What is Sienna Network (SIENNA) | What is Sienna Network token | What is SIENNA token

In this article, we’ll discuss information about the Sienna Network project and SIENNA token

Sienna Network was founded with a vision to change this. Sienna is introducing a new interconnected DeFi protocol that allows a completely private lending, borrowing and, trading experience with great scalability and low transaction fees, and with a bridge for ERC20 tokens to ensure compatibility with the Ethereum ecosystem, thus making digital money markets efficient and fungible for everyone, and open for institutional investors. Sienna is aiming to quicly expand to other large blockchain ecosystems as well.

Maintaining privacy has very deep roots in banking since the invention of modern banking over 1000 years ago in Sienna, Italy, and for good reason — privacy at this foundational (protocol and code level) isn’t the same as not knowing who’s doing what — it’s making sure only the relevant parties know what they need to know.

Privacy is an essential factor to the Sienna platform that leverages Secret Network, which allows for private smart contracts and private tokens similar to Monero and Zcash while having all the programmability of ERC20 tokens. Secret Network is the first blockchain that supports encrypted inputs, encrypted outputs and encrypted state for the privacy of smart contracts.

By building Sienna on programmable private smart contracts, it enables a variety of powerful new use cases Sienna is bringing into DeFI.

Programmable privacy allows feeding verifiable sensitive data into a decentralized world without revealing said data. Decentralized identities, credit scores, under-collateralized loans, privacy for institutions are a few to mention. Sienna is already in talks with major institutions about using Sienna as their platform of choice for DeFi. More on this will be announced in due time.

Sienna is aiming to become the de facto standard for privacy-first DeFi across multiple blockchains, targeting Ethereum initially, the biggest DeFi ecosystem, followed by other blockchains such as Polkadot, Cosmos and other chains in the near future.

The platform is controlled by SIENNA, the governance token, which is earned by using the Sienna platform via liquidity mining and other initiatives over time, creating a fair distribution for a perfect decentralized future, where SIENNA token holders decide over the entire platform.

Privacy has never been more relevant. We are witnessing riots against Wall Street and centralized censorship, and hungering for privacy as a fundamental human right. The time has come that decentralized finance gets the same rights.

Swap

Swap your tokens with Sienna Swap. While being 100% private, Sienna also provides low transaction fees due to the inherent blockchain scalability Sienna utilizes.

‍You can swap any private SNIP-20 token at Sienna. If you do not have private tokens yet, you can use the bridge to exchange your tokens for the private equivalent. You can always convert them back again.

‍This will enable you to trade through Sienna Swap.

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

‍Sienna is a pure SNIP-20 token, and sDAI is a bridged token to its ERC20 equivalent, the DAI stable coin token.

Private Swaps

Sienna’s Automated Market Maker, Sienna Swap, is a privacy-first, cross-chain decentralized exchange where users can swap private tokens in complete privacy.

‍Sienna Swap runs on Secret Network, which is the first blockchain with privacy-preserving smart-contracts with high scalability and low fees. Transactions are executed almost instantly, and with privacy combined, front-running is effectively mitigated. Welcome to the future of DeFi.

Privacy first

We live in a world where data is a given, but also a key asset for people and companies. Data is useful for many purposes and can lead to new inventions and progress. However, we must distinguish between what is publicly accessible data and what is not. Your data belongs to you and should not become the property of others, including how you transact assets online.

Sienna is on a mission to protect your privacy. Not only do we protect your privacy by default - we also do not have access to any information about you. All we do is help you use the privacy preserving blockchain in a user-friendly way and we do so without access to your data which actually never passes us due to the blockchain’s inherent privacy design. We save no login information, no wallet data, no transaction data or anything else. We do not even track our website or give any information to any Third Party.

For money to function properly, it must be private.

Sienna is built on Secret Network, which is the first blockchain with privacy-preserving smart contracts. This means no one can see your wallet balance, all transactions are completely private and allows you to build privacy-first applications on top of it, which is exactly what we have done at Sienna.

Native privacy not only gives you the comfort of not being monitored, but it also prevents front-running.

‍Front-running is the phenomenon where future trades can be seen by everyone prior to execution. Execution priority on ie. Ethereum is driven by transaction fees. A transaction can be preempted by simply introducing a transaction and paying a higher transaction fee. This is known as front-running and is illegal in the regulated financial system for good reasons.

‍Sienna’s AMM (a privacy-first decentralized exchange) is inherently front-running-resistant due to its private nature. No one can follow or exploit your positions.

Instant transactions and low fees

Sienna is built on Secret Network, which is the first blockchain with privacy-preserving smart contracts. That means applications built on Secret can utilize encrypted data without revealing it to anyone, even the nodes in the network.

‍Secret Network is also highly scalable, transactions get confirmed in seconds and cost a fraction of Ethereum’s.

‍Subsequently, as the Sienna protocol is scalable, transaction cost is low. This means all types of investors can participate in the ecosystem without getting eaten up by exorbitant fees - even the smaller ones.

Sienna Governance Token.

Sienna is taking over DeFi with privacy-first applications that we will gradually introduce. The platform is controlled by SIENNA, the governance token, which is earned by using the Sienna platform over time, creating a fair distribution for a perfect decentralized future, where SIENNA token holders decide over the entire platform.

Voting power

1 SIENNA = 1 vote. Whenever a proposal is given you can vote for it with your SIENNA tokens. Proposals will pass with a simple majority, which means 50.1%.

Proposals

All token holders with more than 1% (100,000) of SIENNA tokens can submit a proposal to the network. Once a proposal is submitted voting will be public within seven days from the submission of the proposal.

Where to buy SIENNA

You can acquire SIENNA tokens in multiple ways. You can buy SIENNA on Sienna Swap, buy the wrapped token (wSIENNA) on Uniswap or earn SIENNA as rewards for providing liquidity to Sienna Swap.

Chart

Name: SIENNA
Symbol: SIENNA
Decimals: 18
Contract Address: (Coming soon)
Type: SNIP-20
Network: Secret Network
Total Supply: 10 million
Circulating Supply: 350,000 SIENNA

Explanation:
300,000 SIENNA tokens locked for liquidity on our AMM once it launches.
200,000 tokens are allocated for the public sale on DAO Maker and Polkastarter, of which 25% will be unlocked at TGE (Token Generation Event).

Token distribution
Distribution starts at issuing event.

39% Minting pool
2,500 SIENNA will mint per 24 hours. 2,000 of the 2,500 are awarded to the rewards pools.
The remaining 500 SIENNA will be allocated to a Sienna Network-controlled wallet and the proceeds will be used for competition incentives, community assistance grants and similar purposes.

24% Founders
Vesting: Locked for 6 months, then remaining released daily over 20 months.

20% Private sale
Vesting: Locked for 3 months, then released daily over 16 months.
Private sale price (completed): $5 per token

13% Development fund
Vesting: Locked for 12 months, then remaining released daily over 24 months.

2% Advisors
Vesting: Locked for 6 months, then released daily over 16 months

2% Public sale
200,000 tokens are allocated for the public sales on DAO Maker & Polkastarter.
Price per token for the public sales: $6

Introducing wSIENNA

Wrapped SIENNA (wSIENNA) is an ERC-20 version of $SIENNA (Sienna Network’s governance token). It will be listed on a decentralized exchange on Ethereum and will be compatible with Secret Networks’ Ethereum bridge.

How does wSIENNA work?

It’s a zero sum game. You lock up SIENNA on the bridge and it mints wSIENNA. If you want your SIENNA back — you send it to the bridge, which then burns the wSIENNA and releases your SIENNA back to you. It’s that simple.

Why would you use wSIENNA?

Given that wSIENNA lives on Ethereum means that it will be easier for users in the Ethereum ecosystem to acquire $SIENNA tokens, therefore attracting more liquidity to Sienna and Secret Network 🚀

Quick definitions

SIENNA: Sienna Network’s native SNIP-20 governance token on Secret Network .

wSIENNA: an ERC-20 version of $SIENNA that lives on Ethereum. Using Secret Networks’ Ethereum Bridge, you can always redeem wSIENNA for $SIENNA, and always create wSIENNA with $SIENNA, thus wSIENNA <> $SIENNA are always 1:1.

Note that while $SIENNA is a privacy token, wSIENNA is not.

wSIENNA goes live at the same time Sienna launches, which is in April 2021.

How and Where to Buy Sienna Network (SIENNA)?

You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…

We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.

Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…

SIGN UP ON BINANCE

Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)

Next step - Transfer your cryptos to an Altcoin Exchange

Once finished you will then need to make a BTC/ETH/USDT/BNB deposit to the exchange from Binance depending on the available market pairs. After the deposit is confirmed you may then purchase SIENNA from the exchange: DAO Maker and Polkastarter

The top exchange for trading in SIENNA token is currently 

There are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once SIENNA gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!

Top exchanges for token-coin trading. Follow instructions and make unlimited money

https://www.binance.com
 ☞ https://www.bittrex.com
 ☞ https://www.poloniex.com
 ☞ https://www.bitfinex.com
 ☞ https://www.huobi.com

Find more information SIENNA

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🔺DISCLAIMER: The Information in the post isn’t financial advice, is intended FOR GENERAL INFORMATION PURPOSES ONLY. Trading Cryptocurrency is VERY risky. Make sure you understand these risks and that you are responsible for what you do with your money.

🔥 If you’re a beginner. I believe the article below will be useful to you

⭐ ⭐ ⭐ What You Should Know Before Investing in Cryptocurrency - For Beginner ⭐ ⭐ ⭐

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#blockchain #bitcoin #sienna #sienna network

What is Sienna Network (SIENNA) | What is Sienna Network token | What is SIENNA token