Shade Protocol

Secret

Jackal Protocol

Serenity Shield

<h4>Most of our readers are familiar with the Secret Network and its $SCRT coin. That’s pronounced as the Secret coin. But did you know that there’s also a wrapped version of the $SCRT coin available? That’s the sSCRT coin. You pronounce this as secretSCRT.&nbsp;</h4> 
So, in this article, we take a closer look at the sSCRT coin. 
<h5>What Is sSCRT?</h5> 
The sSCRT coin is a wrapped version of the $SCRT coin. Now, we’re most likely familiar with Secret Network’s native coin, $SCRT. You can use it to pay for gas fees, staking, or governance. Each interaction with a $SCRT coin is public-by-default. In other words, its transactions are viewable on-chain.&nbsp; 
However, the underlying philosophy of the <a href="https://scrt.network/" target="_blank" rel="noopener">Secret Network</a> is to offer confidential computing. That’s where you decide what to disclose. To achieve this, the network uses private smart contracts. So, you can wrap non-private tokens into private and fungible tokens. This came to life with the approval of the Secret Network Improvement Proposals 2020. Hence, these private tokens use the SNIP-20 standard.&nbsp; 
So, that’s how we get the sSCRT coin, by wrapping $SCRT. However, there are more private SNIP-20 tokens around. For example, native tokens like $SHD, $FINA, $ALTER, $SILK These projects are part of Secret Network’s ecosystem. However, you can also bridge other tokens to the Secret Network. Once bridged, they are private by default. For example, sATOM, sBNB, sETH, sUSDC, or sWBTC.&nbsp;&nbsp; 
<h5>What Happens On-Chain with sSCRT Coins?</h5> 
The process of wrapping SNIP-20 tokens, like sSCRT, makes them invisible. Let me give you a sample of how the process works and what happens on-chain. Let’s transfer 200 sSCRT coins from Bob’s wallet to Alice’s wallet. 
<ul> 
 <li style="font-weight: 400">Bob goes to the Secret Dashboard and uses the wrap feature. See the picture below. He has the option to choose between plenty of coins. However, for our sample, we use $SCRT.</li> 
 <li style="font-weight: 400">He now wraps 200 sSCRT coins. The conversion is always 1:1.</li> 
 <li style="font-weight: 400">Bob sends his 200 sSCRT to Alice.</li> 
 <li style="font-weight: 400">A block explorer shows that Bob’s wallet interacted with the sSCRT smart contract. Some explorers where you would see this could be, for example, <a href="https://atomscan.com/secret-network" target="_blank" rel="noopener">ATOMScan</a> or <a href="https://www.mintscan.io/secret" target="_blank" rel="noopener">Mintscan</a>. However, there’s no further information available. So, you don’t know if Bob bought or sold tokens or an <a href="https://www.altcoinbuzz.io/category/nft/" target="_blank" rel="noopener">NFT</a>. There’s also no information on the viewing key or the number of tokens.</li> 
 <li style="font-weight: 400">The block explorer will not show any interaction at all with Alice’s wallet. There’s no on-chain information available for her wallet with this transaction.</li> 
</ul> 
<img decoding="async" class="aligncenter wp-image-137680 size-large" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/04/FireShot-Pro-Webpage-Capture-420-Secret-Dashboard-I-Wrap-dash.scrt_.network-1024x463.png" alt="sSCRT" width="696" height="315" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/04/FireShot-Pro-Webpage-Capture-420-Secret-Dashboard-I-Wrap-dash.scrt_.network-1024x463.png 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2024/04/FireShot-Pro-Webpage-Capture-420-Secret-Dashboard-I-Wrap-dash.scrt_.network-300x136.png 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/04/FireShot-Pro-Webpage-Capture-420-Secret-Dashboard-I-Wrap-dash.scrt_.network-768x348.png 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/04/FireShot-Pro-Webpage-Capture-420-Secret-Dashboard-I-Wrap-dash.scrt_.network-1536x695.png 1536w, https://www.altcoinbuzz.io/wp-content/uploads/2024/04/FireShot-Pro-Webpage-Capture-420-Secret-Dashboard-I-Wrap-dash.scrt_.network-928x420.png 928w, https://www.altcoinbuzz.io/wp-content/uploads/2024/04/FireShot-Pro-Webpage-Capture-420-Secret-Dashboard-I-Wrap-dash.scrt_.network-696x315.png 696w, https://www.altcoinbuzz.io/wp-content/uploads/2024/04/FireShot-Pro-Webpage-Capture-420-Secret-Dashboard-I-Wrap-dash.scrt_.network-1068x483.png 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2024/04/FireShot-Pro-Webpage-Capture-420-Secret-Dashboard-I-Wrap-dash.scrt_.network.png 1920w" sizes="(max-width: 696px) 100vw, 696px"> 
Source: <a href="https://dash.scrt.network/wrap?mode=wrap&amp;token=scrt" target="_blank" rel="noopener">Secret Network dashboard</a> 
<h6>Viewing Keys</h6> 
Alice can see the contents of this transaction with her viewing key. She can create her own key since the tokens interact with her wallet. Bob received his viewing key when he wrapped the sSCRT coins. He can now choose with whom he will share this viewing key. And Alice can share hers with whomever she wants. Neither can see the other’s transactions other than the one they have together. Also, you can share this key with, for example, an auditor, when needed. When each has their own separate viewing key, neither can see what the other does with those tokens later. 
The viewing keys are like encrypted passwords. You can revoke them at any time. 
Furthermore, there’s also no on-chain information about how many Secret tokens you minted. Nor is there on-chain information on your Secret Token balance. The only on-chain evidence is the gas fee you paid for the minting and the transaction. 
<blockquote class="twitter-tweet"> 
 ICYMI: <a href="https://twitter.com/Shade_Protocol?ref_src=twsrc%5Etfw">@Shade_Protocol</a> launched a new <a href="https://twitter.com/search?q=%24SILK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SILK</a> vault for <a href="https://twitter.com/search?q=%24sSCRT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$sSCRT</a> to the lending platform <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
 Mint the Secret native decentralized, and privacy-preserving stablecoin using your <a href="https://twitter.com/search?q=%24SCRT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SCRT</a> holdings <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f512.png" alt="🔒" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://t.co/FaT4fENIoy">https://t.co/FaT4fENIoy</a> 
 — Secret Network (@SecretNetwork) <a href="https://twitter.com/SecretNetwork/status/1744434219713991043?ref_src=twsrc%5Etfw">January 8, 2024</a>
</blockquote> 
<h5>Use Cases for Secret Tokens</h5> 
Using sSCRT or other Secret Tokens can come in handy. There are various reasons why you, or a company, want to keep transactions private. For instance, you may want to conceal your wallet, if it’s heavily loaded with assets. This may attract hackers. Let’s give a sample here. 
Companies can hold crypto assets. To be less exposed to volatility, they may keep part of their holdings in stablecoins. This could be $USDC or $USDT. Furthermore, this company doesn’t want everybody to know how much their wallet holds. So, they decide to hold their stablecoins as Secret Tokens in a private wallet. As a result, bad actors can’t see the total value of a company. 
On the other hand, the private wallet can hold enough sUSDC or sUSDT to pay salaries or bills or sponsor events. Whenever it’s required, the company can change their sUSDC back to $USDC. Accountants can also have access, with the firm’s viewing keys. For retail investors, like you and me, it works the same way. We can also create such private wallets for Secret Tokens. 
Another use case would be if you are active in <a href="https://www.altcoinbuzz.io/category/defi/" target="_blank" rel="noopener">DeFi</a>. By using a typical AMM, there’s always the risk of front running or a sandwich attack. However, when using Secret Tokens, there’s no information available on your metrics. For example, your liquidation target, the position size, and other information. As a result, lending and borrowing becomes a lot safer. As does trading. 
Various protocols use the Secret options. For example, 
<ul> 
 <li><a href="https://shadeprotocol.io/#silk" target="_blank" rel="noopener">Shade Protocol</a> — offers Silk Pay, a privacy payment service.</li> 
 <li><a href="https://serenityshield.io/" target="_blank" rel="noopener">Serenity Shield</a> — allows for backing up seed phrases. </li> 
 <li><a href="https://alter.network/" target="_blank" rel="noopener">Alter Network</a> — offers a private and secure messaging app.</li> 
</ul> 
<blockquote class="twitter-tweet"> 
 Are you a developer wanting to build with Secret VRF? 
 Secret VRF is solving for verifiable on-chain randomness, with real world use cases that include secure gaming, unique NFTs, and more. Ready to begin? 
 Fill out the form below! <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://t.co/ARUc3JB5hH">https://t.co/ARUc3JB5hH</a><a href="https://twitter.com/search?q=%24SCRT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SCRT</a> <a href="https://t.co/In0pq2Zpnk">pic.twitter.com/In0pq2Zpnk</a> 
 — Secret Network (@SecretNetwork) <a href="https://twitter.com/SecretNetwork/status/1681001462275399680?ref_src=twsrc%5Etfw">July 17, 2023</a>
</blockquote> 
<h5>Conclusion</h5> 
The Secret Network offers confidential options for your crypto assets. These are their Secret Tokens, including their sSCRT coin. When using the Secret Tokens, there’s no on-chain evidence of your transactions. We gave samples of how the Secret Tokens work and explained some of its use cases. 
The current <a href="https://www.coingecko.com/en/coins/secret" target="_blank" rel="noopener">$SCRT price</a> is $0.4486. It has a market cap of $151.6 million. There’s an infinite max supply and a total supply of 291 million coins. Out of these, 271 million $SCRT coins already circulate. 
<a href="https://www.patreon.com/altcoinbuzz" target="_blank" rel="noopener"><img decoding="async" class="aligncenter wp-image-124240" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-300x37.jpg" alt="Coins" width="714" height="88" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-300x37.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-1024x127.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-768x95.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-696x86.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-1068x132.jpg 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1.jpg 1197w" sizes="(max-width: 714px) 100vw, 714px"></a> 
<iframe title="CAREFUL Crypto Holders We are Just 2 Weeks Away From..." width="696" height="392" src="https://www.youtube.com/embed/5GUY0uDda8Q?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe> 
Disclaimer 
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours. 
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence. This article has been sponsored by Secret Network. 
Copyright Altcoin Buzz Pte Ltd. 
The post <a href="https://www.altcoinbuzz.io/reviews/what-is-sscrt/">What Is sSCRT?</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.

What Is sSCRT?

Altcoin Buzz

Other articles published on Apr 5, 2024

Which Coins Can Withstand the Next Economic Crisis?

Keep an Eye on NEAR- ATOM- UNI and JUP Next Week

10 Upcoming OKX Listings in 2024

This Week’s Gains: Following the Secret Bull Run Signal for Altcoins

Key Developments in the Crypto Market Over the Last 24 Hours

Bitcoin Reserves on Crypto Exchanges Hit Record Lows Ahead of Halving

Join our free newsletter for daily crypto updates!