Secret Network to introduce privacy-focused smart contracts

Secret Network will deploy “secret contracts” in its blockchain on September 15. These smart contracts allow you to use confidential data in dApps without disclosing the original information.

According to tor Bair, CEO and Chairman of the Secret Foundation, the official proposal for the implementation of smart contracts will be presented on September 8. Inputs, outputs, and network status will be encrypted in a secret contract. This means that this data will be hidden even in the public blockchain and will not be seen by nodes executing the contract.

This update could make Secret Network the first major blockchain architecture that allows users to perform standard confidential computing on nodes equipped with secure enclaves. Secure enclaves are isolated areas within a hardware device where sensitive data is encrypted and inaccessible to other parts of the CPU.

According to an article on Bair’s blog, developers are linking their blockchain to Ethereum, Cosmos Hub, and other networks in order to provide “programmable privacy” for a wider range of protocols. Secret Network announced its plans before launching the main network so that validators can coordinate their actions depending on the size of the update.

“We believe that programmable privacy is the main missing piece for the global implementation of public blockchains and open financial systems,” Bair said.

Privacy solutions are created and implemented by various projects, especially those related to decentralized applications (dApps). In June, it was announced that Beam will add the ability to create confidential decentralized Finance (DeFi) applications, and Chainlink recently acquired the privacy-oriented Oracle DECO Protocol.