Secret Network x Satoshi Club AMA Recap from 17th of December.
Tags: Secret Network, Cryptocurrency News, Recaps, Ama, Bitcoin

Preselected questions about the Unique.One project.

Q1 from Telegram user @bitcoinistic

You first implemented the private smart contract feature. Privacy is great and it’s interesting. But don’t you think that nowadays is important to have it public? Especially for nowadays DeFi projects, in order to avoid features in the smart contracts which will enable them to withdraw the funds. If it’s public then everyone can check it

Tor Bair 𝕊 [Secret / SCRT]: Great question!

The code of the smart contracts is public, so they can be audited. I agree this is important for being able to trust the contract does what it is supposed to do.

Only the data is encrypted — that means you can have an application where you know it will do what it is supposed to, you know it will be permissionless, but the *data* is still protected.

That is the best way to protect users — public code, private data.

Mary | Satoshi Club: But you know, that even codes, which were audited by famous companies sometimes fail

Does it mean that funds will disappear?

Tor Bair 𝕊 [Secret / SCRT]: That’s true — and unfortunately every project has to deal with this.

The bigger problem in DeFi is actually that with public data, regular users lose to miners and large whales.

Frontrunning is a massive problem.

D| Satoshi Club: zAll data is encrypted by default? or people can choose what to share with the public and what to keep secret?

Mary | Satoshi Club: Yes, it’s honest) on the other side — even if we can see the acc with stolen funds we still can’t do anything with this.

Tor Bair 𝕊 [Secret / SCRT]: All data is encrypted by default, but you can create viewing keys for contracts.

It is very, very hard and very, very expensive to make something private that has been public.

But it is very easy to make something public that has been private.

D| Satoshi Club: Yes, it’s true.

Tor Bair 𝕊 [Secret / SCRT]: That is the essence of cryptography. And it is one of the biggest secrets to Secret Network

Mary | Satoshi Club: Golden words.

Tor Bair 𝕊 [Secret / SCRT]: Private by default, public when required = we can build solutions no one else can.

Q2 from Telegram user @bitociok

I understand why you need private smart contracts. This is especially for private organizations or institutions which don’t want everything shared. My question is: is it possible to make your smart contacts half private? I mean can some parts of it left deliberately public and some which are sensitive to leave private?

Tor Bair 𝕊 [Secret / SCRT]: Expanding on my answer above…

The code is public, data is private. But you can certainly have some pieces of your application public, and some pieces private. That is our concept of “programmable privacy.”

We explained the concept here: https://scrt.network/blog/programmable-privacy/

Many people think of transactional privacy when they think of “privacy coins.” Like Monero, Zcash.

So sending something to someone and no one can see it

That’s privacy, but it’s not really the kind of privacy I care about.

I made a little image actually that could help explain

https://esatoshi.club/wp-content/uploads/privacy-transaction-secret-network-1024x906.jpg

So yes, you could combine a few different “secret contracts” in your application and yes, you can keep some parts private and some parts public/auditable.

And also Secret Network is built to be interoperable with other blockchains! So you could have a piece of your application run on Ethereum, and a piece run on Secret.

Mary | Satoshi Club: Which blockchains is it interoperable now?

Tor Bair 𝕊 [Secret / SCRT]: We just announced the launch of our Ethereum bridge!

https://scrt.network/blog/secret-ethereum-bridge-is-live-on-mainnet/

But we are building bridges to other ecosystems…those are currently Secret

Mary | Satoshi Club: For now Ethereum, right! And congrats on the successful launch!

We need a secret hint

Tor Bair 𝕊 [Secret / SCRT]: I think we will have to wait and see

But you should be seeing some more in January…

Mary | Satoshi Club: Btw, if I, for example, will win your quiz today and receive rewards for it — what will be visible on the blockchain?

What info?

Tor Bair 𝕊 [Secret / SCRT]: Oh, that’s a fun question!

So SCRT itself is NOT a privacy coin! This can cause confusion

If you send SCRT to someone, you can see it on the blockchain just like with Ethereum!

You can see it here on our block explorer: https://puzzle.report/secret/chains/secret-2/transactions/

BUT! The tokens deployed on Secret Network ARE privacy tokens.

Any token built on Secret Network is programmable like an ERC-20, but private like a Monero.

Mary | Satoshi Club: Can I hide something when I am sending my funds on your network?

Tor Bair 𝕊 [Secret / SCRT]: There is a way to have private transactions for SCRT, actually.

Mary | Satoshi Club: Or it’s just for applications?

Tor Bair 𝕊 [Secret / SCRT]: https://scrt.network/blog/secret-scrt-privacy-tokens-mainnet/

We created a privacy token version of SCRT that runs on Secret Network

So that way, if you want to send SCRT to someone, all you need to do is first turn it into secretSCRT — then send the secretSCRT.

And it will be with privacy.

D| Satoshi Club: very interesting concept! I have been waiting a long time for something like this, platform where people be able to make privacy tokens

Mary | Satoshi Club: I can hide the amount?) Or, for example, make the number of tokens that I hold on my wallet not visible?

Tor Bair 𝕊 [Secret / SCRT]: If you turn your SCRT into secretSCRT, no one can see how much you hold or who you send it to.

And you can turn it back into SCRT at any time.

We actually made a whole guide on how to do it! https://scrt.network/blog/secret-scrt-keplr/

(By the way, this is all on main-net.)

We are excited to be the first

You can create your own now with a command-line, but we’re building a tool to make it much, much easier.

Mary | Satoshi Club: Thank you, perfect work! That is what I like:grinning:

I want to make my 100$ invisible

Thank you for your clarifications! Ready to go to the next question?)

Tor Bair 𝕊 [Secret / SCRT]

Yep!

Q3 from Telegram user @prahenkris

I’ve read about your secret Ethereum bridge and one thing is not very clear to me. Does your project transform a public erc20 asset into a private/ secret one or does it create a clone of the same asset which is private/ secret? If it’s the second option, then it means that the original erc20 asset will still be public?

Tor Bair 𝕊 [Secret / SCRT]: Great question again! I can clarify this.

To use the bridge, you send your ETH or ERC-20 to a smart contract on Ethereum.

Then a “secret token” version is automatically minted on Secret Network. While this token exists, your original ERC-20 or ETH is locked in the smart contract on Ethereum.

You can do anything you want with the Secret Token! You can send it privately, you can sell it, you can use it in applications.

And everything you do is privacy-preserving.

But when you want to go back across the bridge, you can burn your secret token. When you do, you get to choose the Ethereum address to which the corresponding ETH or ERC-20 should go to.

So 1 secretETH always = 1 ETH, because you can always burn it to get 1 ETH.

D| Satoshi Club: very clear explanation!

Mary | Satoshi Club: Oh, got it) what about gas fees? Are they standard?)

Tor Bair 𝕊 [Secret / SCRT]: On Secret Network gas is very reasonable

SCRT is used to pay gas on Secret Network just like ETH is used on Ethereum.

So you can do anything you want with Secret Tokens, but you need a little SCRT to pay for gas.

And yes, if you do something on Ethereum (lock your tokens or release them) that will cost some ETH.

ETH fees, of course, are not in our control

By the way, I should mention one other nice thing about the bridge…

Mary | Satoshi Club: Yes, but when I will mint my 1ETH to secret ETH how much this will cost?

Tor Bair 𝕊 [Secret / SCRT]: We will be having bridge mining, meaning you can get SCRT rewards just for locking your tokens on the bridge!

Mary | Satoshi Club: Do you take any fee for this?

You will? In the nearest time?

Tor Bair 𝕊 [Secret / SCRT]: Developers don’t take a fee, but the network takes a fee because you are interacting with smart contracts.

Launching in January

The bridge is already live, and we already have people using it! But when the rewards go live, it could be very exciting…

Mary | Satoshi Club: That’s good news! Waiting for this.

For sure!

D| Satoshi Club: Lots of big news in January.

Mary | Satoshi Club: And they are close

D| Satoshi Club: Yep! thank you for the answers! ready for the next question?

Mary | Satoshi Club: Alright, are we ready for the next question?

Tor Bair 𝕊 [Secret / SCRT]: Indeed

These are great questions!

Q4 from Telegram user @maxzerone

In terms of business, how do you see yourselves? Do you plan to give to big companies your technology to build private smart contacts? Or do you plan to bring a different type of revenue?

Tor Bair 𝕊 [Secret / SCRT]: That’s an interesting question.

So Secret Network is a very decentralized ecosystem, like Bitcoin or Ethereum. We think many, many companies can be built to serve Secret Network!

You can run a node, you can deploy an application, you can use applications…

Enterprises could use Secret Network to run computations or to deploy their own applications

We’re not like other projects where there is one centralized development team that does everything and they pretend to have a community.

We actually have thousands of contributors all over the world

But for example, Enigma could run a node on Secret Network, and contribute to protocol code, and build applications, and have a side business helping onboard enterprises to Secret Network!

Or you could start your own company that does any of these things

Mary | Satoshi Club: Are you open-sourced?

Tor Bair 𝕊 [Secret / SCRT]: Yes, the protocol is open source.

https://github.com/enigmampc/secretnetwork/

Mary | Satoshi Club: And your team? How is it organized?

Tor Bair 𝕊 [Secret / SCRT]: Well, again, there are many teams

Enigma is one development team. I run Secret Foundation, which is another. There is also Secrets LLC, Chain of Secrets, Secure Secrets, Stake or Die…

Mary | Satoshi Club: So, do you have something like the core team?

Tor Bair 𝕊 [Secret / SCRT]: I would say Enigma is the closest to the core team since they contribute a lot at the protocol level.

Mary | Satoshi Club: That’s what I am asking for

Got it to thank you

Tor Bair 𝕊 [Secret / SCRT]: It is very helpful to think of us as a privacy-preserving Ethereum

our ecosystems have a lot in common.

We’re not a typical project. But that is why we believe we have so much to grow!

Mary | Satoshi Club: Would you cooperate with the FBI?

Tor Bair 𝕊 [Secret / SCRT]: Would I personally? If I could!

We’re not here to disrupt governments; we’re here to empower users and give them options and control.

Mary | Satoshi Club: If they ask for some data from Secret Network?

Tor Bair 𝕊 [Secret / SCRT]: I don’t have the power to give the FBI data that I don’t have…

Or that I can’t access

That’s the thing about decentralization.

Mary | Satoshi Club: Got it, thank you

Tor Bair 𝕊 [Secret / SCRT]

Mary | Satoshi Club: Yes, and it’s a beauty.

D| Satoshi Club: Don’t you afraid that because you are working on privacy technologies you might have some issues with the government of some countries? they can try somehow forbid your project or something like that

Tor Bair 𝕊 [Secret / SCRT]: I think every cryptocurrency project has this concern or this fear. I still build things I believe the world needs.

The good news is we are trying hard to decentralize the pieces of our project that we can

Mary | Satoshi Club: Here we are telling: eyes are afraid, but hands doing)

Tor Bair 𝕊 [Secret / SCRT]: Interesting expression!

Mary | Satoshi Club: And thank you for what are you doing!

Ready for the next question?

D| Satoshi Club: Yes! thank you!

Tor Bair 𝕊 [Secret / SCRT]: Yep!

D| Satoshi Club:

Q5 from Telegram user @kafeinen

Why don’t you make a clear tokenomics section on your website? Information about tokens is spread among multiple articles and it’s hard to follow.

Tor Bair 𝕊 [Secret / SCRT]: Excellent question. We are trying to fix this ASAP

you should expect to see this added before the end of the month.

Today we announced we are joining the Messari registry in order to help solve this problem!

https://messari.io/article/secret-network-joins-the-messari-registry/

Mary | Satoshi Club: Shame on me, but I never heard about this registry

Tor Bair 𝕊 [Secret / SCRT]: Oh, it’s a very popular one amongst investors and funds.

It’s good for reporting transparently!

Yes, we are a privacy project, but not because we want to hide things about it

Mary | Satoshi Club: Thank you, I would follow them.

Tor Bair 𝕊 [Secret / SCRT]: So yes, we will have more detailed information on tokenomics soon. There are some basic things to understand first, including staking!

You can stake your SCRT for 20–30% ROI. It’s very attractive

D| Satoshi Club: It would be something, a privacy project with privacy tokenomics.

Tor Bair 𝕊 [Secret / SCRT]: I will continue to do AMAs until people understand the Secret is out!

Mary | Satoshi Club: Where and how can I stake?

Tor Bair 𝕊 [Secret / SCRT]: I don’t know that people would trust this

Great question! We built a full guide, including video walkthroughs. https://scrt.network/blog/staking-secrets-guide-to-staking-delegating-scrt/

Mary | Satoshi Club: Is staking available on Binance, for example? Not on exchanges, not yet.

Mary | Satoshi Club: That’s the main point thank you.

Tor Bair 𝕊 [Secret / SCRT]: You can stake from Ledger, from a web wallet, from a desktop wallet, from a mobile wallet…

But not yet on exchanges. We like when people stake their coins and decentralize the network.

Mary | Satoshi Club: Super maximally easy. It has sense

And are you ready for the 6th and last question from this part?

Tor Bair 𝕊 [Secret / SCRT]: Yep

Q6 from Telegram user @halvving

What are the advantages of being a secret agent? I mean what is the difference between an enthusiastic community member and a secret agent?

Tor Bair 𝕊 [Secret / SCRT]: Another excellent question! I’m glad you did your research.

I would be very, very happy if many of you became Secret Agents.

Mary | Satoshi Club: I am already thinking about this.

Tor Bair 𝕊 [Secret / SCRT]: Right now we’re thinking through all the ways the Secret Foundation can help support our core community. We actually already have a number of community committees that meet every week.

These include Awareness, Education, Development, Website, Design, Infrastructure, Governance…

Secret Agents can serve on these committees, lead committees, make proposals for funding…

We are trying to have hundreds of Secret Agents all over the world who are passionate about privacy and help us spread the word about our network and our solutions.

A few of them are featured on our website! https://scrt.network/community/

But in 2021, I’m trying to make things even more attractive for Secret Agents. That means special swag (like hats and shirts), special bonuses, special missions…

Secret Agents already have access to some “secret” channels in our chats that only they can see

Mary | Satoshi Club: What I need to do to become Secret Agent?)

Tor Bair 𝕊 [Secret / SCRT]: I also want to give away badges to Secret Agents for completing missions! Badges could be “Secret Tokens” themselves

Mary | Satoshi Club: Do you already have Agent no 007?)

D| Satoshi Club: Or Agent Smith?

Tor Bair 𝕊 [Secret / SCRT]: Actually… https://twitter.com/scrtagent_007/

You might be too late, sorry.

Try 008?

If you want to become a Secret Agent, you can fill out this form! https://airtable.com/shr6FPA7SW6p2gDTY/

Mary | Satoshi Club: Oh hope Agent Mary is free)

Ok, thank you for your clarifications, I think you will have more agents today

Tor Bair 𝕊 [Secret / SCRT]: There is room for Agent Mary

Anyone who becomes an Agent today — I will personally help you get on board!

Mary | Satoshi Club: Reserved

I am really ready to fill the form))) And are you ready for the live part?)

Tor Bair 𝕊 [Secret / SCRT]: I think I’m ready…