Only few would have guessed that the chaos of the 2008 financial crisis would bring about revolutionary technology, something new, something completely ground-breaking. The emergence of Bitcoin and blockchain technology.
You see the Financial crisis that shook the world in 2008 greatly exposed the inadequacies of the government and financial institutions in controlling our funds. There needed to be something we could trust, something Decentralized, void of human control that would serve as a record of daily transactions. And that's exactly what the blockchain is solving.
The blockchain is a distributed ledger that is shared among the nodes of a computer network where cryptographic transactions are recorded. The blockchain helps ensure that recorded transactions are impossible to tamper with. Which was revulosionary because there was no longer need for a middlemen like centralized banks in order for a transaction to take place.
Bitcoin was the First ever cryptocurrency which ushered in the era of blockchain technology. Since then there have been various other cryptocurrencies with their own blockchain like Ethereum, Binance smart chain, Fantom etc. They have all sprung up with there own Blockchains.
But with all the solutions the blockchain brought with it, there was still one problem to be solved. The issue of Privacy. You see transactions recorded on the blockchain are open source meaning everyone who wants to can see it. Which isn't comfortable, You wouldn't want someone having access to your Bank transaction history more less anyone being able to see as it's recorded on the blockchain. The issue of Privacy in blockchain needed to be solved and that's exactly what Secret (SCRT) Network came to do.
Secret Network is an independent, base-layer blockchain network built using the Cosmos SDK. It supports smart contract development and introduces data privacy by default for these contracts, enabling developers to build decentralized applications that also protect user data and preserve privacy.
Secret network is solving one issue associated with blockchain which is privacy. Decentralized applications built on the secret network blockchain are set to privacy by default. Which means that transactions carried out on it's blockchain can't just be accessed by anyone. Secret network also offers customizable privacy which means you get to choose what to share, with who and how.
To achieve data privacy, the Secret Network protocol leverages key management, encryption protocols, and Trusted Execution Environments (TEE) that are part of the hardware specification for all validator nodes of the network.
This protects users and empowers developers to build a better web 3 where privacy is accessible to all.
website:
https://www.scrt.network
Twitter: https://twitter.com/SecretNetwork
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