Secret Network (SCRT) - Does a secret cryptocurrency have a future?

100% price increase in the last 12 months is a good omen for the next months? We check the Secret Network blockchain and its SCRT cryptocurrency, which can be an investment hit. Will there be? Much depends on how popular the network will be, in which the fees are covered with a dedicated SCRT token. So let's examine its strengths and weaknesses.

We are continuing the cycle of the Forex Club portal in which we analyze and describe the largest, highest-valued, most interesting, most developing, advanced and also the most controversial cryptocurrency projects around the world. Today it's time for the Secret Network - blockchain and cryptocurrency that allude to the origins of these payments, when they could actually be treated as anonymous. Can the return to the roots still succeed?

What is the Secret Network 

The Secret Network is a privacy platform that it puts on smart contractsthat protect the complete data of all users. So it is not just an anonymous cryptocurrency, such as Zcash or Monerothat encrypted transactions and it was impossible to trace the funds exchanged through them. Secret Network is a step further - smart contracts that are fully secure and anonymous. 

How it works?

The beginnings of the network go back to the Enigma startup, which already in 2017 raised USD 45 million through ICO. Later, however, she became interested in him SEC and a swift settlement was needed with the US Securities and Exchange Commission. Thus the project evolved into the more mature Secret Network.

The network relies on distributed nodes that perform calculations unavailable to others. That is why they are not confirmed "officially", so the calculations cannot be compared due to the lack of access to the data - the nodes do it themselves via a secret network. All calculations are carried out in the so-called black boxes from which nothing can get out. 

Who is SCRT for?

The network is intended primarily for large companies that do not want their data to be publicly available. It is, for example, the research development programs they conduct, which are simultaneously carried out and coordinated on different continents. They may be available to the team from Mexico, Denmark and Japan at the same time, but no one else will intercept them. Moreover, he will not even find out that data is being exchanged. The information remains confidential and only authorized entities have access to it. It is impossible to hack them, break security, etc., because reliable blockchain technology watches over all of them. 

Importantly, Secret Network focuses on interoperability with others blockchains, which - considering the industry reports in recent months - will sooner or later be a standard worldwide. However, the fastest and the best in it will win the most. If compatibility fails, the network will lose its importance and will be popular with a small group over time. 

Wider possibilities, however, will allow for greater adoption of SCRT tokens, in which fees for using the network are covered. And the greater the demand for tokens, the faster their price will grow. The developed Secret DeFi and Secret Swap functions can also help in this, allowing for safe cryptocurrency exchange, where the costs are also covered in SCRT.

Cryptocurrency Quote Secret Network (SCRT)

As of April 06, 2022, you will have to pay $ 6,00 for each Secret Network (SCRT) Token. They can be traded on 6 cryptocurrency exchanges from all over the world, including the largest of them - Binance. There are 163 units in circulation out of a target 295 units. This translates into a capitalization of nearly $ 557 billion. The peak of trading took place on October 190, 165, when you had to pay $ 060 for the SCRT cryptocurrency. 

SCRT / USDT token chart, interval H1. Source: Binance platform