A new proof of concept for a secret Monero bridge has been released. Through these efforts there could be a bridge between Secret Network and Moenro in the future. Users who value privacy should pay special attention to this idea and – hopefully – its completion later this year.
The secret Monero bridge explained
Although the name may be a bit misleading at first, the proof of concept is real. developer attempt To create a connection between Secret Network and Monero, two projects that by default focus on data protection in the field of cryptocurrency. Improving the overall privacy focus in this industry is not an unnecessary luxury.
Although the Secret Monero Bridge is still in the early stages of development, it can bring some notable changes. It’s always exciting to be able to transfer values between two different cryptocurrency networks. In addition, it can provide Monero with the basic functions of Secret Network – intelligent data protection contracts. Whether this will lead to new products and services remains unclear, but it is a possible outcome.
A new secret sign for Monero
Assuming the secret Monero bridge is realized, this will help establish a new secret SNIP-20 token for Monero on the secret network. Known as sXMR, it can be used with smart contracts, and it will be possible to mint new sXMR tokens or burn tokens withdrawn from circulation. Therefore, there will be no “fixed” supply of sXMR in the Secret Network, but only the amount of XMR that was not returned to its original state.
A web application is available
To make the Secret Monero Bridge more “visible”, the developers have put together a simple web application. This app can be used to make a call to interact with the Monero blockchain. In addition, it uses SecretJS – a library included on the Secret Network – to communicate with the Keplr wallet and the Secret Network. Embedding more features into this wallet may be on the agenda, although details have not been given yet. However, it is possible to convert between XMR and sXMR and vice versa.
Some planned functions
At the moment, the developers of the Secret Monero Bridge have some ideas that they want to implement. A consensus approach with multiple signatures to improve the security of Moenro wallets is high on the priority list. Additionally, the goal is to incorporate the Monero wallet functionality into the user interface, which can bring some exciting challenges. Additionally, the web application will eventually evolve into a dapp to prevent anyone from shutting it down.
For a project conceived as an idea for a hackathon, the Secret Monero Bridge can prove exciting to the broader industry. A greater focus on privacy will benefit millions, if not billions, of plaintiffs worldwide. Since most blockchains lack such features, it’s fascinating to see Monero and Secret Network come together. The advent of smart contract features is another aspect to look forward to.
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