How to Buy Secret (SCRT) in Australia

1. Choose a crypto exchange

First things first, you need an exchange that both has Secret, and is trustworthy!

You can find our top 3 exchanges for buying Secret here, alternatively you can also check our comparison of the best crypto exchanges in Australia if you’re generally interested in seeing which exchanges work for Australians.

2. Sign up with the crypto exchange

Once you’ve chosen your crypto exchange, it’s just a matter of signing up and getting your account verified. Most exchanges have streamlined this process very well so it shouldn’t take long.

3. Fund your account

The next step is to transfer AUD or another cryptocurrency into your account. Most top crypto exchanges offer various payment methods. From bank transfer to PayID, POLi pay and credit cards, it’s very straightforward.

4. Buy Secret

And of course, the final step is to find Secret on the exchange and buy it. A lot of exchanges offer different ways of buying cryptocurrencies, like market orders and limit orders.

Where to Buy Secret (SCRT)

ExchangeRatingAvailable CryptocurrenciesFeesVisit Site
Swyftx Logo5/5350+0.6%VISIT SITE
Binance Logo4.5/5300+0.1%VISIT SITE
Digital Surge Logo4/5200+VariesVISIT SITE

How to Sell Secret

  1. Sign into the exchange
  2. Find where you stored your Secret, either on a hardware wallet or on the exchange.
  3. Transfer your Secret to the right place on the exchange, it could just be the same wallet or a dedicated trading account.
  4. Sell Secret.
Businessman looking at crypto trend

Considerations when looking to buy Secret.

Secret (SCRT), a Cosmos-based privacy-oriented blockchain, is built. Secret Contracts are its smart contracts. They allow DApps access Secret's private data, much like smart contracts on other blockchains. Secret Contracts, however, convert encrypted inputs into encrypted outputs without exposing any data. This is possible because of the encrypted contract states that are executed during execution.

Combining encryption protocols with key management in a Trusted Execution Environment is a way to ensure data privacy. Secret Contracts can compete in privacy-related use cases that traditional Blockchains are unable to accommodate. Secret makes it possible to create private voting systems or credit scoring apps, and they don't expose sensitive user data.

The Secret Network is unique because it focuses on privacy and encryption of data at the end, something blockchains like Ethereum lack. The network's developers are capable of creating solutions that protect privacy but don't compromise usability. This contributes to its goal to promote privacy-first, decentralized apps.

Secret's node operators use specialized hardware to run code in safe enclaves known as Trusted Execution Environments. This is not the case with other public blockchains. The information being decrypted is not accessible to device administrators in these TEEs. The blockchain works like this:

  • Users can send encrypted inputs to the network
  • The Secret nodes are validators that perform computations on encrypted data.
  • Proposing validator submits encrypted output
  • The results are unanimously accepted by the validators
  • Secret Network records encrypted outputs and encrypted contract states.
  • The smart contracts' functionality is built on CosmWasm. This smart contracting platform is part of the Cosmos ecosystem.

There are many possible uses for Secret. Secret can be used by digital content management platforms to store the decryption keys to their content. The Secret contract shares the decryption keys with the user after the payment is made. Once the payment has been received, the user will receive their access key. This is impossible with traditional blockchains because the data is public.

Another example is secret voting and secret auctions. These could be made possible by the secret votes and bids they can submit to Secret Contracts. This scenario allows the contract computing encrypted outputs to determine the winner without disclosing the votes.

Secret is able to maintain privacy in decentralized financial systems that offer economic opportunities for wealth creation that are not possible before.