Secret 2.0: The Next Generation (Request for Feedback)

Secret Governance
21

Another important point is that Secret already has one of the lowest inflation figures when comparing to benchmarks. We don’t have any team/VC/hidden pots of tokens that get unlocked each year.

On the other hand, setting inflation too low could lead to increased sell pressure as the network doesn’t incentivize enough to compensate for its growth stage/risk.

I would definitely like to see us venturing into lower and lower inflation schedules, but stifling growth too early would likely have the opposite effect.

4 Likes
22

I have strong support for this for years. I like both Incognito and Secret. I’ve stated that Secret and Incognito should have a native bridge many times but I think both teams have different priorities and this wasn’t realized. On the other hand, I expect that Incognito will add a bridge to EVMOS in 2023. So Secret and Incognito have a somewhat native bridge through IBC indirectly :slight_smile:

Until then, Secret and Incognito can build a cooperation to provide cross-liquidity using their BSC/ETH-pegged SCRT and PRV tokens. Both sides can add SCRT/PRV pair based on those pegged coins in pDEX, SecretSwap or Sienna. I think by considering both sides’ strengths, this would be a win-win situation.

3 Likes
23

Extremely hopeful for the direction of Secret Network in the years to come. It is evident in this post that we are in it for the long haul and we have support from leaders across the network.

Lots to be excited for from this post - mainly the strengthening of both performance and data security on the SCRT chain and the aggressive push for R&D to further the lead in privacy tech to retain our competitive edge. Also like the stance we are taking to align with other privacy projects across Web3, as we can make a stronger push for the privacy narrative together.

Great job to all who put in time and effort to prepare this proposal!

7 Likes
24

Can you further elaborate on how consumer chains will utilize PaaS? This concept is extremely interesting. How is $SCRT going to offer PaaS, we really need elaboration on this

When I read privacy hub, I’m envisioning something similar to the Cosmos. But… for privacy. How do consumer chains drive value to the $SCRT ecosystem? Increased ecosystem adoption?

Edited: Someone answered FHE use-cases from above. Having a FHE Chain sounds great, but I think the foundation should also attempt to target promising teams/projects that’ll build on this chain.

We need to discuss strategies IMO, and discuss the obvious elephant in the rooms (i.e. we need to remove non functioning, poorly developed, or dead products from the main web page)

1 Like
25

@guy Great work in setting the stage for the next chapter. Making information (videos ,twitter spaces, articles, ect) available outside of our echo chamber will key in attracting new talent. Everyone in our ecosystem understands the bigger picture and the importance of this technology. When building a vision this big it is important to resource the best experts in the world to help contribute.

This next chapter also needs multiple lines of effort. Beyond the tech development from a messaging perspective, it is important that we begin to communicate that the Secret Network will be the best option for crypto to coexist with governments and financial institutions. Partnerships and endorsements will help break the barrier.

From a tokenomics prospective as a community if we just want number go up then make SCRT deflationary and whenever a privacy computation is made then the token is burned. Also, private computations are an important service and maybe raising fees 1,000% is the right answer.

Finally, just a thought, but what about rebranding and not calling it Secret 2.0? Maybe something that doesn’t seem so secretive. When people hear secret, they think that there is something to hide or automatically lump it with Monero. After all the recent FTX secrets coming to light secrets don’t have the best connotation.

3 Likes
26

Have been very enthusiastic about the secret roadmap for a while and secret 2.0 and specifically the extra features we could have on the SCRT base layer only strengthen this.

Have had great conversations with guy and the other thought leaders at scrt labs about the capabilities for these extra cryptographic primitives and how they could integrate with the current secret network. I see those additions as the most important part of Secret 2.0.

The potential of extra chains creates optionality for builders and by using Interchain Security to power them will directly flow back value to SCRT holders and stakers. I think in this department there is still more to figure out and some of the new funds build into the 2.0 tokenomics will enable this in the long term.

I am not sure how the community at large could best vote on this vision and how it should be split, that is probably to figure out as we go. For now i will happily share the vision of cryptographic primitives on Secret and help people see its usecase and need.

3 Likes
27

How long will it be before we get a traditional Limit Order DEX? The AMMs have their place but sh*tty slippage. The initial greatest product for SCRT was a DarkOrderBook fast DEX. Regular pythonic Market Makers and Arbitrage for liquidity, possibly AMM routing for when its within band. AMM and tokenomics crap is tiring at this point. Fast Limit Order DEX driven by fees. Project feels like it went after the bullmarket narratives and forgot to handle something fundamental to SCRT’s innovation.

1 Like
28

To be honest I am very excited about the constellation of chains ideal. In particular getting the FHE chain operational would be fascinating.

Making interoperable and composible chains that each have their own niche and yet can be blended is a remarkably powerful narrative. And tho I do not do much coding personally, I can imagine having a “tool box” full of options is a dream for many serious developers.

Hardened SGX is something I am still digesting all the pieces to, but it is fascinating and high potential in ways that others can not touch.

Many people out there talk up ZK technology (and yes, most don’t actually know what they think they do) so let them play with ZK SCRT

I want MPC wallets, and a fast private by default chain for transactions to execute in DeFi, I want the ability to make sensitive information encrypted in TANK mode. So if I can tie the best of MPC, SGX, and FHE into a interwoven dream, it is a win.

A couple things I would mention as High priority:

SCRT needs to stay in the Spotlight as the utility token that ties it all together. Even if there is a reason to create some other token, SCRT needs to retain utility even in the constellation (not only in the SGX chain)

Let us make that DeFi Hub for Privacy a reality. We have some powerhouses launching this year as DEX destinations. Let us collaborate and even reach outside of our own circle and into the other privacy realms. If we can get liquidity, we win on many other levels much easier. Many people feel better building a start up on a network that has strong liquidity, and are hesitant to start up in one that is does not. It is an unfortunate fact.
(Note: We are in a BEAR market bloodbath and a realistic approach should be made, it is always easy to find liquidity in the bull. But the liquidity secured in a bear has a higher return once market flips)

Can we strengthen ties with Monero? Manta? Dusk? Phala? Aztec? We joined the Privacy alliance. Perhaps we can up that game even more. (This is certain to be a tough political sell in other communities even more than our own, but dang would it kick @$$)

Privacy as a Service. Let us highlight and spotlight the benefits and use. I believe this is a super power for our network, and it becomes even stronger with the tool box of privacy options. Can we get a few strong live examples of unique and powerful use case? Show the world. Then bring other networks into the Cosmos and therefore into our ability to support the same way?

3 Likes
29

I highly welcome the high level discussion on how to continue pushing Secret to be the leading private-by-default chain.

It seems the conversation should now turn towards execution. I would like to see timelines and priorities pinned to some of the major releases, especially in terms of hardening SGX. I imagine there are teams who need to know when SGX will be hardened before they can plan on launching on Secret.

4 Likes
30

I want to suggest to the SecretNetwork team to pay attention to the inflation rate of network and Circulation Supply
two main things that can lead to reduce inflation and supply is:
1-burning mechanism
2-Reduce APY

Inflation in society is Scary word so for attract more users we must to reduce it.
The point is that nobody knows inflation in low rate has some good effects!

in Conclusion We should use some burning mechanism cause it is good news for users

31

It seems like this proposal is coming by end of Jan but it still doesn’t seem to clearly state who would be in control of the following

  • Growth Fund: Funding acquisitions related to building out the Secret Network ecosystem
  • Developer Fund: Funding dApps, infrastructure and tools to grow Secret Network
  • Incentive Fund: Funding DeFi dApps to draw short-term incentives to bootstrap their protocol

“The composition of these Funds has not been determined and we would appreciate the community’s support in recommending entities that should be in each Fund.”

My feedback
I like the tech side of the Secret 2.0 vision, it’s great! But It should go without saying this needs to be clearly/directly/explicitly stated ahead of time exactly which entities and people would be in charge of the funding so we know what is being or will be proposed exactly outside of the technicals. I would be deeply concerned if scrt stakers had no say in the use of these funds, as it stands we have an ability on paper to have accountability for how taxes are used but in practice it has resulted in issues that divide us into factions. So while I’m in full agreement on the technical side, I still need to see the final details of who is being handed all this money for the next 10 years.

4 Likes
32

I agree with Ian. It’s important we lay out clearly who the custodian of these funds are. Im assuming some form of multi sig of slabs + other ppl/entitites?

2 Likes
33

So it turns out that this is just a signal at end of month and wouldn’t result in a change on chain quite yet. I’ll look for the answers i was seeking in a follow up proposal to this.

1 Like
34

Yup, we will start with a signaling proposal and then move to a concrete upgrade. This isn’t being rushed.

Also, regardless of custody I think it’s important to make it clear in the proposal that the funds belong to the network at all times and not to any entity (even if they hold one of the keys). These funds don’t belong on anyone’s balance sheet.

7 Likes
35

I think the plan outlined to become the privacy layer of Web3 is very ambitious and well thought out. The focus on cryptography and TEEs, along with the development of a constellation of chains and becoming a liquidity hub for privacy-aware projects, all show a clear direction towards achieving this goal. The high-level roadmap for technical advancements, including the Wasm3 Runtime and Enclave-to-enclave communication, is also very promising. I believe that with the support of the community and continued collaboration, Secret 2.0 has the potential to be a major player in the privacy space for Web3.

1 Like
36

Everything seems fine with me except for the inflation rate. Current inflation rate (15%) is high enough, we should to leave it there in the next phrases and decrease it over years

37

Hello Fam, this is quite a good read to go through here explaining what lies ahead for Secret network with Secret 2.0. I believe secret network are one step ahead in preparation for full explosion of what the web 3 has to offer. Most interesting is that fact that Secret network is the front runners of providing effective privacy. I’m quite anxious to see how FHE together with all the constellation of the inter-connected privacy solutions will come to fruition even though there’s more research to do. Weldon to the team of Scrt labs.

1 Like
38

It is a good write up and i hope the use of a threshold FHE works magic for Secret.

1 Like