How To Buy Secret (SCRT)?

A common question you often see on social media from crypto beginners is “Where can I buy Secret?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports Secret (SCRT)

First, you will need to open an account on a cryptocurrency exchange that supports Secret (SCRT).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Secret (SCRT) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Secret (SCRT)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Secret (SCRT) or Secret (SCRT) trading pairs. Look for the section that will allow you to buy Secret (SCRT), and enter the amount of the cryptocurrency that you want to spend for Secret (SCRT) or the amount of fiat currency that you want to spend towards buying Secret (SCRT). The exchange will then calculate the equivalent amount of Secret (SCRT) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Secret (SCRT) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

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What Is Secret (SCRT)?

Secret Network is a blockchain platform that enables encrypted smart contracts and ensures complete data privacy. It improves on traditional smart contracts by encrypting inputs and outputs at a protocol level. Secret Network ensures privacy for any sensitive information collected and stored in decentralized apps (DApps).

Since blockchain transactions are publicly viewable, privacy in the blockchain space isn’t guaranteed. Even if the address initiating a transaction is anonymous, it’s still possible to analyze that transaction and tie its information to specific entities. There are already reports of government agencies creating cryptocurrency tracing tools that utilize this premise — and that’s a problem in a world where digital security and data privacy are hot topics. 

Blockchain technology, decentralized finance (DeFi) applications, platforms and tokens are poised to disrupt numerous industries which handle sensitive data in ways that were never before possible. In fact, DeFi takes the decentralized concept of blockchain and applies it to the world of finance. 

Smart contracts play a big role in the success of DeFi. These are basically self-executing pieces of code that are managed on a blockchain and can be used to build DApps. However, they are typically public by default. This means all the data used and collected by DApps on a public blockchain is exposed to the public. That’s a big issue for DApps that handle sensitive user data. 

Secret Network’s solution is encryption from the ground up. Tor Bair, the founder of Secret Foundation, calls it “programmable privacy,” and it goes beyond the transactional privacy offered by privacy-centric coins like Monero. It relies on a network of computers called “secret nodes” to securely perform the computation of smart contracts built on the platform. The nodes use a so-called trusted execution environment (TEE) to enable secure, private computation. TEE technology is already used to securely process data on numerous platforms, including smartphones and video game consoles, thereby maintaining data privacy by default. It’s how smartphones handle sensitive biometric data — such as your fingerprints.

What are Secret Contracts on the Secret Network?

Secret Network’s smart contracts are called “secret contracts” because they’re designed to preserve encryption and data privacy by default. Written in the Rust programming language, secret contracts allow DApps to use encrypted data without ever exposing it — even to the secret nodes that perform the computation required to power the applications. Users have complete control over what is shared, and with whom. They have the option to create “viewing keys” that give third parties the ability to view their sensitive data.

Think of it this way: if privacy-centric coins like Zcash, Dash and Monero are private alternatives to Bitcoin, Secret Network’s secret contracts are a privacy-centric evolution of Ethereum’s smart contracts. They add a layer of privacy and security to sensitive data while still maintaining transparency. This unique functionality protects users – keeping private data, private.

The combination of secret contracts and TEE allows for unique use cases that aren’t possible on other blockchains. The Secret Foundation has already proposed a wide range of potential use cases for Secret Network, such as secret DeFi apps, non-fungible tokens (NFTs), crypto auctions, exchanges, games, and more.

What is the Secret token?

Secret Token (SCRT) is the native coin of Secret Network. It is similar to Monero (XMR), Dash (DASH) and other privacy coins in that the recipient, balance and transaction amount can be encrypted. The programmable privacy provided by Secret Network ensures anonymity and confidentiality. SCRT holders must create a viewing key if they wish to reveal their balance to third parties. 

In addition to functioning as a currency, SCRT is also used to pay for fees required to use apps on Secret Network and for on-chain governance. Users must “stake” SCRT tokens to become secret nodes and help secure the network. The tokens are also required to participate in the governance of the network and to vote on proposals that decide its future.

What is the Sienna token?

Sienna (SIENNA) is another token that exists on Secret Network. It’s the native coin of the Sienna platform, which is a DeFi exchange and protocol that enables private trading, lending and borrowing with low transaction fees. SIENNA tokens can be used as a store of value, and for voting on proposals on the future of the Sienna platform. 

Sienna also has an ERC-20 version, wrapped SIENNA (wSIENNA), which exists on Ethereum and is compatible with the Ethereum bridge on Secret Network. Users have the option to lock up their SIENNA tokens on the bridge and mint wSIENNA, which makes it easier for them to spend their tokens in Ethereum’s ecosystem. If you want your SIENNA back, simply send the wSIENNA back to the bridge, and Secret Network will release the tokens back to you.

Secret Network development updates in 2023

Secret Network, focusing on privacy and decentralized finance (DeFi), has witnessed a series of significant advancements in 2023. These developments showcase the network’s dedication to enhancing its privacy features and expanding its ecosystem. Here are the key updates and achievements for Secret Network in 2023:

• Privacy as a Service (PaaS) Initiative: In June, Secret Network introduced the Privacy-as-a-Service initiative. This groundbreaking development extends the network’s unique private contracts to the broader Inter-Blockchain Communication (IBC) community, marking a new level of interoperability and functionality. The PaaS initiative enables the integration of private computation with other decentralized networks, allowing for new use cases such as Secret Verifiable Random Function (VRF), threshold wallets, walletless applications, private voting, and sealed bid auctions​​.

• Secret VRF and Network Upgrade: May 2023 saw the implementation of the Secret VRF, a major feature enabled by the network’s latest upgrade. This on-chain random number generator is particularly significant in the context of blockchain technology, where traditional transparency makes random number generation a challenge. Secret VRF operates within Secret Network’s privacy-preserving environment, making it reliable and verifiable. The upgrade also included an IBC panic button, providing additional security measures for the network​​.

• Beyond ZK Series and Technical Insights: In January, SCRT Labs CEO Guy Zyskind released the second installment of the Beyond ZK series, providing in-depth research that shapes the network’s future, particularly towards Secret 2.0. This series addresses secure Web3 computation problems and explores potential solutions, offering insights into the future of Web3 privacy and Secret Network’s technical strategy​​.

• Launch of ShadeSwap and Other dApps: The network announced the timeline for launching ShadeSwap, a privacy-preserving decentralized exchange with features like AMM, DerivativeSwaps, and StableSwaps. Additionally, new learning pages were introduced to educate users about the Secret Network ecosystem, and various dApps such as Bushi and StarShell Wallet were either announced or released, expanding the network’s DeFi capabilities​​.

• Ecosystem Roadmap Update: Secret Network updated its Ecosystem Roadmap to include new plans and goals for its dApps. This roadmap is a comprehensive guide to the network’s collective progress and individual project developments, highlighting the ambitious trajectory of Secret Network’s ecosystem​​.

• Participation in Major Blockchain Events: Secret Network actively participated in several blockchain events, including Prague Blockchain Week, where it made numerous connections and shared ideas. The network’s presence at these events helped to raise awareness of its Privacy as a Service plans and other initiatives​​.

• Secret in “The Defiant” and Other Media Features: To spread awareness about private DeFi and Secret Surge, Secret Network collaborated with publications like “The Defiant”. These efforts were aimed at educating a broader audience about the benefits of private DeFi and the unique offerings of the Secret Network​​.

These developments in 2023 reflect Secret Network’s commitment to enhancing privacy in the blockchain space and expanding its ecosystem with innovative features and applications. The network’s efforts in providing Privacy as a Service, along with its continuous technical advancements and community engagement, position it as a key player in the realm of secure and private decentralized applications.

Official website: https://scrt.network/

Best cryptocurrency wallet for Secret (SCRT)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Secret (SCRT)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).