Secret Network can now can be utilized by Ethereum dapps for availing its privacy functionalities!!

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Secret Network’s recent upgrade to version 1.11 has enhanced the Network’s interoperable connection with the Ethereum Blockchain. This enables Ethereum and EVM chains to more directly reach out and avail Secret Network’s privacy- preserving computation.

Secret Network’s developers have worked to extend Secret’s privacy preserving capabilities beyond Secret Network to public Blockchains like Ethereum under Secret Network’s Secret Ethereum initiative.

So, Secret is now more than a Blockchain platform for building privacy preserving dapps as Secret Network has the ability to provide Privacy as a Service(PAAS) to other public by default Blockchains like Ethereum.

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From mere token transfer interoperability to intimate contact interoperability with Secret Network

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Earlier, Secret Network had established interoperability with Ethereum Blockchain through Axelar GMP. So, it was possible for Ethereum and EVM chain dapp tokens to get transferred to Secret Network, where they can be wrapped into a SNIP-20 format token like sETH and be used in privacy DEFI dapps on Secret Network.

However, Secret Network aimed for Ethereum dapps to directly get access to Secret’s privacy-preserving functionalities by making use of Secret Network’s privacy-preserving computation. Now, this is possible, let’s understand how.

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IBC-hooks enables EVM chains to trigger contract calls directly on Secret Network

As Secret Network has upgraded to version 1.11, it’s interoperability with EVM chains is enhanced with more proximate connection as IBC-hooks is added into Secret Network.

IBC-hooks developed by Osmosis team, is an IBC middleware that makes it possible for ICS-20 token transfers to initiate contract calls.

EVM chains can use IBC-hooks as they communicate with Secret Network using Axelar GMP and through this they can also initiate contract calls on Secret Network.

Let’s understand how IBC-hooks brings additional functionalities of task execution on Secret Network

Now with IBC-hooks activated on Secret Network whenever an ICS-20 token transfer is initiated, token transfer can happen as usual along with execution of instruction that’s passed along with the initiated token transfer.

So, more functionalities are enabled beyond mere token transfer whenever a ICS20 token transfer happens.

For ex, Atom can be transferred from Cosmos Hub to Secret Network and wrapped into sATOM automatically.

So, additional action is taken of wrapping Atom to sAtom when an ICS20 token transfer of ATOM happens using IBC.

This is because ICS20 token transaction packet now has a memo field where instruction that needs to be executed can be attached such as swap ATOM to sATOM. The IBC hooks will read this data and when parsing the ICS20 transaction will execute the instruction on the memo initiating a Wasm contract call.

Similarly, memo field can be used to tell the IBC-hooks to execute other functions such as swaps, making automatic cross-chain swaps possible.

So, a token transferred from another Blockchain into Secret can be swapped into another token by a AMM on Secret and sent back to the original chain.

Now, EVM chains that communicate with Secret Network through Axelar GMP, can initiate contract calls directly on Secret Network using IBC hooks.

Ethereum dapps get privacy-preserving use cases now which was historically considered impossible!!

This enables EVM chains to use Secret Network’s privacy-preserving computation functions automatically as they can trigger contract calls on Secret Network.

For ex- Privacy preserving NFTs can be built on Ethereum apps, where minting of NFT will happen on Secret Network’s smart contract, and sent back to Ethereum. This NFT content will not be visible to public and will only be visible to the owner of the NFT who has the access keys to view the NFT content.

Similarly, EVM based gaming dapps can make use of Secret Network’s privacy preserving computation to generate random numbers necessary for functions like shuffling cards.

Random numbers are also used to generate passwords and keys and with random numbers generated on Secret Network, it will not be visible to anybody, making it difficult for malicious players to hack.

Sealed bid auctions will be possible where bidder’s bid is concealed from others until end of auction.

Blockchain community governance can happen with voting all done privately without the users’ wallet address revealed to the public.

So, Ethereum and EVM dapps get novel privacy-preserving use cases which was earlier not possible as Ethereum is a public by default blockchain.

A brief about privacy-preserving Blockchain - Secret Network!!

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Now, before I end, my readers may be wondering how come Secret Network has privacy-preserving features. Secret Network is a privacy preserving layer 1 Blockchain with private by default smart contracts, build using Cosmos SDK.

The core privacy feature of Secret comes because computation is done inside TEE; Trusted Execution Environment. This hardware component is available in Intel SGX processes.

TEE is a partitioned section inside the processer where data can be computed confidentially, as no part of the computer can get access to the data inside TEE.

Whatever user data is computed in Secret Network is all processed inside the trusted area, or enclaves inside TEE, so user data that’s input is not even visible to validators.

Privacy-preserving computation is done inside TEE and all validators use a processer with TEE for performing privacy preserving computation.

User’s computed end data is stored in an encrypted form in Secret Network Blockchain. User can view their data on Secret Network using viewing keys and permits.

Although, users’ data is not visible to public, the user can share any portion of their data when required with trusted parties by sharing viewing keys or permits. For ex, for tax compliance purposes, users can share permit keys or viewing keys with Government authority.

Secret Network equips users with customizable privacy.

For better understanding of Secret Network visit their website -:
https://scrt.network/about/about-secret-network

Thank you!!

Posted Using InLeo Alpha

Posted Using InLeo Alpha