Secret Network Empowers Privacy
Secret Network empowers privacy. Secret Network is the first mainnet blockchain with privacy-preserving smart contracts launched in 2020. This makes it possible to build apps that are decentralized and permissionless—yet private.
Ethereum’s big innovation was to put smart contracts on the blockchain: pieces of code that execute automatically once pre-set conditions are met. This made it possible to not only create decentralized payment systems like Bitcoin but also decentralized applications.
However, most blockchains are public by default. All transactions and smart contract interactions can be looked up by anyone. And for some applications and use cases, this isn’t an option. Like when sharing sensitive health data with your doctor, or financial details with your accountant.
SECRET USE CASES
Secret’s smart contracts e.g. “Secret Contracts” are private-by-default. Input, output, and state are encrypted and can’t be viewed by others unless they’re given access. This opens up use cases that aren’t possible on public-by-default blockchains.
SECRET DEFI
DeFi apps built with Secret’s privacy-preserving smart contracts provide MEV-resistance by default and protect its users from hackers and front-runners. This includes exchanges, market makers, lending protocols, and more.
INTRODUCING THE SECRET FINANCE
Secret Finance encompasses all decentralized financial (DeFi) applications enabled by smart contracts built on Secret Network. Since smart contracts on Secret Network are privately encrypted, Secret Finance applications are private by default, meaning your sensitive financial data will be secure and protected from onlookers, nefarious actors, and even front-running bots!
Secret Finance gives users privacy protections for their financial data from the start. However, your financial data can still be made publically available to those you trust, auditors and compliance officers, and third-party wallets and explorers. With Secret Finance, users are given the power to choose how their sensitive financial data is shared, while still reaping the benefits of the decentralized web.
Traditional DeFi vs Secret Finance
DeFi is a collective term for financial products and services that are accessible to anyone who can access a blockchain network – anyone with an internet connection. With DeFi, the markets are always open and there are no centralized authorities who can block payments or deny you access to anything. Services that were previously slow and at risk of human error are automatic and safer now that they’re handled by code that anyone can inspect and scrutinize.
Until now, traditional DeFi applications built on smart contract platforms like Ethereum came with one major tradeoff – all financial data is public by default. Anyone with access to your wallet address can query to find previous transaction history, wallet balances, and account activity. DeFi applications expose data, placing users at risk of targeted attacks from hackers and front-running MEV bots.
With Secret Finance, DeFi and privacy no longer have to be mutually exclusive. DeFi applications built on Secret Network are private by default and subsequently front-running and MEV resistant, making the future of Web3 more secure and safer for everyone.
Shockwave Delta Mainnet Upgrade
Shockwave Alpha launched in May and brought major upgrades to the network, including 500-600x speed boosts for certain network events (like NFT mints and airdrops), state sync for the CosmWasm directory, and foundational work to support interchain accounts.
The Secret Network dev team has identified a lot more work. They want to do this in order to secure Secret’s position as the privacy hub for all of Web3. So they have decided that on their journey to Shockwave Omega – the last planned upgrade of the Shockwave cycle – they will be adding plans for another major upgrade.
Shockwave Delta is planned for September 20th, 2022, and will include CosmWasm 1.0. Shockwave Omega is planned for later this year and will include the WebAssembly engine upgrade, as well as other features yet to be announced.
ABOUT Secret Network
The Secret Network is a decentralized network of computers called secret nodes. 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. Never expose the data itself, even to the nodes in the network performing computations.
