The secret contracts upgrade will allow privacy “how you want it, for anything you want it for, when you want it, and from whom you want it,” the foundation said
Open-source Blockchain protocol Secret Network has announced its intention to introduce privacy-preserving secret contracts to the network’s mainnet. According to a blog, released by the foundation today, the upgrade is scheduled to take place on September 15, 2020 after its proposal is given the green light by the community.
Applications built on blockchains enjoy the benefits of being robust, unstoppable, censorship-resistant and transparent. However, all data stored on the blockchain and, in extension smart contracts, are available in the public domain.
To secure this data and enable privacy, Secret Network’s proposed upgrade programs smart contracts to create new types of contracts, users, and applications that can operate in an environment where it’s safe to include sensitive data, as required by most real-world use cases.
This concept of secret contracts will enable complex data privacy controls to be implemented inside applications and unlock immense potential for decentralized web applications. “It allows for privacy how you want, for anything you want, when you want it, and from whom you want it,” the blog explained.
The proposed upgrade will make Secret Network the first layer-one blockchain to enable general purpose private computation across a distributed system of nodes equipped with secure enclaves, the blog said.
Developers will be able to build and deploy secret smart contracts that utilise encrypted inputs, outputs, and network states. Secret Network is also building connections to Ethereum, Cosmos Hub and other networks to enable “programmable privacy” to blockchains across networks.
Secret Network explained in the blog that the upgrade would enable anyone to use their private data in decentralized applications without revealing their data. The event is a result of years of development and is being launched after a series of successful testnets, the blog explained, crediting the Enigma development team for bringing this functionality to the Secret Network Blockchain.
The foundation is also hoping to launch secret tokens: “Secret tokens are programmable, privacy-preserving tokens – programmable like ERC20s, but private like zCash. Most importantly, secret tokens create network effects for privacy, providing the missing piece for DeFi mass adoption,” the blog explained.
Secret Network is currently onboarding new secret contract developers, secret node operators and community members who are passionate about securing and scaling the nascent decentralized web as a path towards promoting mass adoption.
Written by Harshini Nag