Secret Network Decentralization Ecosystem Update — October 2020 — Secure Secrets’ Report
The launch of the Secret Network has brought a roar of activity to the Secret
Network. In particular, there is some exciting news to bring to the table concerning decentralization. The network has become more decentralized since September in a tangible way. Yet, there are also some events that are important to examine before we dive into the quantitative numbers. With SGX requirements now being mandatory on mainnet, there was a decrease from 46 validators to 34 active validators in September. The number of active validators has increased to 39 in November, an encouraging increase. In addition, with Binance recently supporting a swap for many of its users, there was an inevitably large influx of individuals staking on the network. While there was initial concerns of centralization with those incoming delegators, October continued the trend of decentralization of the network from the previous two months.
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 39). Linked is the publicly accessible spreadsheet of all calculations used in the below quantitative investigation using a snapshot of October 30th, 2020.
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 7/34 active validators (Quiet monkey mind, puzzle.report, ChainofSecrets.org, Mario, Staked, Cashmaney, SecretDog) collectively own 51% of delegation on the Secret Network. This is an increase from September by 1 additional validator to reach greater than 50% — signs of continued progress towards decentralization.
Another exciting set of statistics is the meaningful decentralization through the entire network. Using the 20/80 real is an excellent goal for the start of a network. This goal aims to have the top 20 nodes of the network in control of 80% of the network. September to October saw a meaningful step towards this 20/80 goal. As a whole, the network is being decentralized at a shockingly quick rate — an excellent sign of the health of the ecosystem.
These numbers will continue to be updated every month, tracking the progression towards decentralization or centralization on a month to month basis. Secure Secrets also wants to acknowledge in this report that there is a large amount of SCRT that has not been swapped that will continue to be tracked. This large number of potential SCRT will make a big difference in distribution of the network. 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!
If you would like to contact Secure Secrets, please reach out to Carter Woetzel or Mohammed Patla on Telegram.
Main Secret Network github page: https://github.com/enigmampc/SecretNetwork
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