We are pleased to announce our next AMA on December 17th 2020 at 03:00 PM UTC Time: Satoshi Club x Secret Network
⚠️Click to see the hour
⚠️Total Reward pool: $1200
⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Secret Network Telegram group
We will have the following structure:
Part 1: 150$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.
Part 2: 150$/15 users – Open chat for 100 seconds. You can post Max 3 questions. Secret Network Team will select 15 questions and answer them.
Part 3: 900$ – A quiz about Secret Network
For more details:
Secret Network – @SCRTCommunity
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
R3 has built conclave another private and confidential computing platform due to be launched next year. Do you see this as competition and where do you differ from them. Also could there be a collaboration at some point?
In a recent article from Forbes, titled top 10 digital transformation trends, it is stated that Privacy and Confidential Computing will slide into the mainstream in 2021. Where do you see secret network positioned currently in that sense, are you ready for for mainstream adoption of confidential computing or are are we still further out than that. Could you give some examples of real world use cases currently to back up that quote if so.
Which industry would you love to see the secret network being used in the most currently, maybe an industry that is crying out for your tech but can’t use it due something like political reasons or regulations.
You first implemented the private smart contract feature. Privacy is great and it’s interesting. But don’t you think that nowadays is important to have it public? Especially for nowadays defi projects, in order to avoid features in the smart contracts which will enable them to withdraw the funds. If it’s public then everyone can check it
Currently ROI for staking SCRT is 30%, 30% annually is a rather small ROI, beyond that 30% is there any other rewards given for staking SCRT?
What is the Secret coin used for? Can you describe the Tokenomics?
I’m new in the crypto space so forgive me if I’m wrong but been able to view a blockchain smart contract isn’t that one of the many ways to build trust with their community, how do you expect trust to be built in this era of rugpull DeFi if the smart contract is secret? It is after all easier for suspicious element to operate secretly or does your team have a plan against such elements?
Why Tendermint? Why Cosmos? Can you describe what led to the decision to go in that direction when building Secret Network?
What does governance on the secret network look like! Is it community driven or run by a committee? Or is it something that would remain secret?
On that same line of thought, an interesting project making its way to the Cosmos ecosystem is Sentinal(SENT). Being that they are a decentralised VPN service, it would seem like a natural fit for decentralised encryption. Has there been any discussions on collaboration between the two projects?
Secret Network allows applications to perform encrypted calculations, in addition the platform is secured by a group of validators. Can anyone become a validator? What would be the necessary requirements? Can any user participate in the governance processes?
SCRT is the native currency of the Secret Network project and is used to pay fees within the network, but what other uses does the token have within the platform? How can users benefit from owning the SCRT token?
Partnerships and alliances are very important for any emerging project. What important partners have you got so far? What are the plans to make yourself known to more users? Does your community play an important role in the development and expansion of the project?
On the website I could not find the Roadmap of the Secret Network project. On what date did this project begin to develop? What are your long-term goals and what problems do you want to solve?
In terms of business, how do you see yourselves? Do you plan to give to big companies your technology to build private smart contacts? Or do you plan to bring a different type of revenue?
I understand why you need private smart contracts. This is especially for private organizations or institutions which don’t want everything shared. My question is: is it possible to make your smart contacts half private? I mean can some parts of it left deliberately public and some which are sensitive to leave private?
Why don’t you make a clear tokenomics section on your website? Information about tokens is spread among multiple articles and it’s hard to follow.
Since its inception, the blockchain has been characterized by handling contracts in a public way, for this reason there are a large number of fraudulent transactions, I understand that Secret Network intends to insert the solution to this problem in the blockchain world, but if everything is super indecipherable as the black box, how will this platform keep working? Who monitors the node that watches over the calculations? Woooo, it’s som ething that nobody can control, totally decentralized
Secret Network is a decentralized network of computers (secret nodes) that use reliable execution environments (TEE) to allow private and safe computation on encrypted data, which function complies to and how reliable it is?, Only the
I understand that Secret Network Super Secret Applications are created under intelligent COSMWASM contracts that are written in the Rust programming language and are implemented in the secret network, then on which this network is based to become a conce
.
As SECRET NETWORK is the first block chain that supports encrypted entries, encrypted outputs and encrypted statement for intelligent contracts, have in your futuristic plans to include other sectors?
Secret Network is a decentralized network that finally solves the security and privacy problem in the blocks, its native token $ SCRT has these same qualities? When could you bet on this project?
As Secret Network is the first chain of blocks that supports encrypted entries, encrypted outputs and encrypted statement for intelligent contracts, I mean you are wanting to say that using encrypted data without revealing them to anyone, not even to the nodes of the network?
secret network has a feature “staking derivatives”, where users can pool SCRT in a secret contract while issuing a synthetic staking derivative Secret Token (e.g., dxSCRT)…. Though I am yet to fully understand how this will work but How and for what can this Derivative tokens be traded… and what do users stand to gain in staking this Derivative Tokens…. will there be derivative tokens for only SCRT or will users be able to issue derivative tokens for privacy tokens created on your Network. ..
Secret Network will be providing privacy to other blockchain ecosystems, including Ethereum.. in line with this you’ve created a Secret-Ethereum bridge.. my question is will you be creating individual bridges to connect to all Blockchains you will be integrating.. or will you be using Cosmos IBC protocol to help bring privacy to other blockchains….what kind of technical approach will you be taking to bring privacy to other blockchains and How will cosmos IBC be integrated into this plan
Secret Network Is using SNIP-20 (a.k.a. Secret-20) standard for building fungible “Secret Tokens” based on Secret Contracts…what level of expertise does a user need to be able to create their own SNIP-20 standard tokens on secret network…and what kinds of features will a user be able to configure for their SNIP-20 standard tokens..will all features of the SNIP-20 standard be completely privatised.
How does Secret Network help to solve the problem of privacy in the blockchain? On your platform you guarantee that security and transparency is your priority, but what decentralized tools do you use to make this happen? How secure are Secret Network’s DApps?
What are the critical applications being built on Secret Network? How can I get involved and help drive the adoption of decentralized finance with security, privacy and equity?
Smart contracts that preserve privacy are now LIVE at Secret Network. What are the features of these contracts that guarantee the privacy and inviolability of information? What role has your new strategic partnership with Hashed played in all this?
I’ve read about your secret Ethereum bridge and one thing is not very clear for me. Does your project transform a public erc20 asset into a private/ secret one or does it create a clone of the same asset which is private/ secret? If it’s the second option, then it means that the original erc20 asset will still be public?
– A Layer 1 solution is not so easy to implement, considering all the scalability problems of the ETH network. My question is, does Secret Network have the same foundation as Tornado Cash? What is different with this competitor?
– If all transactions are traceable in the Ethereum blockchain, how does Secret Network implement a possibility for them to be private?
– Can transactions be made private only from ETH or also from ERC20 tokens? Will all tokens be available or how do you decide which ones can be made private?
At the time of this AMA, the first OTC auction using a Secret smart contract should already be completed. Tell us how it went. Now each of us can create an auction for exchange between different networks using a secret bridge? Share with us your impressions and, of course, instructions on how to create an OTC auction
You created Secret Network, and maybe “trusted” some 3rd party code snippets while doing it. A developer will “trust” you and create a Secret App. I will “trust” the developer and use it. The project is open sourced thus a programmer/hacker can work on it to find bugs. Finally you say “all the data used in smart contracts is exposed to everyone”. So, with all these conditions, how do you provide a really secure, private and trustful Secret environment? How do you handle all these sensitive issues?
As far as I know, you have created 6 committees of developers and enthusiasts who help the ecosystem to develop in different directions. Tell us what each of the committees does, how much their creation was justified and whether they receive remuneration for their activities
What are the main functions of the SCRT coin, where can you buy it and which wallets support not just storage but also staking?
This whole privacy and anonymity thing sounds fantastic, but how do these practices look within the law? Have you had legal advice on this issue? Is it totally transparent to use Secret Network at this time when many governments are still not looking at cryptology?
One of the advantages of Defi is that we can make everything trustless because everything is connected and exposed. However, if we hide it, or add the layer of security that Secret Network provides, wouldn’t it all be too dark? Can’t it lend itself to malicious practices?
Secret Network has the feature of Machine Learning which is a great innovation. Therefore learning never ends in such a system. So it will be continuously getting and processing the user data gathered from the Secret Apps. Doesn’t it cause a weakness in terms of Privacy which is the pillar of Secret Network?
How did it happen that the Enigma blockchain suddenly became a Secret Network? Did you just change the name or is there some secret))) reason for rebranding? What was the motivation behind this decision? How did the community react to it and did it affect the price and support of investors?
Are there any rewards for maintaining the network? What are the types of nodes and rewards? Can I delegate my coins to one of the validators to receive a reward, or do I have to start my own node? Where can I see a list of existing nodes and how to join the network?
In a practical way: What differences would there be between doing a transaction in any other network, for example Ethrereum, and doing a transaction in Secret Nerwork? What differences are there in the behavior and exposure of our data?
In your documentation you say that blockchain has allowed a more open and sustainable internet, but then you say that “they have been slowed down by a major flaw: they expose all their data to everyone”… I would like to ask: What data do you mean? What data about us has been exposed by using blockchain so far?
So for Secret Network, Secret Tokens will be like ERC20 tokens of the Ethereum Blockchain. How about the transaction fees? Are we gonna experience same gas fees like ETH or you have a solution to the unstable transaction fees unlike Ethereum.
Moving a bit away from the issue of privacy, I would like to ask about the scalability of Secret Network… Do you think that in the near future it could compete with Ethereum and become one of the most used networks for building DeFi protocols?
Privacy, zero public data, encrypted data, total darkness! The point will come when we will not know if the registered users or the people who design the projects are people or robots. Is this the point that Secret Network wants to reach?
One of the benefits of blockchain technology is that it is TOTALLY transparent, anyone can observe the transactions made by any user, now by implementing total privacy in decentralized networks, can they enjoy the same transparency?
Could secret contracts be developed by any type of blockchain? Or only and exclusively should the Polkadot or Ethereum technology be used?
Apart from the privacy provided by the Secret Network, what other benefits will decentralized applications with secret contracts enjoy? what are these new frontiers of Web 3, only interconnection between chains?
In the series on your Youtube Channel which is Sharing Secret that explores the biggest secrets of the blockchain and cryptocurrency space,can you tell us more about this series and what is the biggest secrets of the Blockchain that being shared so far in this series? What are the inclusion of this series? So, in this series which is Sharing Secret, is their an anonymity of the guest and the project or it is being revealed? Can you tell us the relevance and purpose of this series? Thank you
Can you describe more about the Secret Foundation of Secret Network ecosystem? What is the core purpose and objective of building this Foundation? Can anyone join in this foundation?
When did the swap from $ENG to $SCRT happened? Can $ENG tokenholders still swap their to $SCRT and is there a deadline to the tokenswap?
Your network is building a secret contracts using Rust.Why does Secret Network choose Rust? Can you tell us more about the Secret contract? Why did you build a secret contracts? Is the secret contract is different from smart contract? Thank you
Layer 1 blockchains have limited scalability and privacy as compared to label 2. What is the major upgrade that Secret Network introduced to the platform that fixed the problems of other layer 1 platforms?
What are the advantages of being a secret agent? I mean what is the difference between an enthusiastic community member and a secret agent?
Your platform is complicated for me, what must I do if I want to engage with the bridge? And also where do i go if I want to staking SCRT?
Your project is very interesting. Actually I also following other privacy based project which allow public blockchains go private, and i’m try to compare the different but there is one thing that I can’t able to find, do Secret Network possible to minting custom privacy coins ?
So how much the fee if I want to do transfer on your platform Secret Network? How the fees comparable with ETH transaction?
I agree that private data is important, but the danger of using anonymous processes on the network by scammers puts the question on the scale of what is more important than privacy or use for criminal purposes? Monero has long been used by hackers to extort money with impunity. and do you have a solution that allows you to eliminate the factor of criminal use of your network?
I hear that bridge mining will get rewarded SCRT based rewards to avoid impermanent loss. So do the AMM also use same mechanism for mitigate impermanent loss?
Do you plan to maintain the SCRT price? When investing in stacking, the average return according to Puzl is 30% subtract inflation 15% remains 15% which can eat the price drop. As an investor, I would like to have some confidence that the investment will bring income.
“Secret Network… has launched its Ethereum bridge, which lets assets be transferred between Ethereum and Secret Network privately.” how does this actually works ? What type of volume does this bridge support ? Does it support smart contract interaction like ICO or rebase token like ampleforth ?
Well… it looks like we will going to own our data and that is going to be a form of economic resource. But, What is the type of outcome that your project can achieve? is Secret Network a tool of purchasing some forbidden thing (example : weed ) like that how monero is used? Is Secret Network another way to avoid tax or hide money from the government ? Sorry if my question is a little bit direct but its for my better understanding for this project.
Secret auctions are good, but what if you need data from the real world?
is it possible to create an oracle application that connects the secret network to the outside world? for example, I stole an art-painting from the Hermitage and want to sell it. I run an application \ Oracle that executes a smart contract in the Secret Network that puts up an offer in the dark Network, as well !! offer at Sotheby’s auction, which is in the real world!!??
Creating a bid in an auction is a separate transaction. That is, if there is an active auction, I will often have to place bids and perform transactions for which I have to pay a commission?
To build a better internet infrastructure and provide privacy How was the Secret Network system set up and what are the advantages of being the first smart-connected blockchain to protect privacy?
How is the encryption of applications based on Secret ensured and can nodes in the network access these passwords when necessary?
How does the Secret Network mediate developers to create confidential and secure applications, and will it be open to all use and portability in smart contracts?
Any SCRT holder can delegate their stake in the chain to one or more validators.
There is no minimum bet. The owner can delegate any amount as much as they want to the validator and still earn inflationary rewards, but network rewards are not free.
What does it mean? Do I have to pay to receive my reward? And is SCRT delegation possible without any restrictions?
I saw only 2 pairs SCRT / BTC and SCRT / ETH on Binance. What pairs do you plan to open more and when? I think your community would like to have more choice.
After the launch of Secret Bridge, which provides programmable privacy for Ethereum and ERC-20, where else can you buy SCRT, because at the moment you can only trade SCRT on Binance?
I understand that your SCRT token is listed on 3 exchanges with ETH and BTC pairs which are: HOTBIT (SCRT/ETH-SCRT/BTC), BINANCE (SCRT/ETH-SCRT/BTC) and ATOMARS (SCRT/ETH) so they have plans to increase SCRT pairs with others coin like USDT, BNB, BUSD etc? And what are the plans for a higher listing on different exchanges?
Recently you have announced the Secret Auction Contract to demostrate “first trustless, non custodial and privacy preserving Over-The-Counter trade for crypto-assets”. Can you list what is needed for creating a Secret auction from zero? What tokens an user needs to buy? And is there any fee for using this kind of service?
Secret Network uses Tendermint Consensus model for Byzantine Fault Tolerant Consensus. Why did you choose this model? And what are the benefits for this type of project?
I like the name of your project “SECRET NETWORK” it sounds mysterious so can you tell me why you chose this name? Do you have any hidden secrets about it?
The SECRET NETWORK mainnet was updated on September 15th of this year “2020” to include secret contracts which I find incredible! But I want to know how this can influence the blockchain and how important is this milestone for SECRET NETWORK?