Secret Network Decentralization Ecosystem Update — February 2020 — Secure Secrets’ Report

The launch of Secret Swap has brought a roar of activity to the Secret
Network. The Delegated to Supply Ratio increased by 4.41% with total active delegators increasing by 113% (5386 active delegators in February). In addition, February saw an increase in decentralization from January (which saw the biggest single digit drop in network decentralization to date) — stopping a potentially worrying trend.

We will now begin a quantitative analysis of the Secret Network and the distribution of governance control within the protocol. This is done on a monthly basis on the 30th day of each month using a snapshot of https://puzzle.report/ (courtesy of Secret Nodes) using the top 50 active validators (in this report, only 49). Linked is the publicly accessible spreadsheet of all calculations used in the below quantitative investigation using a snapshot of November 30th, 2020.

Quantitative Investigation

An important quantitative value examined each month is the number of validators that are needed to reach a successful vote of > 50%. With the current setup, the top 8/34 active validators collectively own 51% of delegation on the Secret Network. This is an increase from February by 1 additional validator to reach greater than 50% — signs of continued progress towards decentralization.

These numbers will continue to be updated every month, tracking the progression towards decentralization or centralization on a month to month basis. It is our job as members of the Secret Network to continue to quantitatively track the change of distribution of delegation, and to generate discussion as time progresses.

Wondering how these quantitative values effect staking? Check out the tutorial below!

https://www.youtube.com/watch?v=fH-OEry1KXY

If you would like to contact Secure Secrets, please reach out to Carter Woetzel or Mohammed Patla on Telegram.

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Author of “Building Confidence in Blockchain — Investing In Cryptocurrency and a Decentralized Future”