Okcoin is the first U.S. licensed exchange to offer SCRT, the token of the Secret Network, against USD. Here’s what Secret is all about, in simple terms. 🔍
TL;DR
- What? You can now deposit, withdraw, and trade SCRT on Okcoin.
- Who? All Okcoin customers including those in the United States, except for residents of the EU, the UK, Singapore, and Brunei.
- When? Deposits, withdrawals, and trading are live as of March 29. 🔥
What’s Secret Network?
Most blockchains face a similar problem: Their data is publicly accessible by default. This creates privacy issues both for merchants and for customers. Enter Secret Network (SCRT), an independent blockchain built on Cosmos which aims to be the first blockchain offering privacy by default.
Secret not only aims to be private but also to be privately programmable. By performing computations on encrypted data, it can bring privacy to both smart contracts and public blockchains. Its smart contracts, called Secret Contracts, allow decentralized applications (dApps) to use private data on Secret and transfer encrypted inputs into encrypted outputs without exposing data.
Check out how Secret Network makes blockchain privacy possible:
What’s the SCRT token?
SCRT is Secret Network’s native token. It’s used to take part in the network’s governance and to pay for transactions and gas fees. To operate a node on the network, node operators, called Secret nodes, must stake their SCRT. In return, they receive inflation rewards plus transaction fees. Non-node operators can still earn a share of fees and network rewards by delegating their holdings to support a specific set of validators. SCRT must also be staked by nodes to participate in the network.
What are Secret NFTs?
Among other apps, Secret Network supports NFTs. NFTs are non-fungible-tokens – you can think of them as certificates of ownership hosted on a blockchain. While they are mostly used in the context of digital art for now, there is a wide range of other emerging use cases such as gaming, ticketing, and real estate. Learn more about NFTs
On public blockchains, all the data about NFTs is publicly available. This can create a number of problems:
- Galleries may want to keep access to their NFT private
- Art owners may not want disclose their NFT ownership
- Artists may not want to disclose their sales
- Game players may want to keep their NFTs secret for in-game purposes
- Real estate or ticket buyers may want to keep their transactions private
Secret NFTs are NFTs built on the Secret Network with the characteristic of keeping metadata and ownership data private.
Learn more about Secret NFTs:
