Secret Network makes it possible for users to have privacy over their data in Web3
Something missing in Blockchain Networks despite all the positive transformations they bring to the world
Till now, we have been excited using Blockchain powered Dapps from DEFI, gaming, social media, NFTs etc because it was something new that initiated the era of Web3.
It was exciting to earn crypto doing different activities be it staking or providing LP in DEXs, lending and earning interest, earning crypto on written content( contingent on the likes the content attract from readers).
Although there are much more real life uses of crypto from artists selling their art or music creation as a NFT, thereby getting guaranteed Copyright protection.
So, this disruptive technology changes things empowering users with ownership over their data, content, and assets that they can lend directly without middlemen like banks or trade directly P2P without using Centralised exchanges.
Records stored in Blockchain are fool proof and cannot be tampered with, so Blockchain has potential to reduce corruption, improve transparency, efficiency etc
However, it lacks a very important feature which can harm the interests of users because Blockchains are so transparent that there is no privacy for its users.
All your interactions recorded in Blockchain are visible to everyone - there is no Privacy!!
So, everyone can see your balance, your transactions and know about the NFTs you have purchased, your Web3 digital identity, your lending and borrow positions in DEFI and many such sensitive personal financial and non-financial information. This will make users uncomfortable using Web3 platforms.
Everyone has a right for financial privacy and as adoption of Blockchain grows with more users using various Web3 apps, this lack of privacy void in Blockchains will be more noticed as it gets more pronounced and felt by users. Lack of privacy curbs our freedom of expression because of the feeling that all of our interactions in Blockchain will be visible to anybody.
This is why a privacy focused Blockchain such as the Secret Network is needed in the space.
Video explaining how the transparent nature of public Blockchains offers no privacy to users as their data in Blockchain is public and how Secret Network equips users with customizable or programable privacy. This means users have control over their data equipped with ways to share only that portion of the data they want to disclose to someone they trust.
Privacy focused Blockchain Secret Network empowers users with customisable Privacy
Secret Network’s privacy features are there by default through design. As it’s built using Cosmos’s Tendermint SDK, it’s a scalable, IBC compliant Blockchain with private permission-less smart contracts, with all the inbuilt frameworks in place to build scalable dapps with privacy features.
Secret Network empowers users with ‘customisable privacy’, where they are equipped to share their selected portions of data when necessary with any party they trust. Users have true ownership of their data which will be visible to only those people or parties they choose to share it with.
Source. Secret empowers users with true ownership over their data with its data privacy features.
Ways in which Secret Network empowers users with Privacy protection over their data
Secret Network’s privacy technology is made possible by making use of Trusted Execution Environment(TTE) technology, several encryption schemes and unique key management techniques.
So by default users data is encrypted in the Secret Network. The encrypted data includes input and output details and will be visible only to those who have viewing keys and permits to view the details. Users can share data with trusted parties through viewing keys and permits.
For example, users can share necessary data to Governments for taxation purposes by sharing their viewing key and permit.
Video explains how the Secret Network with its privacy element adds value to the Web3 space and will increase user adoption. As otherwise Blockchains are so open, keeping universally visible records of every transaction and activity of a user in Blockchain that users will be afraid to freely use Web3 dapps with that haunting feeling of being watched.
New use cases brought into life with Secret Network’s Privacy preserving feature…
Source
Secret Network's private and permission-less smart contracts makes it possible for developers to build privacy powered dapps with novel use cases...
Secret Network’s privacy features enable novel use cases that are not possible to have in other public Blockchians. So users' data transactions are sent forth in encrypted form, making encrypted messaging and communication possible. All this transactional data is stored in encrypted form bringing about encrypted data storage.
Privacy lending is possible in Secret dapps, where users' collateral details remain private.
Secret NFTs have their content and ownership details private with those details not being visible to the public by default.
The privacy features of Secret Network enables creation of encrypted digital art and collectables, allows users to have a secret digital identity, and makes it possible for users to engage in secret lending where collateral details are encrypted and private.
The special ability of Secret Network’s Smart Contracts to function using Private Metadata
Secret Network powers the Web3 space with privacy which empowers users to be free making the space decentralised as well with users actually having ownership over their data.
Secret Network’s private smart contracts are created using Rust based smart contract compiling toolkit CosmWasm that embeds the smart contracts with capabilities of computing with private metadata. This is why it is possible to create Secret NFTs, where the ownership and content details of the NFT is private.
Secret Network’s nature makes no room for front-loading/MEV of Transactions
Another distinct advantage in Secret Network due to its private by default nature is that there is no front-running/ MEV here. This is because Secret Network’s mempool is encrypted. Even validators who validate transactions in the network can’t see the transaction data, so all transitions are processed in the block without validators frontrunning transactions. This results in instant finality of transitions, because validators don’t discriminate by prioritising processing those transactions which fetch them higher fees first.
Generally in public Blockchains like Ethereum where all transaction data are visible, validators choose what transaction they would include in the block first based on how much fees that transaction would fetch them. High value transactions will be the first to be included in the block and so processed first. This process is known as front running or MEV, where validators create a Block extracting Maximum Extractable Value(MEV) by reordering transactions to be included in the Block in such a way that they derive or extract most value from it.
This does not happen in Secret Network because all the data in the mempool is encrypted, so validators just process transactions in the order it is in the mempool without engaging in MEV, so transaction finality happens instantly without delay.
Learn more about Secret network -:
Since, Secret Network’s privacy preserving Smart Contracts have been live in the mainnet since early 2020; The Network houses various dapps that are Web3 privacy decentralised applications functioning providing services in the category of DEFI, games, communication, liquid staking, NFTs focused dexs and much more…
Secret Network’s Dapp ecosystem can be explored here - :
https://scrt.network/ecosystem/dapps
Source Secret Network's Ecosystem
Secret Network has an active and buzzing community and over 100 dedicated developers.
I am writing this article in capacity as a Secret Agent, spreading the word on the need for Web3 privacy and the privacy protocol, Secret Network which powers the Web3 space with Privacy.
Anyone who is interested in Secret Network and wants to be involved in the quest for spreading awareness of how Secret Network empowers users and developers by instilling the much needed but missing element of privacy in its Network can become a Secret Agent.
More information on Secret Agent Mission is here...
https://scrt.network/get-involved/become-secret-agent
Thankyou for reading my post…
You can learn more about Secret Network through these links -
Homepage: https://scrt.network/
Official Secret Blog: https://scrt.network/blog
Twitter: https://twitter.com/secretnetwork
Documentation: https://build.scrt.network