Hello to the community! Today we are sharing some exciting news about the expansion of the Secret ecosystem thanks to the work of our collaborator, Plasm Network.
Previously on their community Crowdcast, Plasm Network spoke about building a bridge with Secret Network that would begin to connect the worlds of Polkadot and Cosmos. Today, our teams are excited to announce that this bridge has become a reality on testnet!
A demonstration of the bridge in action is available on YouTube:
Watch a replay of the original Plasm Network Crowdcast:
Plasm Network & Secret Network
Thanks to lead developer Hyungsuk Kang, Plasm Network has completed building their bridge with Secret Network. This build begins on the Plasm Network testnet before deploying to mainnet down the road. Once Kusama Network is ready, the bridge will be deployed on Shiden Network, a sister network of Plasm Network on Kusama. For testnet deployment, Plasm Network will use the Secret Bridge (on testnet level) to bring Plasm to Secret Network and use it in SecretSwap, Secret’s first AMM, against SCRT and ETH assets.
Plasm developers will be able to move their assets to Secret Network. The moment Plasm Network becomes a parachain, the bridge will be deployed on mainnet -Shiden Network first, and Plasm Network afterwards.
Originally, Plasm Network was a Polkadot Parachain candidate that would act as a dApp hub on Polkadot. Currently Plasm are currently focusing on infrastructure developments and bridges.
Plasm Network 2.0 will be a multi-chain and multi-virtual machine smart contract hub powered by Polkadot, connecting Polkadot to Cosmos, Ethereum, and more through Plasm Network!
The biggest immediate benefit for users with this bridge is that they can gain transactional privacy. Users can turn Polkadot-based assets into Secret Tokens, which combine the programmability of ERC-20s with the privacy of coins like Zcash or Monero. Interactions with Secret Token contracts are encrypted, viewable only to address owners or holders of their viewing key. The bridge will also give users access to Secret DeFi, privacy-preserving decentralized finance apps built on the Secret Network, including SecretSwap.
After some extended testing on testnet, we will go live once Plasm becomes a parachain on Polkadot. With the current EVM, we can also use this bridge between Shiden Network and Secret Network. This is great news for dApp builders who want to use Shiden (the canary network of Plasm) for deploying their dApps.
Bridging Cosmos to Polkadot
Secret Network is a layer 1 blockchain with its own consensus and on-chain governance built atop the Cosmos/Tendermint framework. With this bridge built between Plasm and Secret Network, we will connect the Cosmos ecosystem to Polkadot. This implementation can also be used for other L1 blockchains based on Cosmos/Tendermint!
One major component of the Cosmos ecosystem is their Inter-Blockchain Communication protocol (IBC) — a system that allows different blockchains to connect and communicate with each other. As soon IBC is implemented on Secret Network, the door is opened for the entire Cosmos community to join Polkadot, and vice versa.
“Cosmos, the framework Secret Network is built on, is billed as “the internet of blockchains” and aims to create an interconnected ecosystem of blockchains, whereas many current blockchains are like individual silos.”
About Secret Network
Secret Network is the first ever privacy-enabled Layer 1 blockchain, featuring privacy-preserving smart contracts (“secret contracts”) that utilize hardware-based and software-based privacy technologies to protect data. Secret contracts are unique in that they allow for encrypted inputs, outputs and state. Data on Secret Network is private by default, public when desired. Secret Network is also open-source and permissionless — anyone can operate a node, deploy an app, or contribute to the network and its ecosystem.
Plasm Network is a multi-chain dApps hub on Polkadot that supports Ethereum and layer 2 solutions like ZK Rollups. Plasm aims to be a multi-chain smart contract platform that will support multiple blockchains and virtual machines like EVM and WASM.