Price
$0.82
11/29/2022, 1:30:18 PM
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Market

Market stats

Market cap

$134.4M

Volume (24h)

$9.3M

Circulating supply

163.3M SCRT

All time high

$1.6B

Price change (1h)

+0.34%

Price change (24h)

+4.86%

Price change (7d)

+35.77%

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Secret is on the rise this week.

The price of Secret has risen by 35.77% in the past 7 days. The price increased by 4.86% in the last 24 hours. In just the past hour, the price grew by 0.34%. The current price is $0.824809 per SCRT. Secret is 100.00% below the all time high of $1,590,780,968.50.

The current circulating supply is 163,295,557 SCRT.

About

What Is Secret (SCRT)?

Secret Network is a blockchainprotocol that allows decentralized apps (DApps) to perform encrypted computations. Secret Network also offers users a platform to create censorship-resistant apps by utilizing encrypted data. Secret uses a decentralized network of computers ("secret nodes") rather than allowing specific entities to maintain confidential data. Every node operator has specialized hardware to run programs in safe enclaves, commonly known as trusted execution environments (TEEs). Nobody can see the raw data getting decrypted and processed within enclaves, including device administrators.

There are various features in the platform's ecosystem, like Secret Finance, Secret NFTs, Secret token (SCRT), etc. Secret Finance is the umbrella term for all decentralized financial (DeFi) applications enabled by Secret Network smart contracts. Secret Finance applications are private by default since smart contracts on Secret Network are securely encrypted. This means users' sensitive financial data is secured from prying eyes, unethical actors, and even front-running bots. However, users' financial information can still be shared with people they trust, such as auditors and compliance officers, as well as third-party wallets and explorers. Users may choose how their sensitive financial data is used with Secret Finance while benefiting from the decentralized web.

Next, Secret NFTs were created using the Ethereum ERC721 token standard and have many of the same advantages as traditional NFTs. These one-of-a-kind products can be used for various purposes, but the platform feels that tokens representing users' goods and experiences should be private. Besides this, creators can determine who has complete access to their work using Secret NFTs. An artist can make a thumbnail version of the image public so that customers know what they're getting, but the full-quality version is private and must be purchased to see.

Further, Secret (SCRT) is a cryptocurrency and the Secret Network blockchain's native token. Users keep their Secret (SCRT) in a wallet, just like any other cryptocurrency, and spend it when they want to use Secret Network. Users must hold and spend SCRT to use applications on Secret. SCRT is also used in paying all computational and transactional fees related to network apps. 

SCRT protects the Secret Network and is also used for governance. Nodes in the network are paid in SCRT for fees and network incentives, and they must stake SCRT to operate. The coins staked on the network and the SCRT inflation rates determine the returns. SCRT allows secret nodes to create and vote on governance ideas, allowing decentralized network control. The majority of network parameters, such as inflation and community tax rates, are determined by SCRT on-chain governance.

How Are New SCRT Tokens Created?

The network uses a popular delegated proof-of-stake (DPoS) consensus algorithm, as mentioned in the whitepaper. DPoS works similar to proof of stake in that both require users to stake coins to participate in consensus. The fundamental distinction is that in a PoS network, staking allows all coin holders to participate in invalidation and decision-making directly. However, DPoS users who own the blockchain's token can vote for "delegates." The elected delegates then make critical choices for the entire network, such as determining whether transactions are valid and establishing protocol standards.

History of Secret (SCRT)

The Secret Foundation maintains the Secret Network ecosystem. The Secret Foundation assists the Secret Network community (and the foundation itself) in building efficient and effective governance and communication processes. The foundation also produces valuable educational materials and advances research and development of privacy-preserving networks. Apart from that, there is a board of directors, an operating team, and community committees in the foundation.

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Reading List

News

Decrypt • Apr 06, 22

Kevin Smith to Release New Horror Film via Secret Network NFTs, Collaborate With Holders

Secret NFT holders will gain access to "Killroy Was Here" and can help create sequel(s) with their NFTs, Smith tells Decrypt.

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News Article Image

CoinDesk • Jan 19, 22

Privacy-Focused Blockchain Secret Network Announces $400M in Funding

The project includes a $225 million ecosystem fund and $175 million accelerator pool.

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News Article Image

The Block • Jan 05, 22

Quentin Tarantino moves forward with ‘Pulp Fiction’ NFT auction despite Miramax lawsuit

Tarantino and his partner SCRT Labs plan to auction seven chapters of the 'Pulp Fiction' script despite legal resistance from Miramax. The post Quentin Tarantino moves forward with ‘Pulp Fiction’ NFT auction despite Miramax lawsuit appeared first on The Block.

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News Article Image

The Block • Nov 02, 21

Quentin Tarantino to auction six uncut scripts for Pulp Fiction as NFTs

Film director Quentin Tarantino is auctioning off six uncut Pulp Fiction scenes that have never been seen before as NFTs. The post Quentin Tarantino to auction six uncut scripts for Pulp Fiction as NFTs appeared first on The Block.

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News Article Image

Blockworks • Oct 26, 21

SCRT, OSMO and ATOM Rally as Cosmos Ecosystem Claims Center Stage: Markets Wrap

The Cosmos ecosystem continues to mature and now helps secure more than $130 billion in assets; SCRT, OSMO, and ATOM lead the rally. The post SCRT, OSMO and ATOM Rally as Cosmos Ecosystem Claims Center Stage: Markets Wrap appeared first on Blockworks.

Read more

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FAQ

What is the current price of Secret?

The price of 1 Secret currently costs $0.82.

What is the market cap of Secret?

The current market cap of Secret is $134.38M. A high market cap implies that the asset is highly valued by the market.

What is the all time high of Secret?

The all-time high of Secret is $1,590,780,968.50. This all-time high is highest price paid for Secret since it was launched.

What is the 24 hour trading volume of Secret?

Over the last 24 hours, the trading volume of Secret is $9.27M.

What other assets are similar to Secret?

Assets that have a similar market cap to Secret include Kaspa, WAX, APENFT, and many others. To see a full list, see our comparable market cap assets.

How many Secret are there?

The current circulating supply of Secret is 163 million.