On November 2, award-winning writer and director Quentin Tarantino announced that he would auction seven uncut scenes from Pulp Fiction as non-expendable tokens, or NFTs, built on the Secret Network (SCRT).. The digitized assets will include the first uncut scripts of the film, as well as secrets about the film and its creators.
Although the NFTs will have public metadata, which will act as a kind of cover for the underlying digitized asset, only the owner of the NFT will have access to never-before-seen content, a unique feature of the Secret Network. Regarding delivery, Tarantino has said: “Secret Network and Secret NFTs provide a whole new world to connect fans and artists, and I’m delighted to be a part of it.”.
Secret Network is a layer one protocol, or blockchain network enhancement infrastructure, that enables the execution of default privacy smart contracts that run on decentralized applications across multiple chains. This means that the protocol can obfuscate the data regarding the sender, the receiver and the status of the transactions, thus protecting the identities of the parties.. Since its launch on the mainnet in February 2020, the project appears to have gained significant traction from developers, along with a sharp rise in token prices in recent weeks.
The day after the NFT was delivered, Guy Zyskind, founder and CEO of SCRT Labs, spoke to Cointelegraph in an exclusive interview about the news, various major blockchain developments, upcoming highlights, and his take on the Secret Network.
Cointelegraph: In your opinion, what are the advantages of minting NFT on the Secret Network, rather than, for example, on the Ethereum blockchain network?
Guy Zyskind: Secret NFTs are, in essence, a superset of normal NFTs. Because it simply provides you with more functionality. Specifically, it allows you to keep data private, which means that, as in the case of Tarantino, we can have something like that the really interesting content is a secret that can only be seen by the owner or the person who buys the NFT. So in Tarantino’s case, you buy the NFT, and the NFT can have cool art that everyone can see, and that’s what’s going to happen, but the art is just the cover. The interesting thing is kept encrypted as a secret, which is the actual Pulp Fiction handwritten script, [que contiene] lots of secrets about the actual movie. But the only person who can see it is the owner, and that’s not something you can do with normal NFTs.
Two other important features are: You can keep the owner of the NFT private. And in Ethereum, there are many cases where if someone buys an NFT and is a known figure, then that NFT becomes more valuable because people are following these transactions. And the third cool feature is the randomness. A recent Paradigm article empirically showed that many of the large NFT auctions are conducted by bots because their randomness is not real. Public blockchain networks without encryption, such as the Secret Network, cannot do adequate and unpredictable randomness.
CT: What are the highlights of the next Supernova update on November 10? And where do they plan to go from there?
GZ: The next update is a hard fork. It’s going to be really cool. Let’s add IBC [Inter-Blockchain Communication], since we are a chain based on Cosmos, and then we will add a bridge to Osmosis. We will be in the center of Cosmos, the Gravity DEX [Decentralized Exchange], when it is released as well. We are going to be part of the Cosmos family of chains connected to IBC. We are also going to connect to Terra. Actually, we have been working with Terra for a long time on a bridge, but now we are going to connect Secret with Terra directly through this IBC.
We have greatly improved the speed; the network is going to scale much better. We will reduce gas costs by 10 times. Because the price of SCRT has skyrocketed, so gas is not as cheap as it used to be.
We will improve the infrastructure for future NFT deliveries and future DeFi products. We are working on the developer tools, because we have started getting an insane amount of developers who want to build on our network. Right now there are $ 150 million in developer grants being offered.
We’re going to turn this Tarantino NFT release into something very, very big in which we will hopefully bring in many more stars who coin secret NFTs exclusively on the Secret Network. And I can say that as of yesterday, I already have five emails from people who were like, “We’ve heard about this. We want to partner with you,” and a couple of big names, so I hope this becomes something really big in the world. future.
November Roadmap Update:
✅ 5 new dApps released in October – @AlterDapp, @sienna_network, https://t.co/QqgC0TPtGR, and more!
✅ 3 new dApps added to roadmap – @emprops_io (NFT), Secret Oracles, Secret Invoice PaymentsOnly 6 days until Supernova!$ SCRThttps://t.co/wtvPYw578B
– ecret Network – Nov 10th Supernova Mainnet (@SecretNetwork) November 4, 2021
CT: What progress has the Secret Network made on DeFi?
GZ: The network is about 100 times the size of me or the company I run. So we launched Secret Swap, which has a trading volume of almost $ 1 billion. [anualizados], and that it is like a DeFi exchange that preserves privacy. But now there’s also Sienna Swap, which is a company that raised $ 11 million, and they just launched their private DEX. And now they are working on private loan platforms. So that’s going to be the first cryptocurrency private loan solution as far as I know. And there is Shade, who is launching something like UST [TerraUSD], but again, it is going to be the first stablecoin that preserves privacy. So it’s going to be like Monero, but a stablecoin. And then they are going to launch private synthetic assets. So you will have as private gold, private shares, etc. Many of them will arrive later this year.
CT: Where would you say technology is at right now? In the future, there will be a lot of sensitive personal information processed by blockchain networks. So, for example, will the nodes be able to process digital visual assets sent by users, such as a photocopy of the driving license or passport?
GZ: An interesting use case – I know a few who are trying to build it with us – is that of unsecured loans. In our network, we can take something like a driver’s license. You can encrypt it. Can be validated for a program that does encrypted KYC [Know Your Customer] and give that person a credit score or something. So I definitely see it in the future. There have already been some pilot projects that have done it. But I think it’s going to take a couple of years to get to that scale.
CT: Impressive. Would you like to share a final comment, statement, or vision about the Secret Network?
GZ: For me, privacy-preserving computing is the future, and it has to live in a decentralized system, like the Secret Network. So I’m happy to say that the Secret Network is the only system alive that can offer that. But I think when a lot of people hear about privacy, they think of illegal activities. But for me, the Secret Network NFTs use case and the partnership with Tarantino, where he shares his art with the people who buy it, so that only the buyer has the power to actually see it, sell it, show it to others. people, etc. So this is proof that we need privacy-preserving calculations not just for illicit activities.
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