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One of the key innovations that blockchain brings to the table is greater transparency as well as individual privacy. This has remained a major appeal within the crypto industry, and many providers offer services that aim to amplify this privacy and autonomy. Enter the Secret Network and its native SCRT coin, an innovative decentralized finance solution from MIT luminary Guy Zyskind.
The Secret network supports an underlying Proof of Stake blockchain, as well as the SCRT coin. It has numerous noteworthy applications, such as a true decentralized exchange, an NFT marketplace, and a democratic community governance. While environmental cost is a major criticism that the public leverages at leading coins like Bitcoin, Secret is much more energy-efficient thanks to its PoS system.
If you hold SCRT, you can stake it with the system to power its transactions and earn a share of all new SCRT coins. The Secret network achieves this function with a powerful automated market maker protocol that bypasses the need for centralized accounting and management, making great returns available for those who hold the coin long-term. It has also generated impressive returns, growing by almost 2000% from November 2020 to early 2022.
Besides generating a stake of fresh tokens, though, holding SCRT also gives you a stake in the future of the network. Modifications and improvements to the network cannot be executed by any central body of owners. Instead, a stakeholder needs to submit a proposal that all SCRT owners can then vote to support or reject. If individuals holding more than 50% of all SCRT vote in favor of a proposal, then the change goes into effect. Furthermore, holding SCRT on hand gives you the ability to pay for the unique applications of the SCRT network.
Who created SCRT?
Secret is the product of Guy Zyskind, a former MIT grad student and the founder and CEO of SCRT Labs. He launched SCRT Labs in 2016, envisioning a smart-contract-driven, decentralized blockchain application that still preserved the privacy of each user. Guy’s emphasis on protecting personal privacy permeates the entire SCRT brand and its products.
In a more general, long-term perspective, SCRT Labs aims to continue developing fresh applications to utilize blockchain technology and help promote the growth of the crypto space. Once the Secret network developed into a working proof of concept to show the world, numerous big investors got behind the Secret network early in 2022 and put hundreds of millions of dollars behind future development.
How do I exchange and trade Secret?
If you bought Secret, received it as a gift, or earned it through stake rewards, you can trade it on an exchange. Once it is present in the exchange’s wallet that you use, you will be able to execute trades. However, the type of trading pairs available will vary. In some cases, you might only be able to trade SCRT for USD or Euro. Sometimes, an exchange will let you trade altcoins like Secret for BTC or ETH. However, you can achieve unparalleled trading freedom by taking your Secret to Rubix.
On the other hand, you will have to buy SCRT if you do not yet have any available. Since the network uses proof of stake, you cannot earn SCRT without having SCRT to stake. The other option is buying SCRT off of a crypto exchange using your USD, Euro, Bitcoin, or other accepted currency. Once you have SCRT, you can passively earn more through the staking process.
Exchange SCRT using Rubix
There are several great reasons for new investors and experienced crypto enthusiasts to turn to Rubix. We use advanced encryption and tight internal design with active monitoring of our system. As such, you enjoy first-rate security without the inconvenience of the risk of losing your assets. Furthermore, we offer an unbeatable range of direct altcoin to altcoin exchanges with the Rubix trading feature. Not only can you trade SCRT for BTC or SCRT for USD, but you can also exchange it directly for other cryptocurrencies as well.
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