This Altcoin Outperformed BTC and ETH in a Massive 7-Day Rally
A completely privacy-focused altcoin project has surpassed $1,000,000,000, making it one of the top 100 crypto assets by market capitalization.
According to CoinGecko data Secret (SCRT) The cryptocurrency has risen more than 95 percent in the past seven days, jumping from around $4.50 to its current price of $8.93.
The rapid rise of SCRT has increased by about 1% and 12%, respectively, over the same time period. bitcoin (BTC) and Ethereum‘NS (ETH) by a large margin.
Traded at $8.93 with a daily increase of over 25 percent at the time of writing, the market cap of the altcoin reached as high as $1,339,286,044 at the time of writing, placing itself 96th on the top cryptocurrencies list.
Formerly known as Enigma, Secret was originally created with the aim of bringing privacy features to smart contract platforms like Ethereum.
The mission of the platform has since changed and Secret is now a delegated proof-of-stake blockchain designed to support a new ecosystem of decentralized applications (DApps) protecting users’ privacy.
The platform uses the Cosmos SDK and Tendermint consensus protocol, and users can lock the local government token SCRT and earn rewards to help secure the network.
Secret claims that as of today, there are 13 decentralized applications running on the network:
“Secret Apps are built from powerful, privacy-preserving smart contracts (i.e. secret contracts). Leveraging the computational privacy of Trusted Execution Environments (TEEs) and confidential contracts, users have privacy by default when interacting with Secret Applications, unlocking the full value of decentralized applications.”
Late last year Secret, from Enigma (ENG) It switched to SCRT and Binance became the first major cryptocurrency exchange to support the new crypto asset.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.