A new proof-of-concept for a Secret Monero Bridge has become public. Through this effort, there may be a bridge between Secret Network and Moenro in the future. Users who value privacy will want to pay close attention to this idea and its – hopefully – completion later this year.
The Secret Monero Bridge Explained
Although the name may be a bit misleading at first, the proof-of-concept is genuine. Developers attempt to create a connection between Secret Network and Monero, two projects that focus on privacy-by-default in the cryptocurrency space. Enhancing the overall privacy focus in this industry is no unnecessary luxury.
Although the Secret Monero Bridge is still in the early development stage, it can introduce some notable changes. Being able to transfer value between two different cryptocurrency networks is always exciting. Moreover, it can provide the basic functionality of Secret Network – privacy-preserving smart contracts – to Monero. Whether that will lead to new products and services remains unclear, but it is a possible outcome.
A New Secret Token For Monero
Assuming the Secret Monero Bridge comes to fruition, it will help establish a new SNIP-20 secret token for Monero on Secret Network. Known as sXMR, it will be viable for use with smart contracts, and it will be possible to mint new sXMR tokens or burn tokens taken out of circulation. As such, there will be no “fixed” supply of sXMR on Secret Network, but only the amount of XMR that has not been converted back to its original state.
A Web Application Exists
To facilitate the “visibility” of the Secret Monero Bridge, the developers put together a simple web application. Through this app, one can make a call to interact with the Monero blockchain. Furthermore, it uses SecretJS – a library native to the Secret Network – to communicate with the Keplr wallet and Secret Network. Embedding more functionality into this wallet may be on the agenda, although no details have been provided yet. It is possible to convert between XMR and sXMR and vice versa, however.
A Few Planned Features
For now, the developers of the Secret Monero Bridge have a few ideas they want to implement. A multi-signature consensus approach to harden Moenro wallet security is high on the priority list. Moreover, the goal is to integrate Monero wallet functionality into the UI, which may pose some exciting challenges. Furthermore, the web application will eventually evolve into a Dapp to prevent anyone from shutting it down.
Conclusion
For a project conceived as an idea for a hackathon, the Secret Monero Bridge can prove to be exciting for the broader industry. A stronger focus on privacy will benefit millions, if not billions of suers worldwide. As most blockchains lack such features, it is intriguing to see Monero and Secret Network come together. The advent of smart contract functionality is another aspect to look forward to.
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