Secret Network: The Intersection of Privacy and Defi\
#1 Secret Network – The Intersection of Privacy and Defi
What is Secret Network:
Secret Network is the first blockchain with privacy-preserving smart contracts by default. Normally, blockchains that operate on smart contracts are public by default. This means that all of the data held within the smart contract is publicly visible to anyone who decides to go looking. Secret Network, however, supports encrypted data inputs, outputs, and encrypted smart contracts all by default. Secret Network is an open-source network that protects data (and secrets) for users of decentralized applications (Secret Apps). It is the result of the collective and committed eort of its community
How Does Secret Network Work?
Secret Network is a network built by multiple decentralized computers (nodes or validators) that use *TEE’s to encrypt and ensure private data computation. To access all of this encrypted data, Secret Network users must have access to something called a viewing key. The owner of this unique viewing key will be able to view and interpret all of the underlying data. Viewing keys can be shared with wallets, auditors, etc… This freedom allows the user to dictate exactly what personal information is shared and with whom.
*TEE is short for “Trusted Execution Environment” which functions as a black box of sorts and they are commonplace in video game consoles and even smartphones.
The Uniqueness of Secret Network:
As a layer 1 solution, Secret Network has the ability to be interoperable with other blockchains. Secret Network features smart contracts that are private by default and the ability for users to maintain control over their own viewing keys, allowing them to share their encrypted data with
whomever they choose. This brings the ultimate level of privacy and interoperability to the world of DeFi and smart contracts. These capabilities have allowed Secret Network to produce some amazing applications like SecretSwap, Secret Networks’ very own front-running resistant AMM. Secret Network also boasts the world’s first private voting DAO, named SecretSwap governance. They also have many other applications and projects like a sealed-bid OTC marketplace, Secret NFT video games, the Secret Ethereum Bridge, Secret Monero Bridge (connecting privacy-to-privacy), Secret Binance Smart Contract Bridge, privacy-preserving email software, privacy-preserving social media, and so much more!