The Overview of Secret Network

The Secret is an open-source, layer-1 blockchain-based independent network built-in Cosmos SDK. The Secret ecosystem claims it is one of the top privacy-preserving smart contract networks. It is a leveraging Proof-of-Stake (PoS) that uses Tendermint’s Byzantine fault-tolerant consensus algorithm. The main mission of the network is the adoption of decentralized technology by everyone. Smart contracts are self-executing contracts based on predefined conditions on the blockchain. Normally, they are open in the blockchain and exposed to the public.

Secret Overview

Cryptocurrency Secret
Ticker Symbol SCRT
Price $4.38
Price Change 24h +2.25%
Price Change 7d -13.39%
Market cap $276,092,131
Circulating Supply 163,295,557 SCRT
Trading Volume $11,063,389
All time high $10.64
All time low $0.2554
Secret ROI +161.91%

The Secret network brings encryptions to smart contracts, which means the input and output of Secret smart contracts are fully encrypted, providing default data privacy for smart contracts. With the Secret tools, developers can build decentralized applications by keeping the privacy of data. The Secret network protocol has ‘programmable privacy’, it is arbitrarily complex data privacy controls within an application.

The Secret network is built in secret nodes which is a decentralized network of computers. They utilize trusted execution environments. TEEs enable security and privacy for computation over encrypted data. Trusted execution environments function like black boxes in the data processing. TEEs use all platforms such as smartphones, video games consoles. Encrypted data in the Secret network can be viewed using ‘viewing keys’. Users can share these viewing keys with auditors, wallets, and explorers by controlling the data. The privacy-preserving applications of the Secret networks are called ‘Secret apps’. The Secret network blockchain claims Secret apps are decentralized and permissionless applications that are private by design. Secret contracts are written in ‘rust programming language’. This allows applications to utilize encrypted data which enables unique cases. This functionality is not simply possible on other networks.

Secret finance ensures the protection of the financial data of customers. The decentralized financial applications of Secret network are cross-chain, interoperable, private by default, and utilize low fees. Secret Bridges are used for the transfer of digital assets on other networks such as Ethereum, Binance, etc. Once the assets are dispatched across the Secret Bridge, the Secret Token contracts will execute, then the asset will be encrypted to only be viewable to address owners or those who hold the viewing key.

SecretNFTs are non-fungible tokens of a Secret network. NFT is also private by default and they are the verifiable representation of unique events and items. The Secret network community includes artists, Secret forums, developers, Secret podcasts, ultimately the project believes that developers, users, and organizations need ultimate control over their data, so privacy is the prime thing when files are transferred through blockchain. The Secret network is positioned well and resourced for the long run.

What is a Secret (SCRT) Coin?

SCRT is the native token of the Secret network. It is used as the gas fee across all Secret apps. Users can directly buy SCRT coins using a bank account or credit card from the Secret network’s website. They can initiate a buy order on centralized exchanges such as Binance. There are decentralized exchanges in the Secret network (SecretSwap, Sienna) and Ethereum network (SushiSwap, UniSwap) where users can purchase Secret coins. In order to store, stake SCRT coin users require a wallet, traders can go for any of the following: ‘Keplr’, which is useful for all applications in the network, Citadel.One, Cosmostation, Ledger Nano. The final estimated figures of token distribution are as follows, a total of 170M coins were released among that 44% for the community, 21.18% is for teams, 17.65% of coins will go for ENIGMA and affiliates treasury 11.76% for the ecosystem. Only 0.59% for the foundation and 4.71% for inflation which is necessary for sustainability. 20M SCRT tokens were allocated for the ecosystem pool, unlike the community pool, which supports technological development activities, the ecosystem pool provides support and assistance for any contributions towards the development of the secret network.

Functions of SCRT

Paying Fees: Holders of SCRT use the token to pay the transaction fees for different services offered by the SCRT network.

Staking: Node operators use SCRT tokens to operate the node on the network for nodes running. Secret receives back inflation rewards and the fees used to pay for transactions.

Voting Governance: Secret coins can be used for voting governance in the Secret protocol. The network leverages block reward, staking, to incentivize SCRT holders.

Recent Developments in Secret Ecosystem

Supernova Mainnet: The Mainnet upgrade – Supernova happened recently, it was the first major mainnet upgrade since the Secret contracts have launched. It is a close chain privacy-first platform for Web3 with many new use cases. From the initial phase, the Secret network started scaling up. As per the founder’s opinion, they were now concentrating on three main areas including developers applications and end-users across DeFi and NFT. IBC integration of Supernova allows the SCRT to be used across all cross-chain cosmos applications. It was completed in the first week of November.

Secret Network Grant Program: The recent launch of ‘Secret network grant program facilitates funding for applications, tooling, network requirements, and overall ecosystem improvements. The organization has awarded Secret grants for front-end developers who develop simplifying interfaces, additional features, and any new value addition to the system. Thereby Secret network attracts more coders and developers into the ecosystem as well as develops new value additions and features.

SecretSwap: SecretSwap is a front running resistance and cross-chain decentralized exchange. It aims to provide an open accessible financial system. SEFI is the native governance token of SecretSwap. The SecretSwap uses the SNIP-20 Secret token standard and runs on a Secret Ethereum bridge. In the last month, the Secret network has announced the rebranding of Enigma with the vision of providing more support to secret networks and native privacy for Web 3.0. The aim is to focus more on developments of the secret network.

Trusted execution environments: Developments in trusted execution environments ensure confidentiality of computations. It acts as the best solution to protect transfers through blockchain. In October, the Secret network partnered with OpenSea, one of the largest NFT marketplace, to provide exclusive content, they also have a production house named  ICONIC for artists, developers, to build NFTs.

Secret Roadmap

The mainnet of the Secret network was launched in February 2020. Enigma project was founded by Guy Zyskind in 2015 to bring private computation solutions and aim of maximizing the potential of blockchain technology, later they have launched a ‘Secret network’. The development has mainly been decided in three steps: launching and securing the network, building secret contract functionality, developing initial secret applications.

The company behind Enigma protocol is developing technology contributions for the Secret networks now. Following this, the Secret Foundation was created in July to promote the growth of the Secret ecosystem. Also provides privacy ensuring tools and techniques for other organizations. After that, they prepared ‘Vulcan hard fork upgrade and eventually enabled the secret contract on the network.

On July 24, 2020, the burn contract of SCRT enabled the owners of ERC-20 ENG to convert their cryptocurrency to SCRT. The swap allowed ENG 1:1 to SCRT. In the same month,’ the secret games incentivized testnet was launched to test the design of Secret contract projects. After several months of testing, Finally, Secret contracts has been launched successfully in September 2020.

In December 2020, the Secret Ethereum bridge started functioning, which connects the Secret network with Ethereum. This allows ETH holders to convert Secret versions of their assets to Secret coins and transact them privately. Henceforth, they have launched SecretSwap, the first automated market maker of the network. Subsequently, in March 2021 SEFI, the governance token of the SecretSwap has launched. The Secret is now strictly focusing on developments in programmable privacy. It believes privacy and security are not only for transactions but also for applications, files, and smart contracts.

Secret Technical Analysis

New development talks and achieved milestones made a big impact on Secret cryptocurrency prices in the past few months. Though other cryptocurrencies also touched an all-time high because of the skyrocketed interest in cryptocurrencies, Secret was worth buying from October 2021 second week onwards. When the cryptocurrency market pushes towards record high and unwinding long-term earning potential, the Secret coin has also taken part in the journey. investment in SCRT has got a tremendous increase since mid-December 2021. Even though the coin is new to the market and has less matured, the unique idea behind the network and sustained developments in the ecosystem bolster the price surge in coins. The market capitalization of the crypto market has marked stability over the last few days.

Analyzing the historical price of SCRT, the prices have been hanging sideways without any noticeable hike for more than a year. However, the past developments escalate the reputation and value of the company. But the price of SCRT remains in the same parallel range excluding minor price rises. Looking into the price volume trend, it has been increasing gradually. Previous price predictions were expected that the coin continues in an uptrend after the rise in last February 2021 but it was not sustained. In the wake of a round bottom formation on the daily chart, SCRT price started increasing towards the maximum value of last November.

Secret Price Prediction

Technical analysis on the daily chart shows the current price of Secret SCRT is $5.76 with a 24-hour trading volume of $18,963,974.27. The total market cap of Secret SCRT is $940,417,909.39, with a circulating supply of 163,295,557 SCRT coins. The highest price at which Secret SCRT traded is $10.64 which is on October 28, 2021. The lowest SCRT price was $0.2554 which is on November 3, 2020.

SCRT Price Forecast

Secret value started increasing from the beginning of the last year and the value of SCRT started to outperform from the beginning of last October 2021 onwards by attracting more investors into the token. The Secret coin is a good investment for the future. The announcement of supernova is one of the prime reasons behind the price rush. SCRT enthusiasts started trading and investing in coins. Secret worth buying in the month of October 2021 by making fresh highs every day.

Within a short term, Secret cryptocurrency gave massive returns to investors. SCRT price rose to a maximum value of $10.64 from $2 in a month by breaking predicted price levels. The bull run initiated on September 30, 2021 tested the resistance level of $6.7 on October 11, 2021. The immediate price correction took support at $4.569. A morning star pattern formation of October 20, 2021 on the daily chart has propelled the SCRT price surge. Looking into the charts, every bullish engulfing candlestick has created ample difference in opening and closing prices.

After the first week of last November, the Secret price faced tremendous bearish pressure and started to correct downwards with a steep fall. By mid-December 2021, the Secret price hit its previous major support level of $3.8. Later, it has initiated and managed to sustain the upside trendline to date.

Secret Crypto Price Prediction

Analyzing the volume chart and volume trend, there is a volume surge after every small pullback. It was backed up by a good volume at the starting of an uptrend. The price-volume trends have been moving through a stable line after the SCRT price hike. The volume is comparatively less for the current trading session. Candlesticks have respected the pattern, nevertheless now it is trading red, the future price of Secret will rise from this level. The negativity in the price of Secret for the last few trading sessions can be considered as the normal correction. It might be the situation where the coin price might increase in the short term.Secret Coin Price Prediction

Resistance and support levels are inevitable for technical analysis. They are clearly visible for the SCRT price chart. The next immediate resistance is placed at $6.845, the coin was tested at the resistance level of $7.402 but failed to sustain, and the range is still acting as a hurdle for the price of Secret. The major resistance at $8.125.

The price of Secret has tested the support of $5.100 in the last year and is trying to hold without a fall. But any plunge below this will expect to touch $3.724. The major support is $1.721.

Secret Price Chart

Looking at some of the major technical indicators. Relative Strength Index is placed at 56.70 which is neutral. The MACD line is moving above the signal line favorable for a buy.

Secret Price Prediction

Analyzing the EMA on the daily chart, the prices have trading above 20 EMA, 50 EMA, and 200 EMA currently. Short term predictions are favorable for investing.

Can we say Secret is a good investment at this level? Secret price forecast at today’s level can be considered as profitable for the short term. It is neutral so people who have investments can hold the coin. Long-term investors can also make new investment decisions.

Secret Price Predictions: 2022-2026

History depicts the month of November as the best month for digital coins as well as the cryptocurrency market. Crypto analysts are bullish on the Secret forecast, based on the technical analysis at the current price, it will become a good investment for the future. Let us look into SCRT coin price predictions to know more about the possible coin performance in the long term.

The rapid growth of crypto and the digital asset didn’t encounter any pause in its momentum. The entry of new investors and venture capitalists skyrocketed month on month basis. Secret coin price prediction shows the current market trend is not very favorable.

Secret Price Prediction 2022

The average price is expected at $7.49 levels and the minimum price expected is $7.06. The maximum price level it can reach will be around $7.93. However, it is expected to cross an all-time high depending on SCRT coin price prediction for 2022. Can we consider Secret a good investment option? Based on Secret crypto price prediction and past data, SCRT might give a good return in the future.

Secret Price Prediction 2023

According to the Secret price forecast for 2023, the price of SCRT is expected to begin with an average price of $8.40, breaking the all-time high. Minimum price is expected at the $7.63 level. The value may rise to a maximum of $9.55 by the year-end as per the SCRT price prediction.

Secret Price Prediction 2024

Money from institutional investors is flowing into the cryptocurrency market, if the same continues credibility of the coin will reach the same level of fiat currencies with appropriate regulations by 2024. SCRT token price prophesies $12.48 for the start of 2024 and the average price is expected at $8.31 maximum value is expected at $9.78. The minimum price SCRT may fall is $7.05 as per the SCRT price forecast.

Secret Price Prediction 2025

The ongoing developments and demand of the token vanish the question of why will Secret price rise. The SCRT price prediction 2025 is bullish and by the year-end secret price equals $12.61 which is almost triple from the current price level. Investors can wait for a profitable investment this year. The breakthrough in the price level can make Secret be worth it for the future.

Secret Price Prediction 2026 & Beyond

The maximum price of SCRT may reach $10.92. The minimum price is and the average price is expected to be around $9.35 and $10.12 respectively. According to SCRT price prediction, the coin will be seen trading positively, and with significant mass adoption, Secret price will touch new highs in 2030. The average price at which SCRT is expected to trade for the year is $26.42, it may reach a maximum value of $27.37 by the end of 2030 as per Secret forecast.

Frequently Asked Questions

Is Secret a good investment for the future?

The future SCRT price forecast is very convincing while analyzing long-term forecast algorithms. But price prediction may vary from the levels and it depends on prevailing market conditions of that time. Invest carefully, own research, and proper investment advice is necessary before investing.

Where can I buy Secret?

SCRT is available in both centralized exchanges (CEX) and decentralized exchanges (DEX). The major cryptocurrency exchanges such as Binance, UniSwap, SecretSwap, Mandala, MXC.com, Gate.io, Bitmart, PancakeSwap, SiennaSwap, SushiSwap.

Buy Secret

Source link: https://www.cryptonewsz.com/forecast/secret-price-prediction/

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