Secret Network Integrates IBC Bridge with Cosmos: A Step Forward for Privacy
On March 30, the privacy public chain Secret Network announced that it has integrated IBC Bridge with the Cosmos transaction terminal TFM, which supports users to transfer assets b
On March 30, the privacy public chain Secret Network announced that it has integrated IBC Bridge with the Cosmos transaction terminal TFM, which supports users to transfer assets between Secret and 14 other IBC enabled chains, and supports native SCRT and SNIP-20 tokens.
Private Network Integrated with IBC Bridge
Introduction
On March 30, the Secret Network made a significant announcement that marked a significant milestone in enhancing privacy and interoperability: the integration of IBC Bridge with the Cosmos transaction terminal TFM.
This new development supports the transfer of assets between Secret and 14 other IBC (Inter Blockchain Communication)-enabled chains alongside supporting native SNIP-20 and SCRT tokens. The integration marks a significant step for users who seek privacy and anonymity, followed by seamless transfer of assets between blockchains.
What is the Secret Network?
The Secret Network is a decentralized, permissionless platform that provides data privacy and secure computation for decentralized applications. The Secret Network’s privacy infrastructure offers privacy-preserving smart contracts that enforce privacy properties such as confidentiality, integrity, and authenticity.
The network’s privacy infrastructure capabilities make it possible to build sensitive applications without relying on external solutions, which could compromise user privacy and security.
What is IBC?
IBC is a module of the Cosmos protocol that enables interoperability between independent blockchain networks. With the implementation of IBC, the Secret Network would be able to interact with other blockchains that support the IBC protocol.
IBC enables the seamless transfer of data and assets between interoperable blockchains. The implementation of IBC makes it possible for blockchains to communicate and exchange assets in a decentralized and trustless environment.
The Integration of Secret Network and IBC Bridge
The new integration of Secret Network and IBC Bridge with the Cosmos transaction terminal TFM has opened new possibilities for users seeking enhanced privacy and interoperability. The integration supports the exchange of assets between Secret and 14 other IBC enabled chains.
The integration has been a significant focus of the Secret Network’s roadmap, and the completion marks a significant step towards the network’s goal of offering privacy and interoperability.
SNIP-20 and SCRT Tokens
The Secret Network supports multiple digital assets, with SNIP-20 protocol-based tokens being the preferred token standard. SNIP-20 tokens offer enhanced privacy and security by default as they are created on the Secret Network itself.
SNIP-20 tokens have a similar design to the widely used ERC-20 tokens. SCRT, which is Secret Network’s native token, is also supported by the integration.
Conclusion
The integration of IBC Bridge with the Cosmos transaction terminal TFM is a critical milestone for the Secret Network. The enhanced privacy of Secret Network’s smart contracts coupled with IBC opens more opportunities for users by enabling interaction with other blockchains. The implementation of IBC makes blockchain interoperability a reality.
The integration supports the transfer of assets between fourteen IBC-enabled chains, and native SNIP-20 and SCRT tokens. The integration further enhances the Secret Network’s vision of being the go-to platform for privacy and secure computation for decentralized applications.
FAQs
**What is IBC?**
IBC is a module of the Cosmos protocol that enables interoperability between independent blockchain networks, allowing for the transfer of assets between chains.
**What is Secret Network?**
Secret Network is a decentralized privacy platform that provides secure computation for decentralized applications.
**What are SNIP-20 tokens?**
SNIP-20 tokens are tokens created on the Secret Network that have enhanced privacy and security by default.
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