How much is the Secret(SCRT) currency issued?

SCRT is the native currency of the Secret Network, a blockchain protocol enabling privacy-preserving smart contracts by encrypting data on-chain using Secret Sharing technology.

Dec 11, 2024 at 05:54 am

What is Secret (SCRT)?

Secret Network is a blockchain protocol that enables privacy-preserving smart contracts. This allows developers to build applications that protect user data and transactions from unauthorized access. Secret Network uses a unique technology called Secret Sharing to encrypt data on-chain, ensuring that only authorized parties can access it.

Secret (SCRT) Currency

SCRT is the native currency of the Secret Network. It is used to pay for transaction fees, stake on the network, and participate in governance. SCRT is also used as a medium of exchange within the Secret Network ecosystem.

Total Supply of SCRT

The total supply of SCRT is 180,000,000. Of this amount, 114,000,000 SCRT was distributed to participants in the Secret Network Genesis Event, which took place in March 2020. The remaining 66,000,000 SCRT is reserved for the Secret Foundation, which is responsible for the ongoing development and maintenance of the Secret Network.

Distribution of SCRT

The distribution of SCRT was designed to incentivize early adopters and supporters of the Secret Network. The Genesis Event participants received SCRT based on their contributions to the network. The Secret Foundation also distributed SCRT to strategic partners and investors.

Use Cases for SCRT

SCRT has a variety of use cases within the Secret Network ecosystem. These include:

• Transaction fees: SCRT is used to pay for transaction fees on the Secret Network. This ensures that the network remains secure and efficient.
• Staking: SCRT can be staked on the Secret Network to earn rewards. This helps to secure the network and contribute to its governance.
• Governance: SCRT holders can participate in governance decisions on the Secret Network. This includes voting on proposals that affect the development and operation of the network.
• Medium of exchange: SCRT can be used as a medium of exchange within the Secret Network ecosystem. This allows users to purchase goods and services from merchants that accept SCRT.

Conclusion

SCRT is an essential part of the Secret Network ecosystem. It is used to pay for transaction fees, stake on the network, participate in governance, and purchase goods and services. The total supply of SCRT is 180,000,000, and it was distributed to participants in the Secret Network Genesis Event and strategic partners and investors.