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Secret (SCRT)

$ 0.257800000000000000

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Description

What is Secret

A privacy-focused blockchain based on Cosmos is called Secret (SCRT). Similar to how smart contracts work on other blockchains, Secret Contracts' smart contracts enable DApps to leverage private data on Secret. Secret Contracts, on the other hand, conceal data while converting encrypted inputs into encrypted outputs. The contract states that are encrypted during execution enable this.
Combining encryption methods with key management in a trusted execution environment ensures data privacy (TEE). Due to standard blockchains' inability to support certain privacy-related use cases, Secret Contracts are now able to compete in certain markets. For instance, since they do not reveal sensitive user data on-chain with Secret, private voting processes or credit scoring applications become feasible.