Cryptocurrency news

Secret Network Bridge will add Anonymity features to ERC-20 tokens

Secret Network Bridge will add Anonymity features to ERC-20 tokens

The open source Secret Network project has launched the Secret Network Bridge on the Ethereum blockchain, which allows the use of anonymity features for ERC-20 tokens.

In an article
on the project’s blog, the developers write that the protocol allows you to create programmable versions of assets with anonymity features. These “secret tokens” can be compared in terms of anonymity with the Zcash and Monero cryptocurrencies:

“Secret Tokens combine the programmability of ERC-20 tokens with the anonymity features of coins like Zcash or Monero. Interactions with contracts of such assets are encrypted and can only be viewed by address owners, or by users who have been provided with a key to view them.”

Initially, anonymity features are available for 14 ERC-20 tokens: Yearn.Finance (YFI), Uniswap (UNI), Band (BAND), Compound (COMP), Chainlink (LINK), Aave (AAVE), Kyber (KNC), Synthetix (SNX), Ocean (OCEAN), Maker (MKR), Dai (DAI), Tether (USDT), True USD (TUSD), And Wrapped Bitcoin (WBTC). You can also issue a “secret token” on the basis of the ETH coin.

The developers also said that they plan to add the ability to earn SCRT tokens — for this, users will need to lock their assets in the Secret Network Bridge. The feature is expected to launch as early as January.

Recall that the Secret Network smart contracts for creating “secret assets” were deployed on September 15.