Convert SCRT to sSCRT [Official Secure Secrets’ Tutorial]
In this tutorial, Secure Secrets will walk you through the following:
(1) What is SCRT vs sSCRT
(2) Convert from SCRT to sSCRT
(2) Convert from sSCRT to SCRT
(1) What is SCRT vs sSCRT
SCRT (pronounced “Secret”) is the native coin of the Secret Network. This means SCRT is used to pay fees and transfer value on the network. Secret nodes must stake SCRT in order to operate on the network, and in return they receive fees and network rewards in SCRT. When nodes go offline, they can be “slashed” and lose a portion of their SCRT stake. Holders of SCRT who are not operating nodes may “bond” their stake to a specific node in order to become a delegator. Delegators have an opportunity to earn a share of fees and network rewards by supporting a particular set of validators.
Another utility for SCRT is governance of the network. Secret nodes can create and vote on governance proposals using SCRT, allowing for decentralized control of the network.
This is in contrast to Secret SCRT (sSCRT) which is a privacy-preserving, fungible Secret Token that is backed by SCRT, the native currency of Secret Network. “SecretSCRT” also known as sSCRT is the first implementation of the SNIP-20 standard.
sSCRT has the benefit of the following privacy guarantees:
- All sSCRT balances are encrypted
- All sSCRT transaction arguments in a transfer operation are encrypted
(2) Converting from SCRT to sSCRT
First, navigate the the Keplr SCRT conversion page. You will be prompted with a transaction in order to add sSCRT as a token to your wallet if this is the first time you are visiting the page. This transaction generates a viewing key (only needs to be done one time) to be able to interact with the sSCRT contract. Click on “Submit” on the “Add Token” pop up. After selecting a transaction fee / gas amount, click on “Approve”.
You will receive a prompt that says “transaction success” in the bottom right of your browser. Next, we can return to the Keplr SCRT conversion page. Make sure the SCRT to Secret SCRT option is selected. Enter the amount of SCRT you would like to convert.
Note: it is important you have some SCRT leftover in your Keplr wallet before converting in order to handle the transaction fee of converting your SCRT into sSCRT, as well as back to SCRT from sSCRT if needed.
Finally, click “Convert”.
A transaction will be created, after selecting you desired gas amount, click “Approve”.
After this transaction is completed, you will be able to see the updated amount of sSCRT you own on the Keplr conversion page:
You can also open your Keplr Extension and view your sSCRT balance there as well.
Next, select the dropdown menu and switch to Secret Network if you haven’t already:
(2) Converting from sSCRT to SCRT
First, navigate the the Keplr SCRT conversion page. Select the Secret SCRT to SCRT tab.
You will be prompted with a transaction in order to add sSCRT as a token to your wallet if this is the first time you are visiting the page. This transaction generates a viewing key (only needs to be done one time) to be able to interact with the sSCRT contract. Click on “Submit” on the “Add Token” pop up. After selecting a transaction fee / gas amount, click on “Approve”.
Note: it is important you have some SCRT leftover in your Keplr wallet before converting in order to handle the transaction fee of converting your SCRT into sSCRT, as well as back to SCRT from sSCRT if needed.
Congratulations, you have successfully converted from sSCRT back to SCRT.
Website: https://www.securesecrets.org
Staking Calculator: https://www.securesecrets.org/staking_calculator
If you would like to contact Secure Secrets, please reach out to Austin Woetzel, Dalton Tanner, or Mohammed Patla on Telegram.
Main Secret Network github page: https://github.com/enigmampc/SecretNetwork
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Secure Secrets Validator Node Address: secretvaloper1rfnmcuwzf3zn7r025j9zr3ncc7mt9ge56l7se7
If you would like to support Secure Secrets you can delegate to our node. If you want to support more content such as this, you can donate $SCRT to this address if you feel so inclined:
secret1ekhx9r35jpwmgngc48uhdead2ea25n4zgl9euu