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Solana-Based Messenger Secretum Enables OTC and NFT Functionalities: Details

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Sat, 10/30/2021 - 18:10
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Vladislav Sopov
Here's how Secretum, one of the first Solana-based "real-world" apps, evolves into a go-to ecosystem for crypto natives
Solana-Based Messenger Secretum Enables OTC and NFT Functionalities: Details
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Secretum, a fully decentralized instant messaging application, leverages blockchain nodes to address the most dangerous bottlenecks of this segment. Also, it enriches the experience of messenger usage via OTC functions and non-fungible token storage and trading modules.

Replacing WhatsApp and Telegram with real decentralization: Case of Secretum

In 2021, the models of security and data protection of messaging veterans WhatsApp and Telegram were compromised in several ways. Either of the two applications is utilized by more than 1/3 of the Earth's population, so the potential effects of their failure to protect users' privacy may be dramatic.

However, both platforms fall easy prey to data leaks and private data abuse. In 2019, hackers injected spyware into phones with WhatsApp accounts, while in 2021, the platform itself was fined for malicious data-sharing practices. Facebook's subsidiary, WhatsApp, paid €255 million to the EU's privacy watchdog.

In 2020, Telegram was subjected to a hack that exposed data from 500 million accounts to malefactors. Therefore, there is a demand in the space for a new-gen privacy-focused messenger.

Amid the ongoing cryptocurrency rally, blockchain became the natural technical environment for such systems. Here's how the concept of Secretum, a privacy-first messenger on Solana (SOL), evolved.

Introduced in early Q2, 2021, Secretum is the brainchild of a clutch of top-tier blockchain experts from Lithuania, a world-level hub for decentralized products. At its core, Secretum is a messaging application based on the nodes hierarchy of the Secretum network.

It ensures 100% privacy and end-to-end encryption for all messages and accounts. Secretum knows no censorship practices or KYC checks: users can sign up with their Solana wallets. This option eliminates opportunities for data harvesting and guarantees the ultimate level of anonymity.

The Secretum system is attack-resistant as it has no single point of failure due to its decentralized character: no cloud storage, no central server and so on.

Beyond messenger: OTC board and NFT instruments

However, Secretum's ecosystem has a number of unique features that turn it into an endpoint in the Solana (SOL) ecosystem for crypto enthusiasts with various levels of experience.

Its design allows users to trade Solana-based assets in a peer-to-peer manner. All sorts of tokens—both fungible and non-fungible—can be exchanged easily via Secretum's instruments.

Secretum released "over-the-counter" (OTC) trading functionality due to its one-to-one and one-to-many messaging instruments. This design is very natural and suitable for non-fungible tokens (NFTs) that have no publicly quoted price.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)