Enigma cipher machine (EQRoy/Shutterstock)
The community behind “secret contracts” is moving forward after months of delay.
The , an open source network that protects data for users of decentralized applications, known as “Secret Apps,” has started a token burn and is welcoming players such as Binance, Staked and Figment to its testnet of “secret contracts.”
The network’s protocol lets decentralized applications use encrypted data without revealing it on a public blockchain, or even to nodes themselves, using smart contracts that use private data termed “secret contracts.”
This is one of the main selling points of the Secret Network, a decentralized community that includes contributors such as Enigma, , and .
The developments are important for a network that was stymied after Enigma, which developed secret contracts, (SEC) in February over its $45 million 2017 initial coin offering. That left the Enigma mainnet project in limbo. But over the last few months, community stakeholders have independently progressed the vision of the project, organizing a token swap where owners of now defunct ENG tokens, sold during Enigma’s ICO, can swap them for Secret (SCRT) tokens.
Since the token swap went live June 27, more than 9 million tokens , with a value of over $2.4 million.
“Privacy is really the thing that drew me in,” said Ian Dixon, one of the key community members that set up the token swap, who is based in Sparks, Nevada. “I love but what’s at the core of bitcoin? It’s privacy. And Enigma’s idea definitely spoke to me because even after all the ways that bitcoin might change, the core thing that doesn’t is privacy, and Enigma stuck with that in a way no one else has.”
Enigma’s settlement with the SEC left the company unable to comment on or coordinate much of anything in the community. Dixon and other contributors were left wondering what would happen next and decided to step in. They agreed to a swap of tokens, working on it in addition to their full time jobs until it went live in late June.