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SCRT - Worth Buying...?

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Zebedee
@revisesociology
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2 min read

Secret is a relatively new blockchain built on Cosmos and bills itself as the only smart contract blockchain which offers privacy to users through end to end encryption.

The Project's Website makes the bold claim that Secret offers all of the benefits of ETH, Monero and ATOM combined (with any of the weakness ironed out presumably) - so that's basically everything else every other new project offers such as scaleability, fast transactions, low fees, but PLUS the added bonus of privacy.

And the Dapps page certainly suggests there is the functionality to build DEFI, Gaming, NFT and data storage applications with the added bonus of end to end encryption.....

HOWEVER, if you take a deeper dive - there's not a lot going on with many of these projects - many of the links just take you twitter accounts or shells of Websites.

One functioning app I did find was the Shade Protocol (thanks to an airdrop!) but this is just yet another DEFI project.

Secret Price and Tokenomics...

There is an initial supply of 170M with only around another 30M to be unstaked to the team over the next couple of years and then an inflation rate of 7-20% depending on the proportion of SCRT staked.

ATM staking SCRT seems to be just about the only use case for it - staking to validators in a DPOS system to earn around a 24% yield, which isn't too bad.

As to the price of SCRT..... hmmm this sort of screams 'we just had a bull run, that's now over'....

So we can certainly say that SCRT peaked people's interest during the bull run, but not so much ATM.

However if previous interest is anything to go on, SCRT is now cheap.

SCRT - Worth Buying? Final Thoughts...

The project reads well, it has a pretty web site and on the surface it seems to have potential - I mean what's not to like about a chain that offers all of those Smart Contract Functionalities with added privacy?

And if you think Privacy coins are the future this might well be worth a punt, and in the meantime you get a 24% APY just for staking it with only a 3 week lock on COSMOS...

The problem with SCRT is the same as with so many other chains - there's a lot of promise of DAPP development, but once you lift the hood there is not a whole lot actually being produced that works right now!

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