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Introduction
An Introduction to the Sienna Network Ecosystem
Sienna Network is a cross-chain, privacy-first protocol for decentralized finance (DeFi), which empowers its users to manage their tokens securely, with no outside interference or intrusion, knowing that outsiders will not be able to view the details of the transaction or compromise their identity to any 3rd parties.
The project is building upon the promise of decentralized finance by delivering tools and services which respect and preserve the privacy of individual users. Until now, the activities of DeFi users have remained an open book - publicly preserved on the blockchain and forever vulnerable. This level of disclosure has created a chilling effect for the industry, discouraging even remotely privacy-conscious users from participation in DeFi, whilst concerning regulators who wish to ensure that users, private and professional alike, are properly protected.
Current mainstream blockchain based technologies fall short when it comes to preserving privacy - the nature of the early blockchains brings everything in the open - Sienna looks to solve for the same problem that has been solved by banks for their customers for many years - privacy in terms of your funds and transactions and protected by computational privacy.
Sienna Network’s mission is to right this wrong. At the heart of the network are robust financial tools for the assurance of privacy to all consumers.
Sienna is built on Secret Network - the first blockchain with privacy-preserving smart contracts, or "secret contracts" that have encrypted inputs, outputs, and state. Read more about Secret Network here
The governance token, SIENNA, is the backbone of Sienna that lets you have democratic influence over the entire platform. Read more about the SIENNA governance token here.
Sienna Network was named after the Italian city Siena (Sienna in English), which played a historical role in banking almost a thousand years ago. In the 12th Century and as early as 1135, Sienna was an important trade city. To support the trade and economic growth of Sienna, the Bishop of Sienna started to offer loans against collateral and interest to Sienna citizens and the many people who traveled to the city to buy goods and sell their products.
Read the full story about the story behind Sienna and why the name has a unique history in cutting edge finance here.
Sienna Network is a DAO governed by SIENNA, its powerful governance token which confers considerable functionalities to holders.
Each SIENNA token entitles its owner to one vote, with voting on matters such as interest rates, ratios, new rules, collateral limits and more. Desirable activities on the network will be incentivized with SIENNA, generously rewarding users.
It has many contributors around the world who freely contribute to the project. Some of the contributors can be founds on Sienna Network's website.
Last modified 1yr ago