$0.007108

Secret Network is a layer-1 blockchain built on Cosmos that utilizes TEE technology to encrypt all inputs, outputs, and state by default, making it a fast and efficient confidential computing solution. Its smart contracts, known as Secret Contracts, enable decentralized applications to use private data similarly to other blockchains but with privacy by default. Secret Network also introduced the Secret AI SDK, which leverages TEE-enabled GPU hardware integrated with the L1 blockchain to support privacy-preserving decentralized AI, including encrypted LLMs and AI agents. Through Cosmos IBC and its Confidential Computing Layer, it provides privacy-preserving smart contracts for public blockchains like Ethereum, major EVM networks, and Solana, positioning itself as a confidential computing hub for web3 and AI.

Secret is a global, permissionless network where anyone can contribute, but it was founded in the USA with core development primarily led by US citizens, funded by US-based companies. The core team, SCRT Labs, was founded by Guy Zyskind, a US citizen and former MIT researcher known for blockchain privacy research, with Alex Zaidelson as CEO based in Israel. Several associated organizations have US ties: Secret Foundation Inc., a US-based nonprofit focused on network development; Secret Network Foundation with a US executive director and staff; EnigmaMPC, a US-based core developer company; Stashh, a dApp developer with US operations; and Shade, which has US-based developers through its connection with Secure Secrets.

Secret Network distinguishes itself through its emphasis on confidential computing, end-to-end data encryption, and interoperability. This infrastructure supports secure and privacy-preserving web3 applications and AI use cases, setting it apart from other blockchain platforms.

The initial total supply of SCRT was 170 million, allocated as follows: 75 million to the community, 36 million to the team (vested over 2-4 years), 30 million to the treasury, 1 million to the foundation, and 8 million for inflation. Secret targets an inflation rate of 9%, which applies if less than 67% of the supply is staked, and gradually decreases to 7% when more than 67% is staked.

Secret employs a delegated proof-of-stake consensus mechanism called Tendermint. Validators stake SCRT and receive SCRT from delegators in exchange for verifying transactions, ensuring protocol operation and blockchain security. Dishonest nodes risk having their stake slashed.