Secret Blockchain is Enjoying Wider Adoption
SCRT is the native token of open-source blockchain, Secret. The network provides privacy features for the Ethereum blockchain and select ERC-20 tokens. Secret blockchain, which launched in late 2020, allows holders of Ether and other ERC-20 tokens to create Secret Tokens.
Secret tokens are programmable versions of their digital assets with privacy features, making such ERC-20 tokens similar to privacy coins such as Monero while still being programmable.
The 14 ERC-20 tokens initially selected to have these privacy features include ETH, Compound (COMP), Yearn.Finance ( YFI), Aave (AAVE), Uniswap ( UNI), Synthetix (SNX), Kyber (KNC), Ocean (OCEAN), Dai (DAI), Maker (MKR), True USD (TUSD) Wrapped BTC (WBTC), Band (BAND) Chainlink (LINK) and Tether (USDT).
The network has a Secret Ethereum bridge that makes this possible. According to the network, this is part of its effort to bring privacy to public blockchains.
While it might not have gotten as much mainstream attention as popular networks, the adoption of Secret Network is increasing.
In November 2021, legendary director Quentin Tarantino announced plans to auction NFTs of seven uncut scenes from Pulp Fiction using Secret Network.
According to the CEO, such NFTs offer more functionalities than regular NFTs as it has two layers, with one layer being secret except for the owner.