According to an announcement by the Secret Network blog, their new protocol called ‘Secret’ bridge is now live on Ethereum mainnet. The Ethereum Secret Bridge was designed to create programmable privacy tokens out of ETH and other ERC-20 tokens, a purpose that could function similarly with Monero (XMR) and Zcash (ZEC).
“Confidential” versions of ERC-20 Assets
According to the Secret Network, the bridge allows for the immediate conversion of encrypted assets to Secret Tokens (SCRT), which are used to conduct transactions with the utmost privacy.
In addition, only the holder or anyone who obtains authorization through a watch key can view the transactions and contracts made with him. What makes its features different from XMR and ZEC, however, is that it is programmable, such as ERC-20 tokens.
Apart from ETH, there are 14 protocol-supported ERC-20 tokens including AAVE, BAND, LINK, YFI, COMP, DAI, MKR, USDT, among others. From these tokens, users can instantly coin their own secret, secretDAI, or any type of asset supported by the bridge.
‘Digging for a Bridge’
The next step the Secret Network is working on is launching its ‘bridge digging’ feature. For now, the team’s plan is to encourage users to get used to the bridge functions first.
The ‘bridge digging’ feature will operate in a similar way to other liquidity mining pits. A user must lock their ETH or ERC-20 ticket on a smart contract in order to be entitled to receive from the SCRT rewards system.
Secret also announced that they are developing an Automated Market Maker (AMM) to help provide liquidity to SCRT. There are no updates yet but they have indicated that its primary function is to make it easier for users to exchange SCRT tokens.
The ‘Confidential Network’
Secret Network is a blockchain community focused on developing protocols that enhance the privacy of digital asset holders. Anyone can be part of the Secret Network community. As the community continues to expand, they have been warmly welcomed by cryptocurrency companies and developers.
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