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What is Secret Network (SCRT)?

Spun off from Enigma after SEC enforcement, Secret Network lets decentralized apps create privacy-focused smart contracts for handling sensitive data.

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In brief

  • Secret Network is a blockchain that enables privacy-centric smart contracts.
  • The “secret” contracts are computed by nodes within a trusted execution environment.
  • Such contracts allow transparent blockchains to safely handle sensitive data.

Blockchain technology provides a beneficial layer of openness and transparency that current centralized networks cannot, but some private data isn’t meant to be shared publicly. 

How many people want to use a network that shares their financial details and identifying information to everyone, for example?

That’s the issue that Secret Network aims to solve. By enabling programmable smart contracts that run on blockchain and compute within trusted execution environments, shielding the data from the nodes themselves, Secret Network promises the transparent benefits of blockchain with the kind of security and privacy that users demand from web services.

Here’s a look at how Secret Network works and what the community behind it hopes to achieve with the project.

What is Secret Network?

Secret Network is a blockchain built specifically for data privacy. By supporting encrypted inputs, outputs, and smart contract states, Secret Network enables programmable smart contracts that keep user data safe. If coins like Monero and Zcash are the privacy-centric evolution of Bitcoin, Secret Network’s smart contracts are like an evolution of Ethereum’s own smart contracts, building upon that premise while enabling the secure transfer of private data.

Secret Network was born out of Enigma, a startup that developed the concept of a decentralized protocol for secret smart contracts. Enigma raised $45 million in a 2017 initial coin offering (ICO), but faced enforcement from the United States Securities and Exchange Commission in 2020 that forced a settlement with the SEC.

Ultimately, the community around Enigma decided to continue that vision as an independent, decentralized project, which is how the current version of Secret Network was born. A swap allowed holders of Enigma’s Ethereum-based ENG token to trade 1:1 for SCRT, the native coin of Secret Network used for governance and paying fees. Enigma remains involved as one of the key players in the community supporting development of Secret Network.

How does Secret Network work?

Secret Network is a layer-1 blockchain with its own consensus and on-chain governance, built atop the Cosmos/Tendermint framework. It relies on a network of distributed nodes that perform the computation of smart contracts built on Secret Network, but the nodes use a trusted execution environment (TEE)—like a black box—to do so away from prying eyes.

It’s similar to how a smartphone processor uses a TEE to handle sensitive data like fingerprints, but it’s a blockchain node instead. The network bills its smart contracts as “secret contracts,” as they’re designed to preserve the privacy of the data held within. The SCRT (“Secret”) coin must be staked by nodes to participate in the network, plus it is used to pay fees and transfer value.

Did you know?

As part of the 2020 settlement, the SEC forced Enigma to offer refunds to investors, register its token as a security, and pay a $500,000 fine.

What’s so special about Secret Network?

There’s a lot to like about blockchains as far as being immutable and transparent, but that kind of openness limits the kind of data that can be safely handled by many blockchains—particularly top-secret data that people or companies wouldn’t want seen by just anyone. 

Secret Network aims to plug that hole by providing the layer of privacy and security while still keeping what people like about blockchain technology—the best of both worlds, in theory. While it’s not the only company attempting to fill that void, it’s a concept that could be key to driving the future of certain decentralized apps (dapps), particularly in the realm of decentralized finance (DeFi).

What can you do with Secret Network?

Secret Network is designed to empower decentralized applications that demand a level of privacy not found on many other blockchain networks. By using a trusted execution environment and keeping private data away from both the public and node operators, it can handle sensitive information that users and organizations might not otherwise be willing to share.

The network’s operators have proposed a wide number of potential use cases, including credit scoring and lending dapps that ensure privacy, machine learning capabilities that still retain privacy in the process, and improving the ability to safely share and monetize data. More widely, Secret Network could potentially be useful to any dapp that handles sensitive data.

Did you know?

Cosmos, the framework Secret Network is built on, is billed as “the internet of blockchains” and aims to create an interconnected ecosystem of blockchains, whereas many current blockchains are like individual silos.

The future for SCRT

With the ENG-to-SCRT token swap concluding in January 2021, effectively closing the book on the old Enigma project, Secret Network is trying to build towards a future that embraces interoperability with other blockchains. A lack of cross-chain compatibility could limit Secret Network’s appeal and ultimately keep it from being as widespread or useful as the community developers intend it to be.

Secret Network is also making a big decentralized finance push with its Secret DeFi initiative, and launched a SecretSwap decentralized exchange in February 2021. According to the Secret Network FAQ, “part of our vision has always been bringing privacy to every blockchain,” and it calls out Cosmos inter-blockchain communication and interoperability as another potential initiative on the roadmap.

Beyond that, Secret Network appears focused on attracting more developers to build their dapps on the blockchain, thus demonstrating more use cases in the process. It’s not the only blockchain with privacy-focused smart contracts (Oasis Network is another example) and there are other potential solutions to the dilemma of handling sensitive data on blockchain—such as secure multi-party computation. Whether Secret Network’s solution ultimately stands above others currently on the market or even on the horizon remains to be seen.

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Source: https://decrypt.co/20427/what-is-secret-network-scrt-formerly-enigma

Blockchain

Here’s how Viberate plans to tokenize live performances

You might remember Viberate as the music tech startup with an incredibly successful 2017 ICO when they sold out their VIB tokens (available on Binance, Bittrex, OKEx, and Uniswap) in under five minute

The post Here’s how Viberate plans to tokenize live performances appeared first on AMBCrypto.

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You might remember Viberate as the music tech startup with an incredibly successful 2017 ICO when they sold out their VIB tokens (available on Binance, Bittrex, OKEx, and Uniswap) in under five minutes. Today, they’ve grown into full blockchain-based music research and analytics platform and have just announced another ambitious project: launching the first-ever live performance NFT.

With World’s first “live gig NFT”, Viberate will explore new ways for music artists to trade their work.

Teaming up with the Blockparty marketplace, Viberate plans to drop special NFTs featuring exclusive content by one of the company’s co-founders, world-renowned Techno DJ, and producer UMEK. Besides three original remixes of his track “Lanicor”, bidding will also be open on his live performance.

If the concept proves to be successful and gains traction in the industry, Viberate plans on providing the option of gig token minting to nearly half a million music artists in its database, along with minting artist ID NFTs through a secure verification process. These ID NFTs will then act as a certificate of authenticity, reassuring the buyer that the contents indeed come from a verified artist.

Matej Gregorcic, Viberate co-founder and CEO, explains their plan: “What we’re testing out is quite straightforward. Any artist in the Viberate database will have the chance to offer the right to their live performance in the form of an NFT. People, be it organizers or fans, then bid on that token. The highest bidder will be able to decide between cashing in the token, meaning that the artist will play at their event, or reselling the token.

The collected funds are held in escrow until the day of the show. Once the event starts and the artist goes on stage, the token holder burns the token. This way, with the help of blockchain, both parties are secured and payments can be handled safely and transparently. We believe that the opportunity to handle bookings through NFTs comes at a great time, as the live music industry was hit extremely hard during the pandemic, so all the artists out there are looking for new ways to make sure there’s a gig waiting for them once live events return.”

To mint their own gig NFT or create a verified ID NFT, a music artist will first need to create and claim their profile on Viberate. For each NFT minted, they will need to lock VIB tokens into a smart contract and set the terms of the performance together with the initial price. Once the NFT is sold, the VIBs will be burned. Should an artist burn their NFT themselves, their VIBs will be returned to them.

Viberate and UMEK’s NFT drop will launch on Blockparty on Thursday, April 29, 2021, at 8:00 pm GMT+1 (3:00 pm EST).

Disclaimer: This is a paid post and should not be treated as news/advice.


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Source: https://ambcrypto.com/heres-how-viberate-plans-to-tokenize-live-performances

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CLS Group Posts Uptick in March FX Volumes as Markets Remain Active

FX swap demand last month even crossed the record achieved by the company in March 2020.

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CLS Group, a major foreign exchange settlement provider, reported positive growth in trading activities in March across all offered forex instruments. The company posted an average daily traded volume of $1.977 trillion for the month, which is 1.8 percent higher than February’s numbers.

The increase in the demand can be seen across forward, swap, and spot FX markets, where the company is operating. The demand for FX swaps leaped the highest last month with around a 3 percent jump to $1.377 trillion from February’s $1.353 trillion. It was even higher than what the company recorded in March 2020 when the entire financial market saw extreme volatility due to the Coronavirus breakout.

Looking Forward to Meeting You at iFX EXPO Dubai May 2021 – Making It Happen!

The forward and spot FX market also jumped higher by 2 percent each to $0.117 trillion and $0.483, respectively. However, the overall monthly figures remained lower than what the FX settlement provider reported a year ago.

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Following the Industry Trend

“In the first quarter of 2021, we witnessed record average daily traded volumes of USD1.95 trillion, demonstrating a consistent increase of FX market activity year-on-year,” said Keith Tippell, CLS’s global head of product. “This was despite a 10% decrease in overall volumes in the month of March 2021 compared to the record highs in March 2020, driven by the extreme market volatility relating to the COVID-19 pandemic.”

Tippell further elaborated that a significant portion of the FX demand was generated by two currency pairs, USD/JPY and USD/HKD, as both recorded a monthly uptick of 15 percent and 38 percent, respectively.

Meanwhile, the company is expanding its industry footprint with more and more partnerships. In the past few months, Capitolis and BGC Group tapped CLS to enhance their FX services.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.financemagnates.com/institutional-forex/execution/cls-group-posts-uptick-in-march-fx-volumes-as-markets-remain-active/

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Blockchain

CLS Group Posts Uptick in March FX Volumes as Markets Remain Active

FX swap demand last month even crossed the record achieved by the company in March 2020.

Avatar

Published

on

CLS Group, a major foreign exchange settlement provider, reported positive growth in trading activities in March across all offered forex instruments. The company posted an average daily traded volume of $1.977 trillion for the month, which is 1.8 percent higher than February’s numbers.

The increase in the demand can be seen across forward, swap, and spot FX markets, where the company is operating. The demand for FX swaps leaped the highest last month with around a 3 percent jump to $1.377 trillion from February’s $1.353 trillion. It was even higher than what the company recorded in March 2020 when the entire financial market saw extreme volatility due to the Coronavirus breakout.

Looking Forward to Meeting You at iFX EXPO Dubai May 2021 – Making It Happen!

The forward and spot FX market also jumped higher by 2 percent each to $0.117 trillion and $0.483, respectively. However, the overall monthly figures remained lower than what the FX settlement provider reported a year ago.

Suggested articles

FBS Broker Updates its Trading Platform for Excellent PerformanceGo to article >>

Following the Industry Trend

“In the first quarter of 2021, we witnessed record average daily traded volumes of USD1.95 trillion, demonstrating a consistent increase of FX market activity year-on-year,” said Keith Tippell, CLS’s global head of product. “This was despite a 10% decrease in overall volumes in the month of March 2021 compared to the record highs in March 2020, driven by the extreme market volatility relating to the COVID-19 pandemic.”

Tippell further elaborated that a significant portion of the FX demand was generated by two currency pairs, USD/JPY and USD/HKD, as both recorded a monthly uptick of 15 percent and 38 percent, respectively.

Meanwhile, the company is expanding its industry footprint with more and more partnerships. In the past few months, Capitolis and BGC Group tapped CLS to enhance their FX services.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.financemagnates.com/institutional-forex/execution/cls-group-posts-uptick-in-march-fx-volumes-as-markets-remain-active/

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Chinese Police Confiscated $3.8 Million in Crypto After Arresting EOS Gambling dApp Team

$3.8 million in bitcoin and EOS seized in China from a team of developers operating a decentralized gambling platform built on the EOS blockchain.

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Chinese police officers have confiscated nearly $4 million in various cryptocurrencies after a raid against several developers that operated a decentralized gambling app built on the EOS blockchain.

$3.8 Million in Crypto Seized

After receiving tips of suspected illegal activity involving the developers of the dApp called Biggame, the Jiangsu police department opened an investigation. Ultimately, this led to the arrest of 15 people.

During the raid, the authorities found and seized 1.3 million units of EOS and BTC. Converted in fiat currencies, this amount equals 26 million yuan or $3.8 million.

According to the report, this is the first criminal case the police solved in connection with illegal online gambling inside China.

The dApp’s structure allowed it to attract players to games such as Dice and Texas Hold’em. The customers placed their bets using EOS smart contracts.


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The Chinese officials reported that in the period between June 2018 and December 2020, the group behind the dApp allegedly gained profits from the operations with crypto assets worth 60 million yuan or about $10 million.

It’s not the first time Chinese police go after fraud related to blockchain-based applications and platforms. As reported last year, the authorities arrested 109 people connected with the cryptocurrency pyramid scheme PlusToken. The well-known Ponzi scheme has defrauded investors of more than $5.7 billion.

”Internet Cleansing Movement”

The biggest economy in Asia – China – appears to be one of the leading countries regarding cryptocurrency mining and distribution but has also had tons of experience with illicit activities coming within its borders.

The arrest in Jiangsu highlights the Chinese law enforcement’s goal to neutralize any illegal online activities – from gambling and telecommunication fraud to money laundering. The mission was referred to as ”Internet cleansing movement.”

Furthermore, the end of last year saw an increasing number of court rulings in this field. According to the officials, nearly 100 individuals have been convicted for laundering money via crypto deals that involved more than $30 million worth of the most widely utilized stablecoin – Tether (USDT).

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Source: https://cryptopotato.com/chinese-police-confiscated-3-8-million-in-crypto-after-arresting-eos-gambling-dapp-team/

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