Sienna Network Fundamental Analysis

With the world shifting almost all of its day-to-day activities online, the biggest fear hovering is data privacy. Tech giants have been facing trial for misusing user data but the outcomes have been vague. Data privacy laws just do not exist to protect the users. Amidst all of this, Sienna Network has introduced a model on blockchain that is all about privacy and data security. Its mission is to make all functions of a blockchain available to the users without them having to expose their information.

Sienna Network protects user data to an extent that even its system does not have access. It is a game changer because of its promise to deliver a high level of privacy.

What is the Sienna Network?

Sienna is a cross-chain, privacy-first decentralized finance network that allows you to privately swap, borrow, and change your tokens into private equivalents. They place a higher priority on privacy than everything else. Your purchases, positions, and details are all kept confidential. Everything you do in Siena is personal. Sienna recently revealed a DAO Maker and Polkastarter public sale.

The Sienna Network is presently supported by a thick ecosystem, including a variety of main contributors working on network tooling, core protocol features, and more. Senius is the most active member of Sienna Network. Sienna's goal is to create privacy-first and scalable DeFi compatible world's most common blockchain ecosystems, including Ethereum, Polkadot, Binance Smart Chain, Cosmos, and others.

SIENNA NETWORK FEATURES

Privacy at its top

The Sienna network exists in a world where information is not only a given, but also a valuable asset for individuals and businesses. Data can be used for a range of functions and can result in new technologies and advancements. That being said, we must differentiate between data that is open to the public and data that is not. Your data and how you transact assets online belong to you and should not be shared with anyone.

Sienna is on a mission to keep your personal information private. All they do is make it easier for you to use the privacy-preserving blockchain, and they do so without gaining access to your data due to the blockchain's inherent privacy nature.  They do not save any login data, wallet data, transaction data, or anything else. They do not monitor or share any information about their website with any third parties. Money must be kept private in order to work properly.

‍Fast transactions with lowest fees

Secret Network is the first blockchain with privacy-preserving smart contracts, and Sienna is based on it. That means Secret-based applications can use encrypted data without exposing it to anyone, including network nodes. Secret Network is also extremely scalable, with transactions verified in moments and at a fraction of the cost.

Afterward, Transaction costs are low since the Sienna protocol is scalable. This means that all kinds of investors, including small ones, will participate in the ecosystem without paying exorbitant fees. This improves the user experience and encourages people to participate without paying outrageous fees.

Automated Market Maker

Sienna's Automated Market Maker (AMM) is a balance principle market maker. Sienna Swap allows liquidity providers to deposit all tokens from a given pair, rather than running an order book of bids and asks, which would balance and postpone trades, making them costly to execute.

The dual deposit method is the basis for a flexible strategy that allows for fast trading because the buyer is already present, so there is no need for a competing bid as per traditional order book principle.

SIENNA NETWORK PRODUCTS

Sienna Swap

Sienna Swap will help you swap your tokens privately. Due to the inherent blockchain scalability that Sienna employs, it offers low transaction fees while remaining 100 percent private.

Sienna accepts any private SNIP-20 token for exchange. If you don't yet have private tokens, you can use the bridge to convert your public tokens to private tokens. You can still convert them back to their original format.‍

You will be able to trade via Sienna Swap as a result of this.

SIENNA + sDAI is an example of a pair (secretDAI).

Sienna is a pure SNIP-20 token, while sDAI is a bridged token to the DAI secure coin token, which is an ERC20 token.

wSIENNA

Wrapped SIENNA (wSIENNA) is an ERC-20 version of SIENNA, the governance token of the Sienna Network. It will be listed on an Ethereum-based decentralised exchange and will operate with Secret Networks' Ethereum Bridge.

It's a one-sided game. SIENNA is locked on the bridge and mints wSIENNA. If you want your SIENNA back, you must take it to the bridge, which will burn the wSIENNA and return your SIENNA token to you. Due to the fact that wSIENNA is based on Ethereum, it will be easier for Ethereum users to obtain SIENNA tokens, bringing more liquidity to Sienna and Secret network.

Sienna Token

With privacy-first applications that they will eventually launch, Sienna is taking over DeFi. The platform is governed by SIENNA, the governance token, which is obtained over time by using the Sienna platform, resulting in an equal distribution for a perfect decentralised future in which SIENNA token holders have complete power. SIENNA tokens have following use cases in the Sienna network ecosystem.

• Voting power: One SIENNA equals one vote. You can vote for a proposition with your SIENNA tokens at any time. Proposals would be approved by a simple majority, or 50.1 percent.

• Submission of Proposal: A proposal to the network may be submitted by any token holder who owns more than 1% (100,000) of SIENNA tokens. After a proposal is submitted, voting will be open to the public within seven days of the proposal's acceptance.

• E-Store: SIENNA tokens can be obtained in a variety of ways. Sienna Swap allows you to purchase SIENNA, Uniswap allows you to buy the wrapped token (wSIENNA), and Sienna Swap allows you to win SIENNA as a reward for having liquidity.    

THE TAKEAWAY

DeFi has been disrupting the conventional economy for a long time now and it will most likely not stop anytime soon. With all kinds of technological inventions, the dispute remains over the usage and security of the user’s data.  Sienna Network is offering a completely secure blockchain experience with minimal fees and costs. It differentiates majorly from all other platforms on the element of having the most private system. In its decentralized exchange, privacy is the main focus. With a handful of token-swap platforms, Sienna Network cuts through with its promise to be inclusive.

The transactions on Sienna Network are performed at a particularly fast pace. It has been able to make a name with the market giants and has no plans to stop. In a time where the public is more aware than ever about their data rights, Sienna Network is making a breakthrough with all of its focus being on the privacy of participant’s data.