Secret Advancements You Should Know About
Blockchain developments have been growing daily and the amount of launches and news circulating can make it hard for people to keep up to date with important sector developments.
One of the projects that I feel has fallen out of the spotlight but is still very worth following is Secret Network which has or will have a more advanced form of algorithmic stable coin than Terra (Luna) Network.
Now in case you missed my previous post a few months ago out lining why Secret Network is a protocol to follow you can catch up on it at Want to hear a Secret?.
It's been quite some time since I last wrote an article about Secret which was focused on the battle between Quinten and Miramax films whom were challenging the network for selling Pulp Fiction NFTs of never before seen or released footage which I covered in Miramax Films Challenges Secret Network as OpenSea Buckles to Legal Pressure.
If you're wondering what happened in the court case there hasn't been much information other than the NFT's were cancelled but not before one was sold for $US1.1 Million worth of Ethereum.
Not So Secret Update
Seeing that it has been some time since we last provided an update on the protocol I thought now was a good time to revisit Secret and see what exciting new developments have occurred as the team is quite busy and always working to advance the network.
If you're just reading this for the first time and want to know a quick over view of Secret and why it is a well worth blockchain it is because unlike all other blockchains which are open and enable anyone and everyone to find and view your wallet including balances. Secret uses encryption to hide that personal information from preying eyes which has caused some concern for regulators however, users get a copy of their transactions and can view their history by decrypting the information which enables individuals or users of Secret to better lodge tax returns.
Secret Invoices
A core barrier for mainstream adoption on Secret believe it or not was its encrypted transactions which are great for online cyber security but not so good if you're a business selling items or a purchaser making businesses purchases.
In order to meet regulatory requirements around tax people need to be able to submit receipts and proof of purchases otherwise they are unable to access tax concessions or depending on what business you're in you won't be able to meet auditing obligations.
To overcome this barrier Secret have implemented the Secret Invoice Payment System that will support buyers and sellers in record keeping and better drive mainstream adoption through the ability to meet regulatory obligations and compliance requirements.
Sellers are now able to easily complete an invoice and purchasers can better track their purchases better on Secret Network than any other blockchain to date.
Built for Speed
A barrier for many networks currently on the market is their ability to maintain peak transaction periods as we already know with what has happened with Ethereum when networks become congested transactions are delayed and network fees increase.
Something that has emerged in this space over time are a thing called rollups which I previously touched lightly on in a previous article on SYScoin as it is a way that SYScoin network increases its network speed.
Most recently Secret Network has teamed up with DYmension Network which is providing rollup services to projects built on the Cosmos network through their Rollup Development Kit (RDK).
The exciting thing about this announcement is that it will benefit the entire Cosmos ecosystem which is currently leading the cryptosphere in cross-chain development. But as the Cosmos grows there would be significant barriers once everyone started moving assets around.
DYmension is the new kid on the block that will enable free flowing transactions, high speeds and enable further development expanding beyond Secret. I won't go into it too much because I have a separate article I am currently working on about it underway.
March Update
The March Secret Ecosystem Report brought on some wonderful news including scaling upgrades as well as a number of new projects and protocols joining the network to build and develop on Secret Network.
We also saw new exchange listings for Secret Network which is now available on Kraken which includes staking up to 20% in yearly rewards. with OKcoin and Bybit also listing Secret on their exchanges providing Secret with greater visibility and community knowledge of the token.
Something that I find personally exciting is the launch of Fadroma which is a smart contract workflow tooling kit for Rust which will support new and existing developers in creating the next generation dApps on the Cosmos ecosystem.
This also helps alleviate the lack of skilled developers but it also signals a industrial change one that may see the cost of blockchain developers start to reduce as things become more automated and no doubt in the near future anyone will be able to launch a web3 project with just a few clicks.
If you haven't had a chance to check out Fedroma I recommend you do.
So as you can see Secret Network has continued to work through and overcome many current barriers within the sector so we're happy to keep a close eye on this project. Secret Networks next mainnet upgrade is due to be undertaken on April 27th with even more new and exciting developments to grace our screen and decentralised wallets.
Have anything you I think I have missed and would like it added? feel free to mention it in the comments and let myself and others know what we're missing also
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