On Nov. 2, award-winning author and director Quentin Tarantino announced he would public sale off seven uncut scenes from Pulp Fiction as nonfungible tokens, or NFTs, constructed on the Secret Community (SCRT). The digitized property will embody the primary uncut scripts of the film, in addition to secrets and techniques concerning the movie and its creators.
Whereas the NFTs will function public metadata, performing as a form of entrance cowl of the underlying digitized asset, solely the NFT proprietor could have entry to the never-before-seen content material — a singular function of the Secret Community. Relating to the drop, Tarantino mentioned, “Secret Community and Secret NFTs present an entire new world of connecting followers and artists and I’m thrilled to be part of that.”
Secret Community is a layer-one protocol, or blockchain enchancment infrastructure, that allows the execution of privacy-by-default smart contracts operating on decentralized purposes throughout a number of chains. Which means the protocol can obfuscate knowledge concerning the sender, receiver and the state of transactions, thereby defending events’ identities. Since its mainnet launch in February 2020, the venture seems to have gained vital traction from builders, coupled with a sharp increase in token prices in current weeks.
The day after the NFT drop, Man Zyskind, founder and CEO of SCRT Labs, spoke with Cointelegraph in an unique interview concerning the information, varied main blockchain developments, upcoming highlights and his imaginative and prescient concerning the Secret Community.
Cointelegraph: In your view, what are some great benefits of minting NFTs on the Secret Community, as an alternative of, say, the Ethereum (ETH) blockchain?
Man Zyskind: Secret NFTs are, in essence, a superset of standard NFTs. As a result of it merely offers you with extra performance. Particularly, it means that you can maintain personal knowledge, which suggests identical to within the Tarantino case, we will have one thing just like the precise attention-grabbing content material being a secret solely viewable by the proprietor or the one that purchases the NFT. So within the Tarantino case, you purchase the NFT, and the NFT might have a cool artwork that everybody can see, and that is what is going on to occur, however the artwork is simply the quilt. The attention-grabbing stuff is stored encrypted as a secret, which is the precise handwritten script from Pulp Fiction, [containing] a variety of secrets and techniques concerning the precise film. However the one one who can see that’s the proprietor, and that is not one thing you are able to do with common NFTs.
Two different necessary options are: You may hold the proprietor of the NFT personal. And in Ethereum, you could have a variety of these instances the place if somebody buys an NFT and he’s a widely known determine, then that NFT turns into extra useful as a result of persons are monitoring these transactions. And the third attention-grabbing function is randomness. So there was a current Paradigm article the place they confirmed empirically the place a variety of the massive NFT drops are gamed by bots as a result of their randomness will not be actual. Public blockchains with out encryption just like the Secret Community can not simply do correct unpredictable randomness.
CT: What are some highlights concerning your upcoming Supernova improve on Nov. 10? And the place do you guys plan to go from there?
GZ: The upcoming improve is a tough fork. It will be actually cool. We’re going to add IBC [Inter-Blockchain Communication] as we’re a Cosmos-based chain, after which we’re going to add a bridge to Osmosis. We’re going to be on the Cosmos hub, the Gravity DEX [Decentralized Exchange], when that launches as effectively. We’re going to be part of the IBC-connected household of Cosmos chains. We’re additionally going to hook up with Terra. We have truly been working with Terra for a long run on a bridge, however now we’re going to join Secret to Terra immediately by this IBC.
We have made a variety of enhancements to hurry; the community goes to scale a lot better. We’re going to scale back gasoline prices by 10x. As a result of SCRT shot up in value, so gasoline will not be as low cost because it was.
We’re going to enhance the infrastructure for future NFT drops, future DeFi merchandise. We’re engaged on developer instruments as a result of we began to get a loopy quantity of inbound builders who need to construct on our community. There are $150 million proper now in developer grants which are being provided.
We’re taking this Tarantino NFT drop, and we going to make it into one thing actually, actually greater the place we’re bringing, hopefully, much more A-listers that mint secret NFTs completely on the Secret Community. And I can inform you since yesterday, I have already got 5 emails from individuals who had been like: “We heard about this. We need to accomplice with you,” and a few huge names, so hopefully that turns into a extremely huge factor going ahead.
November Roadmap Replace:
— ecret Community – Nov tenth Supernova Mainnet (@SecretNetwork) November 4, 2021
CT: What sort of progress has the Secret Community has made regarding DeFi?
GZ: The community is about 100 occasions greater than me or the corporate I’m operating. So we launched Secret Swap, which has nearly $1 billion in buying and selling quantity [annualized], and that is like a privacy-preserving DeFi alternate. However there’s additionally Sienna Swap now, which is an organization that raised $11 million, they usually simply launched their personal DEX. And they’re now engaged on personal lending platforms. In order that’s going to be the primary personal lending answer in crypto so far as I do know. And there is Shade, which is launching one thing like UST [TerraUSD], however once more, it is going to be the primary privacy-preserving stablecoin. So it is going to be like Monero, however a stablecoin. After which they’ll launch personal artificial property. So you will have like personal gold, personal shares, and so forth. Loads of these are coming on the finish of this 12 months.
CT: The place would you say the expertise is at proper now? Sooner or later, there’ll doubtlessly be a variety of delicate private info processed by blockchains. So, for instance, will the nodes have the ability to course of digital visible property submitted by customers, similar to a driver’s license or passport photocopy?
GZ: One attention-grabbing use case —I do know a number of that is making an attempt to construct it on us — is to construct under-collateralized lending. In our community, we will take one thing like a driver’s license. You may encrypt it. You may validate it for a program that does encrypted KYC [Know Your Customer] and provides that individual a credit score rating or one thing like that. So I undoubtedly see that sooner or later. There have already been some pilots doing that. However I believe it is going to take us a few years to get to that scale.
CT: Superior. Would you wish to share any concluding feedback, statements or visions concerning the Secret Community?
GZ: To me, privacy-preserving computing is the longer term, and it has to dwell in a decentralized system, like Secret Community. So I am completely happy to say that the Secret Community is the one dwell system that may supply that. However I believe when lots of people hear privateness, they consider illicit actions. However to me, the use case of the Secret Community NFTs and partnering with Tarantino, the place he shares his artwork with individuals who buy it, in a approach that solely the purchaser has the facility to really see it, promote it, present it to different folks, and so forth. So that is proof that we want privacy-preserving computations for not solely illicit actions.