An altcoin project focused squarely on secrecy just shot into the top 100 crypto assets by market cap.
The cryptocurrency called Secret (SCRT) is up 97% in the last seven days according to CoinGecko, jumping from about $4.50 to its current price of $8.87 at time of publishing.
SCRT’s rapid rise far outpaces Bitcoin (BTC) and Ethereum (ETH) in the same time frame, which have risen about 1% and 11% respectively.
The altcoin’s market cap has exploded to $1,310,576,878 at time of writing.
Secret, formerly known as Enigma, initially aimed to bring privacy features to smart contract platforms like Ethereum.
The platform’s mission has since morphed, and Secret is now a delegated proof-of-stake blockchain designed to support a new ecosystem of decentralized apps (DApps) that protect users’ privacy.
The platform utilizes the Cosmos SDK and Tendermint consensus protocol, and users can lock up the native governance token SCRT to help secure the network and earn rewards.
To date, Secret says there are now 13 decentralized apps running on the network.
“Secret Apps are made from powerful, privacy-preserving smart contracts (i.e. secret contracts). Leveraging the computational privacy of Trusted Execution Environments (TEEs) and secret contracts, users have privacy by default when interacting with Secret Apps – unlocking the full value of decentralized applications.”
Secret switched from Enigma (ENG) to SCRT late last year, with the cryptocurrency exchange Binance being the first large exchange to support the new crypto asset.
Featured Image: Shutterstock/Liu zishan