Ethereum – Secret Network (SCRT) Paves Way for Private Dealings On Mainnet
The roll out of Secret Network guarantees to provide privacy coins aspects to the Ethereum mainnet, comparable to those of Zcash, Monero and Dash. In a tweet, Secret Network revealed that its date of installation on the Ethereum blockchain and has welcomed the community:
Launching December 14th, the Secret Ethereum Bridge brings the power of programmable privacy to $ETH and ERC-20s at low cost. Learn how you can earn $SCRT via bridge mining, add bridge support for your favorite ERC-20s, and help us scale Secret #DeFi! The Secret Network presents “secret” smart contracts.
They facilitate encrypted transactions involving the use of in-house tokens of Secret Network at low cost and with utmost privacy. The rollout on the Ethereum blockchain is a portion of the venture named “Secret Ethereum Bridge” to widen the reach of the network:
Now we have turned our focus to global usage. To achieve this, we’re providing privacy to other blockchain ecosystems, including Ethereum, one of the most vibrant decentralized ecosystems of all.
The core teak of Secret Network has stated that providing the bridge with Ethereum is a significant move for users who give importance to privacy.
In that manner, they will utilize decentralized apps with higher safety, accessibility as “part of a global and open financial system”. After the bridge is setup, users will be begin earning rewards on the basis of Secret Networks SCRT token.
Along with that, Secret Networks is getting ready for the roll out of an Automated Market Maker (AMM). With that, users will be able to utilize a synthetic Secret token for instance secretETH and secretSCRT, among others to offer liquidity and pave way for trading of tokens, Uniswap mode.
A date for the roll out of the WMA is yet to be declared, but it should be unveiled after the Secret Ethereum Bridge. The Secret Network’s core group also issued the following statement:
Our bridge operating partners include Figment, Staked, and B-Harvest – all of whom are extremely experienced node operators (each supporting dozens of networks) and key contributors to the Secret ecosystem.
Bi-directional asset movement is facilitated by the bridge between Secret Networks and Ethereum along with privacy coin aspects. Additionally, it also offers “programmability” feature as per ERC-20 benchmark. The Secret Networks group offers the following:
Bridge operators are responsible for watching the chain for new events. Once a new event is found, one of the bridge operators proposes a transaction, which is then confirmed by other operators. This triggers an on-chain event to mint secretETH on Secret Network or to unlock burned secretETH from the lock/deposit contact on Ethereum.
Currently, a user interface (UI) that can be utilized along with the bridge to Ethereum is undergoing trial. Therefore, people will gain access to wallet facilities such as Metamask or Keplr. The foremost wallet supports all assets on Ethereum and the second one paves way to have tokens from Secrets Networks.