Secret

Secret

SCRT
$0.55082763
-11.57%
$0.53276764

24H Price

$0.63172855


About Secret

The Secret price is $0.55082763, a change of -11.57% over the past 24 hours as of 10:54 a.m. The recent price action in Secret left the tokens market capitalization at $149.47M. So far this year, Secret has a change of 11.01%. Secret is classified as a Computing under CoinDesks Digital Asset Classification Standard (DACS).

SCRT is the native token of the Secret Network, a privacy-preserving blockchain built on Cosmos. It employs the use of secret contracts, smart contracts that can transfer private information without exposing the encrypted data they process.

SCRT Price

SCRT started trading on Binance on September 29, 2020, at a price of 45 cents. It sank shortly after the launch, hitting its all-time low of 25 cents the following month. The price of SCRT rose to $4.75 in April 2021, before crashing to just about 80 cents in July of that year.

SCRT’s big break in 2021 arrived in October, the month before bitcoin hit a record price of almost $70,000. On October 28, 2021, SCRT traded at its all-time high of $10.64. A subsequent period of volatility preceded a dramatic crash: SCRT fell to $3.83 in December before rising to $9.52 in January 2022. After that, its price nosedived over the next six months, sinking as low as 96 cents by June.

The Secret Network targets an annual inflation rate of about 15%. Stakers receive 85% of these rewards, and the rest fund the Secret Foundation. However, this annual inflation rate is dynamic. If less than two-thirds of SCRT’s supply is staked – locked up in the protocol by validators – the annual rate of inflation can increase to a maximum of 20%. If stakers have locked up more than two-thirds of the supply, SCRT’s annual rate of inflation can decrease to as little as 7%.

How does SCRT work?

Public blockchains are great at transparency because all information, including data contained within smart contracts, is available for anyone to see. This feature is not so great for entities that need to send secret information without sacrificing decentralization.

The Secret Network is an attempt to solve this. It dedicates part of its network to the processing of secret data, then publishes confirmation of these transactions on a public blockchain.

So-called secret contracts, maintained by “secret nodes,” process sensitive information in a trusted execution environment (TEE) – a super-secure part of the network closed off from the rest of the blockchain. These nodes use Intel Software Guard Extensions (Intel SGX), the industry standard for TEEs, to handle sensitive data.

The native coin of the Secret Network, SCRT is used for staking via Tendermint, the consensus mechanism that backs Cosmos chains such as Secret. It’s also used for governance and to pay for peer-to-peer and smart-contract transactions on the Secret blockchain.

Key events and governance

SCRT Labs was founded in 2015 by Guy Zyskind, who still serves as the Tel Aviv-based software company’s CEO. The Secret Foundation was founded by Tor Bair in 2017.

The coin was originally launched in 2017 as Enigma (ENG), a layer-2 protocol for the Ethereum blockchain. ENG holders could swap their tokens to SCRT at a rate on a 1:1 basis from June 2020 through to early 2021.

In December 2020, the Secret Foundation, the nonprofit that stewards the network, estimated that SCRT launched with an initial supply of 160 million when taking into account 114 million tokens swapped from ENG’s maximum supply of 150 million. Including the original ENG tokens, the founders kept 41.4% of the supply, investors another 46.3%, and the network allocated another 12.3% to ecosystem rewards, such as airdrops.

In February 2022, SCRT announced funding of $400 million in SCRT tokens. It comprised a $225 million ecosystem fund and a $175 million accelerator pool. Alameda Research, Arrington Capital, CoinFund and DeFiance Capital contributed funding.

In January 2022, film director Quentin Tarantino sold NFTs for “Pulp Fiction” on Secret, despite a copyright infringement lawsuit from movie studio Miramax.

Read less...
Sponsor LogoBuy crypto on a secure, trusted platform.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply. Don’t invest unless you’re prepared to lose all the money you invest.

Latest About Secret

View All
Rain Lõhmus has lost the key to his stash of ether. (Beth Macdonald/Unsplash)
Founder of Estonia's LHV Bank Lost Access to $472M of Ether

"It's no secret that I have a wallet with 250,000 Ethereum units," Rain Lõhmus said in an interview with Estonian national radio channel Vikerraadio in late October.

Rain Lõhmus has lost the key to his stash of ether. (Beth Macdonald/Unsplash)
JUSTIN-SUN-DANNY-NELSON-CDCROP.jpg
Tron’s Justin Sun Was Secret Top Client of Crypto Asset Manager Valkyrie

A private financial document reviewed by CoinDesk shows that Sun, one of the richest figures in crypto, was responsible for the vast majority of a key Valkyrie division’s asse...

JUSTIN-SUN-DANNY-NELSON-CDCROP.jpg
Sam Bankman-Fried (Danny Nelson/CoinDesk)
Alameda Had ‘Secret Exemption’ From FTX Liquidation Protocols, New CEO Says

John Ray detailed a litany of management failings at the crypto exchange, which collapsed after revelations about its relationship with its trading arm

Sam Bankman-Fried (Danny Nelson/CoinDesk)
Ian Macalinao is one half of the Saber brothers (Danny Nelson/CoinDesk)
Crypto Developer Brothers Leave VC Firm After CoinDesk Exposé

Ian and Dylan Macalinao, who used a web of secret identities to juice the value of a Solana DeFi project, are “no longer affiliated with” Protagonist VC, said the firm they st...

Ian Macalinao is one half of the Saber brothers (Danny Nelson/CoinDesk)

Tim Beiko from the Ethereum Foundation, shares the Importance of the Dencun Upgrade, what are their concerns, and Ethereum's long-term scaling strategy. Read more...

CoinDesk Indices

View All
Top Indices including Secret
Logo
Index nameTickerWeight24H

Bitcoin Calculator

Last Updated on 03/19/24 10:54 AM

CoinDesk’s Bitcoin and Cryptocurrency Calculator determines the exchange rates between major fiat currencies and cryptocurrencies – including BTC, BCH, ETH and XRP to USD, EUR, GBP, IDR and NGN – with up to six decimal places of accuracy. Conversion rates are based on CoinDesk’s Bitcoin Price Index and the price indices of other digital assets. World currency prices are based on rates obtained via Open Exchange Rates.

Market Analysis
Social Analysis