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Enigma (ENG)

ICO

Enigma is a decentralized computing platform known for promoting users’ privacy and data scalability. The platform eliminates the use of third parties in carrying out online transactions. It can create a connection with other blockchains, access and offload information without exposing private data. This is made possible using private contracts – the newest development to smart contracts.

Enigma’s token is an ERC20 token referred to as ENG. It can be used to safely store data, perform computations and act as a security deposit.

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Overview

Project industryBlockchain Infrastructure
Product typeTechnology
FoundedUnited States
Genesis date2017-10-12

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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’s Technology

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:

  • Protecting Personal Data

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.

  • Health Sector

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.

  • Credit Processes

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.

  • IoT

Data market places benefit from private off-chain computations which improve the security and reliability of operations.

  • Promoting the Company’s Privacy

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.

  • Anonymous Voting

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.

  • Insecurity

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.

  • Lacks Proper Government Regulation

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.

Enigma’s Community

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.

Details

Public sales: Sep 11, 2017 - Sep 21, 2017
Token supply: 150,000,000 ENG
Total tokens for sale: 75,000,000 ENG
Soft cap: 20,000,000 USD
Hard cap: 45,000,000 USD
Raised: 45,000,000 USD

Legal

Blockchain Platform: Ethereum
Registration country: United States
Registration year: 2015

Token info

Ticker: ENG
Type: Utility-token
Token standard: ERC-20
Token price in USD: 1 ENG = 0.60 USD
Accepted currencies: BTC, ETH
Token distribution:
50% to be made available in the initial token sale (to be used only for operations); 25% retained as incentives for the Catalyst community; 25% distributed to the Enigma team and advisors (current and future) and retained by Enigma
Funds allocation:
60% Product & Development
15% Blockchain research
10% Marketing
10% Operations
5% Legal & Administrative costs

Enigma Roadmap

1
Q1 2015

DECENTRALIZING PRIVACY

Hundreds of citations

2
Q2 2015

ENIGMA WHITEPAPER

Downloaded over 100,000 times

3
2016

ENTERPRISE APPLICATIONS

4
Q3 2017

CATALYST

Released

5
2018

DISCOVERY

Enigma Protocol MVP

  • Secret Contracts 1.0
  • dApp Data Privacy
  • Ethereum Integration
6
2019

VOYAGER

  • Secret Contracts 2.0
  • dApp Independence
  • dApp Scalability
7
2019-2020

VALIANT

8
2020

DEFIANT

  • Chain Independence
  • True Decentralization

Project team

Guy Zyskind
Guy Zyskind
CEO and Co-founder
Guy Zyskind linkedin
Can Kisagun
Can Kisagun
Chief Product Officer & Co-founder
Can Kisagun linkedin
Victor Grau Serrat
Victor Grau Serrat
Director of Engineering
Victor Grau Serrat linkedin
Tor Bair
Tor Bair
Head of Growth and Marketing
Tor Bair linkedin
Nir Zyskind
Nir Zyskind
Director of Business Development (EMEA)
Nir Zyskind linkedin
Ainsley Sutherland
Ainsley Sutherland
Product and Partnership Strategy
Ainsley Sutherland linkedin
Frédéric Fortier
Frédéric Fortier
Senior Software Engineer
Frédéric Fortier linkedin
Moria Abadi
Moria Abadi
Senior Software Engineer and Researcher
Moria Abadi linkedin
Lena Kleyner
Lena Kleyner
Senior Software Engineer
Lena Kleyner linkedin
Isan Rivkin
Isan Rivkin
Software Engineer
Isan Rivkin linkedin
Elichai Turkel
Elichai Turkel
Software Engineer
Elichai Turkel linkedin
Aditya Palepu
Aditya Palepu
Software Engineer
Aditya Palepu linkedin
Avishai Weingarten
Avishai Weingarten
Software Engineer
Avishai Weingarten linkedin
Aaron Mayer
Aaron Mayer
Community Marketing Manager
Aaron Mayer linkedin

Advisors

Alex
Alex "Sandy" Pentland
Director of MIT Media Lab Entrepreneurship Program
Alex
Paul Veridittakit
Paul Veridittakit
Partner at Pantera Capital
Paul Veridittakit linkedin
Bill Barhydt
Bill Barhydt
CEO of Abra
Bill Barhydt linkedin
Jacob Gibson
Jacob Gibson
Cofounder and COO of Nerdwallet
Jacob Gibson linkedin
Jason Fang
Jason Fang
Managing Partner at Sora Ventures
Jason Fang linkedin
Justin Lent
Justin Lent
Former Director of Hedge Fund Development at Quantopian
Justin Lent linkedin
Josh Lim
Josh Lim
Former VP of Treasury and Trading Operations at Circle
Josh Lim linkedin
Matthew Falk
Matthew Falk
Former Software Engineer at TwoSigma
Matthew Falk linkedin

Social media

Enigma web-siteEnigma RedditEnigma MediumEnigmaYouTubeEnigma TelegramEnigma BTCTalkEnigma TwitterEnigma FacebookEnigma DiscordEnigma SlackEnigma Github

MVP

MVP URL

User rating:

5/5 ( 2 )
0

Enigma rating

7.7
Claim admin rights for this project
ICObench3.6 / 5Enigma (ENG) icobench
ICOholderNAEnigma (ENG) icoholder
ICObenchNAEnigma (ENG) icomarks
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ENG CALCULATOR
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