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[Long Post] Introduction to Sienna Network (“SIENNA”)

**What is Sienna Network?**

Sienna Network is a privacy-first, decentralised financing platform that will enable the swapping, lending and conversion of cryptocurrencies to private equivalents.

The developers of the platform have stated that they look to target institutional funds and pension funds which may currently not operate within the cryptocurrency space and their team’s experience and connections will strongly enable this.

Sienna Network will be launched in April 2021 and have their initial product currently undergoing auditing.

Sienna Network will be built on Secret Network. Secret Network is renowned for being the first privacy-first smart contract platform. Their native AMM platform, SecretSwap, allows tokens to be traded in a privacy compliant manner. The developers state that the Uniswap competitor carries lower costs and higher user security.

All transactions on Secret Network are made inside Trusted Execution Environments, more specifically they use Intel SGX. These are a set of extensions to the Intel architecture that aims to provide integrity and confidentiality guarantees to security sensitive computation performed on a computer.

Sienna Network’s first product will be Sienna Swap, an AMM that will compete with SecretSwap.

By providing liquidity on Sienna Swap, individuals will receive 0.28% of your share of the daily volume. However, differently to a number of AMM’s currently in existence, Sienna Swap will create deflationary pressure to Secret Network’s gas fee token, SCRT. This is as 0.02% of daily volume will automatically go to converting the remaining trading fees into SIENNA.

The launching of Sienna Network will happen subsequent to Secret Network’s expansion to also include Secret Tokens for an increased range of tokens including RUNE, BAT, ENJ and MANA.

**Who is in Sienna Network’s team?**

Daniel Delouya is the co-founder and CEO at Senius AG, the developing company behind Sienna Network. He has had significant experience at both blockchain related businesses and also co-founded a privacy related business. Prior to spending almost three years as a freelance developer specialising in Solidity, he was the lead developer at C-Log where his team utilised blockchain to support the maritime industry. More recently, he founded G13 Smart Home – a privacy-first smart home platform business based in Denmark.

Kristoffer Ewald is the co-founder and COO at Senius AG. Kristoffer has more than twenty years of international experience with digitally focused startups. He is an advisor to multiple venture capital funded startups including Aggero, Cobiro, Done and Loop. Most recently he is the CTO at OurTradeHub, a digital platform that aims to prevent inventory issues for businesses. Their customers include Hummel, Sportmaster and Unisport among others.

Milen Radkov is the head of blockchain development at Senius AG. He is also the founder and CEO at Hack.bg, a blockchain development company who have supported platforms including Aeternity as well as Hosho – a smart contract auditing firm. Prior to Hack.bg, he has invested a significant amount of time with Aeternity including the development of Waellet (a browser extension wallet for Aeternity). Milen has also been recognised in Forbes Under 30 for his extraordinary efforts in the blockchain space.

There are two additional co-founders of Senius AG. Monty Mumford, who has been a keynote speaker on blockchain at more than 200 global events (with names including Steve Wozniak and John McAfee). The other has currently been kept anonymous until his official start at Senius AG in April but we understand that their latest role has been the Global Lead Creative in one of Europe’s leading Investment banks.

**What is Sienna Token (“SIENNA”) required for and how is it distributed?**

As mentioned above, Sienna Network is to launch in April 2021. As a result, it is currently not possible to purchase SIENNA on exchanges.

It is envisioned that SIENNA will be used solely for governance purposes, more specifically:

* Allows holders to vote and participate in governance on Sienna Network; and
* Allows token-holders of more than 1% to submit proposals to the network.

It should be noted that users of Sienna Network will also require SCRT which is a wider utility token. Its functions include:

* Used to pay gas fees when using dApps on Secret Network (such as Sienna Network);
* Staked to secure the network; and
* Allows holders to vote and participate in governance on Secret Network.

It is envisioned there will be a total supply of 10m SIENNA of which the initial circulating supply will be 2,500 tokens as well as 300,000 tokens locked for liquidity on Sienna Swap once it launches. Although this sounds extremely low and people may question the centralisation of tokens, the developers note that the tokens will be allocated as follows:

* Founding Team: 24% – 6 month vesting period, then released daily over 20 months;
* Advisors: 2% – 6 month vesting period, then released daily over 16 months;
* Private sale: 20% – 6 month vesting period, then released daily over 16 months;
* Development fund: 15% – 5 month vesting period, 10% released and remainder released over 24 months; and
* Minting pool: 39%.

The minting pool will be those tokens that are either awarded to users of the applicable pools on Sienna Swap or allocated to a community fund. ‍2,500 SIENNA will be minted daily of which 75% will be part of the rewards for participating in pools and the remainder will be for the community fund.

Individuals will be able to acquire SIENNA through an upcoming IDO (the details of which are yet to be confirmed), liquidity mining, through the purchase and conversion of wSIENNA on Uniswap and via other incentivisation programmes that are yet to be detailed.

**What does Sienna Network have in plan for the future?**

After their initial launch in April which will feature Sienna Swap, Sienna Network is aiming to launch Sienna Lend, a private lending protocol.

This would involve the use of private decentralised identities and verified credit scores that would result in under-collaterised loans, resulting in higher liquidity entering the space.

The team has also expressed their interest in the potential of a private insurance platform and private options trading platform.

**Conclusions**

I don’t really tend to look at platforms this early on and normally go stargazing once I’ve seen actual usage of the platform.

However, Sienna Network looks like they’re planning on releasing a number of products in quick succession and their intention to create private lending protocols which utilise credit scores and private insurance appear to be the type of products that would seriously help in achieving their ideals – to replace traditional finance and attract the likes of institutional funds and pension funds.

Although I have more confidence in the platform than the token, SIENNA may be a cryptocurrency that I look to pick up pretty early on when it has found some type of early price stability. The token’s function is pretty limited by only being used for governance purposes, we have seen that there are a number of decentralised exchange tokens that have really picked up steam once the platform has found strong levels of traffic and volume.

Full details are yet to be published on how an individual could purchase SIENNA but I expect it to appear across a range of Decentralised Exchanges.

___________

TL:DR – Sienna Network is building a DeFi platform that will start with a Dex and involve into insurance and private lending (using credit scores). It is built on Secret Network which is a privacy-first smart contract platform which is front-running resistant as transactions are encrypted.

SIENNA will be the governance token for the platform, similar to UNI, SUSHI and so on.

Website: [https://sienna.network/](https://sienna.network/)

Whitepaper: n/a (as mentioned above, currently being written)



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6 Comments

  1. Sienna is early to the game and their paving the way for secret finance. Eventually many teams will look to Secret Network to build private decentralized financial applications and the value capture for SCRT will be insane.

    We need to continuously push for data privacy for the future of Web 3!

  2. Excellent post. I see a lot of people focusing on DeFi being built on Ethereum… it doesn’t make sense to have an entire financial system auditable by anybody with a computer. The data privacy issues on Ethereum are worse than those of our current system! PriFi will actualize DeFi. Good on Sienna for getting the ball rolling on real DeFi application and I’ll look to see how they continue developing over the next couple months and years!

  3. I’m interested to see what they’ll have to offer later on down the line. The AMM probably won’t be too different than SecretSwap at first, but if they set up something like Yearn.finance’s vaults, and allow people to participate in defi on the Ethereum chain while remaining private, that would be game changing.

  4. Yes i want my pension fund to have less transparency when investing money.

    This is clearly another juicy shitcoin for the founders to collect cold hard cash / othee valuable crypto.

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