your real ownership of your data.
3) Adele:
At the time of trading for the operator it is important to have the necessary trading tools to perform a good analysis and therefore a good movement when operating. What tools does the your offer so that the trader feels comfortable when analyzing and operating in the market?
Assaf | SCRT Labs:
For AMMS we currently have this https://secretanalytics.xyz/
4) Jarvis $BTC:
How to Buy Secret NFTs on Stashh and What others marketplace are the NFTs listed on? What are the use-cases for Secret NFTs?
Assaf | SCRT Labs:
Use cases
5) Rabeya:
🛑 Almost 3/4 of investors are focused purely on the price of token in short term instead of understanding the real value and health of the project. Could you tell us on motivations and benefits for investors to hold your token in long term?🛑
Assaf | SCRT Labs:
On-chain privacy opens up a whole new range of dApss that are not possible anywhere else when there’s not privacy. DeFi apps are more efficient (no MEV), you can build better games (incomplete information) and better DAOs (private voting/governance)
6) Jade:
💫Please tell us about Secret NFTs and some of its applications. Is it possible and how do I go about doing so if I want to develop secret NFTs or NFT-based apps on secret applications? What conditions are necessary for it?
Assaf | SCRT Labs:
If you’re a developer you can start here https://scrt.network/developersContracts are written in very simple rust and a re very easy to start writing.
This is the reference implementation of Secret NFT — https://github.com/baedrik/snip721-reference-impl
You can fork it and you your own special capabilities
7)LALA:
What plans do you have for new user and non crypto investor to attract towards your platform? what challenges do you see?
Assaf | SCRT Labs:
We’re looking for builders who want to build real-world applications like for example https://altermail.live/ which is an on-chain private DM app but the users don’t know it, it just uses Secret Network to store private data behind the scenes
8) IS This Your project only for Elite investors, how about others with small funds, is it open to everyone???
Assaf | SCRT Labs:
Open to all, traded on all platforms https://www.coingecko.com/en/coins/secret#marketsTo access those $400M you can submit a grant request here — https://github.com/scrtlabs/Grants
Re dev tooling, contracts are written in dumbed down rust so it’s easy to start — see this https://scrt.network/developers
9) Prashant:
Secret Agents defend #Web3 #privacy everyday & they’re doing in countries all over the world. I want to join & make a big difference. Can you tell me how can I get involved in SCRT Network being a Secret Agent? Will you have a ranking system too? What will I do as a Secret Agent?
Assaf | SCRT Labs:
https://scrt.network/get-involved/become-secret-agent
10) MÁÑÉ:
Where can i buy your tokens Now?
What Are your current contracts address And how can I buy them And what Are the benefits?
Assaf | SCRT Labs:
It’s traded on all platforms, you can see here https://www.coingecko.com/en/coins/secret#markets
11) EMLALA:
How secured is Secret Network apart from its privacy features? Have you done any security audit before?
Assaf | SCRT Labs:
We didn’t do an official audit (bad past experience with lower quality auditors), but the network is live for 2 years now, was $1.5B mcap at one point and had $200M in TVL on the recent bull market, so people have tried to hack it and couldn’t (i.e. battle tested)
12)Poker:
💥Your product was expanded to NFT by Secret Network. But how much more are these NFTs actually expandable? Could it be that Secret Network will give NFTs a lot more useful application in our daily lives?
Assaf | SCRT Labs:
Yes!! See these uses cases https://t.me/CryptoMiners_Co/1304801https://stashh.io/#:~:text=4-,Why,Apps,-Identification%20Cards%20%26%20Passports
13) 😔𝙈𝙊𝙊𝘿 𝙊𝙁𝙁😔:
𝘾𝙖𝙣 𝙮𝙤𝙪 𝙚𝙭𝙥𝙡𝙖𝙞𝙣 𝙝𝙤𝙬 𝙞𝙨 𝙮𝙤𝙪𝙧 𝙏𝙤𝙠𝙚𝙣𝙤𝙢𝙞𝙘𝙨 𝘿𝙞𝙨𝙩𝙧𝙞𝙗𝙪𝙩𝙞𝙤𝙣? 𝙃𝙤𝙬 𝙢𝙖𝙣𝙮 𝙩𝙤𝙠𝙚𝙣𝙨 𝙒𝙞𝙡𝙡 𝙗𝙚 𝙢𝙞𝙣𝙩𝙚𝙙 ? 𝘼𝙣𝙙 𝙃𝙤𝙬 𝙢𝙖𝙣𝙮 𝙩𝙤𝙠𝙚𝙣𝙨 𝙒𝙞𝙡𝙡 𝙗𝙚 𝙡𝙤𝙘𝙠𝙚𝙙 𝙗𝙮 𝙩𝙝𝙚 𝙩𝙚𝙖𝙢?
Assaf | SCRT Labs:
All tokens are in circulation. The team has about 20–20% of tokens. There’s 15% yearly inflation and 21–22% APR for staking SCRT. There’s currently unlimited supply. Current total supply is 226.08M.
14)Rabeya:
🛑Do you allow suggestions and feedback from the community? Are we allowed in decision making, do you put community into consideration ?
Assaf | SCRT Labs:
Yes! Via on-chain governance. See this https://www.mintscan.io/secret/proposals
15) Sarika:
What is your number one priority for next 6 months?
Assaf | SCRT Labs:
Increase tx performance from 13/sec to 1500/sec
16) Zapata:
What are the strongest benefits of your project that you think will lead your team to a better market?
Assaf | SCRT Labs:
Privacy of course, there’s no other chain that offers that kind of feature set right now so we’re first to market and are already exploring dApps ideas
17) EMLALA:
Congratulation for Shockwave Alpha Mainnet, What can you generally say about how the Alpha Mainnet has been so far? Can you tell more details about this mainnet, What will be the structure of your mainnet? And It’s running on your prediction?
Assaf | SCRT Labs:
This was a mainnet upgrade that added 600x performance improvments
18) Jade:
💫As a privacy technique, Secret Network employs Zero-Knowledge Proofs. What are the benefits of using zero-knowledge proofs?
Assaf | SCRT Labs:
We don’t use ZKP, ZKP can’t be used for computational privacy like that
19) EMLALA:
Congratulation for Shockwave Alpha Mainnet, What can you generally say about how the Alpha Mainnet has been so far? Can you tell more details about this mainnet, What will be the structure of your mainnet? And It’s running on your prediction?
Assaf | SCRT Labs:
Mainnet already live for 2 years
20) Do you have tutorial videos so we can get to know your project more clearly or do you have a YouTube channel or something? can you share it with us???
Assaf | SCRT Labs:
See this https://www.youtube.com/results?search_query=secret+network
21) Rabeya:
🔵As we all know that how token burn is beneficial for project. Do you have plan about token burn? are there any staking and farming features available ?
Assaf | SCRT Labs:
No plans for token burn. SCRT staking APR is currently at 21% I think
*This segment ends here*
Ramsy | Crypto Miners:
Thankyou so much Assaf For your valuable answers and information about Secret Network,
It Was Pleasure Hosting An Ama With You
Assaf | SCRT Labs:
Guys it’s been fun! I have to go!Thanks👋
Time To Conclude Our AMA Section
We Wish all the very best for Secret Network And The Entire team behind the project❤️🤝
Community, if you would like to learn more about Secret Network, here are some useful links for you:
Website: http://scrt.network/
Twitter: https://twitter.com/SecretNetwork
Telegram: https://t.me/SCRTcommunity
Discord: https://discord.com/invite/SJK32GY
Instagram: https://www.instagram.com/scrtnetwork/
GitHub: https://github.com/SecretFoundation/SecretWebsite
Reddit: https://www.reddit.com/r/SecretNetwork/
YouTube: https://www.youtube.com/c/SecretNetworkOfficial
Medium: Secret Network
