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What is Enigma
Blockchains are among the front runners in implementing decentralized governance. They are built using decentralized architecture whereby operations are made public, transparent and honest. Even though blockchains have solved many weaknesses initially experienced by centralized governance, one thing remained a factor to contend with – Privacy.
Blockchains being public make private information vulnerable to access by unwanted persons. Data leaks are common among such systems. Additionally, blockchains cannot handle heavy computation.
To solve this problem, there arose a need to create a decentralized blockchain platform which could address this issue. Hence the birth of Enigma – a decentralized platform that guarantees users maximum privacy.
The platform came into play in September 2017 when it was formed by a group of MIT graduates under the leadership of Guy Zyskind. It had begun as a research project at the Massachusettes Institute of Technology but was quickly adopted into the market following its usefulness. It is the first platform to completely overcome the information privacy limitation experienced by other blockchains.
Enigma’s team is continuously working towards creating decentralized data with even better privacy and scalability. This is evident through its projects "Catalyst" which enables users to create crypto hedge funds and build cross-chain transfers without the involvement of third parties. The project has already captured the attention of over 20,000 users who utilize its services.
Enigma is ranked among the top 100 crypto projects in the world.
Enigma extends Ethereum smart contracts by introducing secret contracts. This helps keep out third parties out of the equation at the same time protecting vital information. This is made possible through a technology that utilizes the multi-party computation concept whereby data is effectively computed through distributed nodes. These nodes are made to function off-chain using distributed hash-table technology (DHT) which means that they do not take place within the Ethereum blockchain. Usually, the hash table saves data in from of references instead of raw data, this ensures privacy and also allows space for more data. To further enhance privacy, encrypted data is split into several networks thus you cannot find a complete set of data in any node.
During transaction processes, different nodes are each assigned specific information which only makes sense when put together. Each of these nodes contributes a security deposit into Enigma’s private contract. The security deposit is made null and void if the node does not perform calculations appropriately.
Enigma’s technology has experienced improvement since its development. Its latest project Catalyst enables users to create crypto hedge funds and avail cross-chain transfers without the assistance of any third party. Catalyst provides invaluable data and research tools which developers can use to develop their master strategies. Additionally, it protects financial information through cryptography and creative privacy technology.
Where is Enigma Applied?
Practical applications of the platform include:
It is now possible to monetize private data while keeping it private from persons who analyze and conduct research. For instance, an organization may decide to find out the classes in which its workers fall into by analyzing their incomes. The platform makes it possible to get the numbers and calculate average values while protecting the exact amount of net income each individual keyed in.
Researches are common in the health sector as individuals seek to understand and find a cure to illnesses. The platform makes it possible for health care companies to provide researchers with vital information without exposing confidential information. For example, an organization may seek to find out how many of its individuals suffer from sicknesses such as HIV. The technology can help the company collect vital information and conduct statistics while not revealing the specific individual who provided that information.
Before giving out credit, most lenders carry out processes to ensure their clients are creditworthy. Some borrowers worry about lenders accessing private data such as passwords and pins during the scrutinization process. Enigma enables lenders to prove the creditworthiness of their clients without exposing private information.
Data market places benefit from private off-chain computations which improve the security and reliability of operations.
While enabling employers access and contribute information to the benefit of a company, Enigma can be used to keep confidential information inaccessible. This will protect it from rogue employees who may try to steal it.
Enigma enables users to participate in online surveys and voting processes where it only reveals the outcome while protecting all other private information. Concerned parties get the final information they needed while users get to vote anonymously.
Disadvantages of Enigma
Despite the benefits of privacy and scalability, Enigma still has a long way to go. Below are some of the cons associated with using the platform.
Ahead of Enigma’s ICO, hackers managed to infiltrate its system by accessing one of the platforms administrative passwords. They created a false pre-sale way before the ICO and siphoned money collected to their digital wallets. The move was accompanied by emails to potential clients encouraging them to purchase tokens by sending money to a specific crypto wallet.
Reportedly, the email to Enigma’s CEO Zykind, was hacked and used to spoof emails which were made to look official. Previously, the email had been used to access services over the internet after which it was dumped. Unfortunately, Zykind had not changed its password. Before Enigma was able to bring things back to order, the hackers had managed to acquire about 1492 coins which is equivalent to about $494,170.68. All this money was raised from Enigma’s community.
The government bodies in most countries are yet to provide a clear way forward in regards to cryptocurrencies. It is not a guaranteed firm of investment hence anyone willing to invest does so at their own risk. For example, users who were victims of Enigma’s hack attack experienced losses which were not compensated.
Where to Buy Enigma Tokens
ENG tokens can be bought and sold on several mainstream exchanges including Binance, Bittrex, and Huobi Global. To trade, you need to pair the ENG token with either BTC or ETH. Reportedly, the most preferred trading platform for ENG is Binance.
Before settling on a given exchange, it is wise to compare the terms and conditions offered by different exchanges and pick the one which best suits your interests.
To find out the current price and performance of Enigma in the crypto market view more on CoinMarketCap.
Once you buy ENG tokens you need to store them in a digital wallet for future use. Since the token is paired with Ethereum, the best storage options are MyEtherWallet and Trezor.
To keep up with the latest information on Enigma, you can follow their regular updates through social media sites including Telegram, Reddit, Twitter, Developer Forum, and Discord.
There is also a Bitcoin talk thread which you can use to comment about the project. The thread can prove to be educative as you can use it to follow previously made comments by experienced users.
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Enigma Protocol MVP
CEO and Co-founder
Chief Product Officer & Co-founder
Victor Grau Serrat
Director of Engineering
Head of Growth and Marketing
Director of Business Development (EMEA)
Product and Partnership Strategy
Senior Software Engineer
Senior Software Engineer and Researcher
Senior Software Engineer
Community Marketing Manager
Alex "Sandy" Pentland
Director of MIT Media Lab Entrepreneurship Program
Partner at Pantera Capital
CEO of Abra
Cofounder and COO of Nerdwallet
Managing Partner at Sora Ventures
Former Director of Hedge Fund Development at Quantopian
Former VP of Treasury and Trading Operations at Circle
Former Software Engineer at TwoSigma
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