Privacy Coins: The HOTTEST Projects for 2021!! ๐Ÿ”


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๐Ÿ“บEssential Videos๐Ÿ“บ

Kusama Cryptocurrency Explained ๐Ÿ‘‰ https://youtu.be/mNSuvYaJ2Vg
Best Privacy Cryptocurrencies ๐Ÿ‘‰ https://youtu.be/sgmvsB1omx0
Cosmos Cryptocurrency Explained ๐Ÿ‘‰ https://youtu.be/x1gnWnyxLNE

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– TIMESTAMPS –
0:00 Intro
2:22 What’s Secret Network?
4:19 How Does Secret Network Work?
6:14 SCRT Tokenomics
9:03 Secret Network Potential
11:20 What’s Tornado Cash?
13:16 How Does Tornado Cash Work?
15:07 TORN Tokenomics
16:40 Tornado Cash Potential
21:03 Outro

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โ›“๏ธ ๐Ÿ”— Useful Links ๐Ÿ”— โ›“๏ธ

โ–บ Enigma Cryptocurrency Explained: https://www.coinbureau.com/review/overview-enigma-secret-contract-cryptocurrency/
โ–บ Secret Network Blockchain Explorer: https://secretnodes.com/secret/chains/secret-2
โ–บ Keplr Browser Wallet: https://chrome.google.com/webstore/detail/keplr/dmkamcknogkgcdfhhbddcghachkejeap?hl=en
โ–บ Secret Ethereum Bridge & SecretSwap AMM: https://bridge.scrt.network/swap#Swap
โ–บ How Tornado Cash Works In Detail: https://tornado-cash.medium.com/introducing-private-transactions-on-ethereum-now-42ee915babe0
โ–บ Tornado Cash App: https://app.tornado.cash/
โ–บ Tornado Cash Privacy Tips: https://tornado-cash.medium.com/how-to-stay-anonymous-with-tornado-cash-and-similar-solutions-efdecdbd7d37
โ–บ TORN Token Details: https://tornado-cash.medium.com/tornado-cash-governance-proposal-a55c5c7d0703

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๐ŸคซWhat is Secret Network?๐Ÿคซ

Secret Network is the first cryptocurrency blockchain to offer privacy preserving smart contracts called โ€˜secret contractsโ€™.

However, Secret Networkโ€™s native SCRT coin is *not* a privacy coin. Only the Secret Tokens used in the smart contracts preserve user privacy. Viewing keys make it possible to be compliant with regulations.

๐Ÿ› How Does Secret Network Work?๐Ÿ› 

Secret Network was built using the Cosmos SDK. It uses Tendermint, which is a byzantine fault tolerant delegated proof of stake consensus mechanism

Secret Contracts on Secret Network achieve privacy by running inside trusted execution environments or TEEs. These function like a black box wherein computations can be performed on encrypted data

๐Ÿ’ฐSCRT Tokenomics ๐Ÿ’ฐ

Enigma token holders were given the option to burn ENG on Ethereum to mint an equivalent amount of SCRT on Secret

While only 115 million ENG were burned, Secret Network minted an additional 45 million SCRT to fund various elements of the network.

๐Ÿ“ŠSecret Network Potential๐Ÿ“Š

Secret Network already has a long laundry list of desired DeFi protocols including synthetic assets, lending, borrowing, and automated yield protocols like yearn finance

The Secret Ethereum bridge already has over 50 million dollars of Ethereum assets locked, which is more than a fourth of the market cap of the SCRT coin

๐ŸŒชWhat is Tornado Cash?๐ŸŒช

Tornado Cash is a protocol that makes it possible to send private transactions on Ethereum

๐Ÿ› How Does Tornado Cash Work?๐Ÿ› 

Ethereum assets are deposited into a smart contract. When this is done, a cryptographic proof (โ€œreceiptโ€) is given to the depositor, which allows them to claim whatever amount of crypto they deposited.

A privacy technology used in Zcash called Zksnarks makes it possible to claim these coins using the proof without revealing which coins were initially deposited to get that proof, thus breaking the connection between sender and recipient

๐Ÿ’ฐTORN Tokenomics๐Ÿ’ฐ

TORN is an ERC-20 token that is used to govern the Tornado Cash protocol. There was no ICO for the token

Instead, vouchers to claim the tokens were airdropped to all Ethereum wallet addresses that deposited assets into the protocol prior to December 6th, 2020

This airdrop was designed to ensure an equitable distribution of tokens. The average user received over 23 000$USD in TORN. Only 500 thousand TORN were airdropped and TORN has a max supply of 10 million.

๐Ÿ“ŠTornado Cash Potential๐Ÿ“Š

TORN has a very small market cap, and the TVL locked on Tornado Cash suggests it could grow significantly

However, it is unclear whether that TVL is just people farming TORN tokens.
From a supply-demand perspective, there is a lot more supply of TORN that has yet to come on to the market and there is likely not enough demand to meet it

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๐Ÿ“œ Disclaimer ๐Ÿ“œ

The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.

#Crypto #SCRT #TORN #TornadoCash #SecretNetwork #Ethereum

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