‘Secret’ bridge to Offer Privacy Feature For Ether And ERC-20 tokens

By Shannon Wilson | December 23, 2020

An open-source blockchain protocol, dubbed the Secret Network, is reportedly providing privacy features for the Ethereum blockchain, as well as turning 14 ERC-20 tokens into privacy coins. 

Specifically, the protocol reportedly rolled out its Secret Ethereum Bridge on the mainnet on December 16th. The solution is reportedly created to assist Ether (ETH) and all ERC-20 token holders in designing versions of their assets – private and can be programmed. 

The Secret Network reportedly mentioned crypto coins such as Monero (XMR) as an example for comparison, privacy-wise, with these “secret” tokens. 

“Secret Tokens combine the programmability of ERC-20s with the privacy of coins like Zcash or Monero. Interactions with Secret Token contracts are encrypted, viewable only to address owners or holders of their viewing key.”

Secret Network reportedly claimed that the privacy enhancement will be available first for 14 ERC-20 tokens, including ETH, Yearn.Finance (YFI), Uniswap (UNI), Band (BAND), Compound (COMP), Chainlink (LINK), Aave (AAVE), Kyber (KNC), Synthetix (SNX), Ocean (OCEAN), Maker (MKR), Dai (DAI), Tether (USDT), True USD (TUSD), and wrapped Bitcoin (WBTC).

Its most recent Ethereum announcement is reportedly included in a bigger initiative from the Secret Network, dedicated to rolling out privacy features to public blockchains. Developers will have the power to design and roll out the protocol’s “secret” smart contracts, employing encrypted inputs, outputs, and states.

The protocol reportedly further claimed it is looking to make bridge mining rewards available beginning January next year.

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