Home Monero ‘Secret’ bridge turns ERC-20 tokens into privacy coins

‘Secret’ bridge turns ERC-20 tokens into privacy coins

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An open-source blockchain protocol known as the Secret Community is now providing privateness options for the Ethereum blockchain and 14 ERC-20 tokens.

In line with a Secret Community weblog put up, the protocol launched its Secret Ethereum Bridge on the mainnet in the present day, which is designed to permit Ether (ETH) and all ERC-20 token holders to create programmable variations of their property with privateness options. The Secret Community in contrast these “secret” tokens to privateness cash like Monero (XMR):

“Secret Tokens mix the programmability of ERC-20s with the privateness of cash like Zcash or Monero. Interactions with Secret Token contracts are encrypted, viewable solely to deal with homeowners or holders of their viewing key.”

Secret Community stated that it could initially offer these privacy features to 14 ERC-20 tokens, together with 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).

The newest Ethereum announcement is a part of a broader plan from the Secret Network to bring privacy features to public blockchains. Builders can construct and deploy the protocol’s “secret” sensible contracts that use encrypted inputs, outputs, and states. These contracts reportedly enable a blockchain to make the most of personal knowledge in decentralized apps with out compromising customers’ private knowledge.

The protocol stated it was additionally planning on launching bridge mining rewards beginning in January. Crypto customers can earn Secret’s SCRT tokens for retaining their property locked on the Secret Ethereum Bridge.

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