Secret (SCRT)

Privacy and Confidential Computing

Secret enables developers to build decentralized applications (Secret Apps) that keep data encrypted and private by default. Its smart contracts, called Secret Contracts, allow computations on encrypted data, protecting user information and transaction details.

Decentralized Finance (DeFi)

Secret supports privacy-preserving DeFi applications where sensitive data like collateral or balances remain confidential. This helps create more secure financial services without exposing user data publicly.

NFTs and Digital Content

Secret allows NFTs and digital content to have private ownership and hidden metadata. This means creators and users can keep details like ownership or content access keys secret.

Payments and Transactions

Secret can be used for private cryptocurrency payments, hiding transaction amounts and account balances from others, enabling confidential transfers without relying on centralized parties.

Interoperability and Bridges

Secret Bridges let users move tokens between Secret and other blockchains while preserving privacy, making any token privacy-preserving with the SNIP-20 standard.

AI and Data Privacy

Secret provides a privacy-first infrastructure for building AI applications that handle sensitive data securely, using trusted execution environments (TEE) to protect inputs and outputs.

User Control and Programmable Privacy

Secret gives users control over what data they share, with whom, and for how long, enabling customizable privacy settings in Web3 applications. This programmable privacy opens new use cases that public blockchains cannot support.

Pros

• Secret offers privacy by default with encrypted smart contracts, keeping data confidential even from network nodes.
• It supports privacy-preserving decentralized applications (Secret Apps), useful for finance, Web3, AI, and healthcare.
• High transaction speeds and scalability compared to some other privacy blockchains.
• Interoperability through Secret Bridges allows connection with other blockchains like Ethereum and Solana.
• SCRT token is widely available on major exchanges and used for staking, governance, and paying fees.
• The network is open-source and decentralized, promoting transparency and community involvement.

Cons

• Privacy features can be complex and may require more technical knowledge to fully utilize.
• As a niche privacy blockchain, it may have less adoption and ecosystem size compared to giants like Ethereum.
• Some privacy features could be misused for illegal activities, which may affect perception and regulatory scrutiny.
• Computational privacy solutions can be resource-intensive, potentially increasing costs or slowing some operations.
• The price and market performance of SCRT can be volatile, similar to other cryptocurrencies.

Founders of Secret

Secret was founded not by a single individual but by the Secret Foundation team. The project was launched in 2015, with Tor Bair recognized as a key founder and executive director involved in the development and leadership of Secret Network. Guy Zyskind is also a notable figure associated with the founding and core technology development of Secret, serving as CEO of SCRT Labs.

• Tor Bair: Executive director and chairman of the Secret Foundation, involved in founding and leading the project.
• Guy Zyskind: Founder of Secret Network and CEO of SCRT Labs, leading core technology development.

The foundation and team collectively created Secret Network as a privacy-first blockchain with encrypted smart contracts.

Investors in Secret

Secret has attracted investments from several well-known blockchain and crypto-focused firms. Key investors include:

• Arrington Capital and Blocktower Capital: Led a significant $11.5 million investment round.
• Spartan Group and Skynet Trading: Participated in funding rounds supporting Secret.
• Outlier Ventures, Fenbushi Capital, and Hashed: Early backers involved in the project’s growth.
• Secret Foundation and Enigma MPC: Organizations connected to the development and promotion of Secret.
• Node operators such as Figment and Staked: Supporting network infrastructure and staking.

Additionally, Secret Network announced a $400 million ecosystem fund backed by big-name investors like CoinFund, Alameda Research, and DeFiance Capital to accelerate growth and development.

These investors help support Secret’s mission to build privacy-preserving smart contracts and decentralized applications.

Halal Status of Secret Token

• General Halal Considerations: Cryptocurrencies can be halal if they comply with Islamic finance principles, such as avoiding interest (riba), excessive uncertainty (gharar), and forbidden activities.
• Project Compliance: The halal status depends on whether the crypto project itself is Shariah-compliant.
• Secret Token: There is no specific, widely recognized Shariah ruling publicly available that confirms Secret token as halal or haram.
• Conclusion: No definitive yes or no can be given without a formal Shariah review of Secret’s project and use cases.

If you want to be sure, consult a qualified Islamic scholar or a halal crypto screening service for the latest rulings on Secret.