Secret (SCRT) is the native cryptocurrency of the Secret Network blockchain. It is used for staking, governance, and paying fees on the network, which enables decentralized applications (dApps) with privacy-preserving smart contracts. SCRT supports programmable privacy, allowing developers to build complex data privacy protections within applications.
The cryptocurrency Secret (SCRT) is the native token of the Secret Network, a blockchain protocol that enables decentralized applications (dApps) with privacy-preserving smart contracts. SCRT serves several purposes within the network:
Staking: SCRT holders can stake their tokens to participate in the network's consensus mechanism, earning rewards for securing the network.
Governance: SCRT holders have the ability to vote on network developments and proposals, ensuring that the community has a say in the direction of the project.
Transaction Fees: SCRT is used to pay for transaction fees on the network, incentivizing node operators to process transactions efficiently.
Fuel for Smart Contracts: SCRT is used to fuel the execution of smart contracts on the network, enabling the secure and private computation of data.
Incentivizing Participation: The token's inflation rate, which ranges from 7-15% per year, is designed to incentivize participation in the network by staking SCRT. This ensures that the network remains decentralized and secure.
Overall, SCRT plays a crucial role in maintaining the integrity and functionality of the Secret Network, while also providing users with a means to participate in the network's governance and earn rewards.
To store Secret (SCRT) tokens, you have several options:
Hardware Wallets: You can use a Ledger to store your SCRT tokens securely. Set up your Ledger by installing the Secret app, connecting and unlocking your device, and generating an SCRT address.
Web Wallets: A popular web-based wallet is Keplr, which supports multiple Tendermint-based blockchains. You can install Keplr on Chrome or Brave, set up a Secret wallet address, and manage your stake with various validators.
Command-line Light Client: For more advanced users, the command-line light client (
secretcli) provides granular control over your SCRT. This option requires more technical expertise but offers detailed documentation for generating keys, delegating, and more.
- Mobile Wallets: Mobile wallets are also available for storing SCRT tokens, providing an additional option for users.
Choose the method that best suits your needs and technical proficiency.
To buy Secret (SCRT) tokens, follow these steps:
Choose an Exchange: Select a reputable cryptocurrency exchange that supports SCRT trading. Some popular options include Kraken, KuCoin, and Binance.
Create an Account: Sign up on the chosen exchange by providing your email address, mobile phone number, and country of residence. Ensure you create a strong password and set up additional security measures like Google 2FA and anti-phishing codes.
Verify Your Account: Complete the verification process by providing personal information and uploading a valid photo ID.
Add a Payment Method: Link a payment method such as a credit/debit card or bank account to your exchange account.
Deposit Funds: Deposit funds into your exchange account using your chosen payment method. You can also transfer existing cryptocurrencies from another wallet or trading platform.
Buy SCRT: Use your deposited funds to buy SCRT tokens. You can place market orders or limit orders to purchase SCRT at your preferred price.
Additionally, you can also buy SCRT through decentralized exchanges (DEXes) within the IBC ecosystem or purchase a wrapped version of Secret from DEXes on Ethereum.
