You are currently viewing Secret Network, the Blockchain, powering the Web3 space with the missing element of privacy |  by Kikctikcy |  Coinmonks |  Nov, 2022

Secret Network, the Blockchain, powering the Web3 space with the missing element of privacy | by Kikctikcy | Coinmonks | Nov, 2022


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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.

So, everyone can see your balance, your transactions and know about the NFTs you have purchased, your Web3 digital identity, your lending and borrowing positions in DEFI and many such sensitive personal financial and non-financial information. This will make users uncomfortable using Web3 platforms.

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 and are equipped with ways to share only that portion of the data they want to disclose to someone they trust.

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.

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.

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.
Source. Secret Network’s private and permission-less smart contracts makes it possible for developers to build privacy powered dapps with novel use cases…

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 to make the space decentralized as well as with users actually having ownership over their data.

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 front running transactions. This results in instant finality of transitions, because validators don’t discriminate by prioritizing processing those transactions which fetch them higher fees first.

Source. Secret Network’s Ecosystem
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