“Enigma is an ERC-20 token that was created with the purpose of giving privacy and scalability to any given blockchain. No question that there are many privacy projects in the cryptocurrency world, and scalability is another topic mentioned often too, so both topics are vital and this is what Enigma addresses…”

Statistics

Coin Name: Enigma
Token: ENG
Birth of project: 2015
Project Status: Pending
Circulating Supply: 74,836,171 ENG
Validation: ERC20

Official Links

Official website: https://enigma.co/
Wallet: https://www.myetherwallet.com/
Explorer: https://etherscan.io/token/0xf0ee6b27b759c9893ce4f094b49ad28fd15a23e4
Other: https://enigma.co/trycatalyst/

Introduction to Enigma (ENG)

Enigma is a project that started in the MIT 2015, being most of the team members from the MIT, namely co-founders Guy Zyskind and Can Kisagun. It’s a a team of 5 members, 8 advisors, and well-known investors that includes venture capital companies.

Enigma is an ERC-20 token that was created with the purpose of giving privacy and scalability to any given blockchain. No question that there are many privacy projects in the cryptocurrency world, and scalability is another topic mentioned often too, so both topics are vital and this is what Enigma addresses.

Enigma is an offchain network that works as a second layer, providing decentralized exchange and data computing. The focus on decentralization works as a second layer protocol over other blockchains, something that enables additional computation and privacy.

The privacy aspect appears as secret contracts, which present themselves as a power version of smart contracts. The Enigma network never sees the data they are computing, but can publicly prove that their computing is correct.

Running off-chain also means Enigma doesn’t generate traffic on the main chain. ENG is able to store references to data, but not the data in itself. These secret contracts are the core of Enigma and are explained in detail in their whitepaper.

As Enigma can be applied to any blockchain, it also means it can be used in any industry, and no question versatility has to be an advantage over the competition.

Another focus from the Enigma team is machine learning and data analysis, in a project they call Catalyst. Catalyst is a dApp trying to prove the crypto-financial data marketplace concept. This marketplace will allow the execution of investment strategies from investors in exchanges.

Enigma has come a long way since Q1 2015 when they started working on decentralizing privacy. Q2 2015 brought the whitepaper, and 2016 the Enterprise applications. Last year, 2017, Catalyst was released, and in Q1 2018 the Data Marketplace.

The plan for the remaining 2018 includes the launch of their Testnet and Mainnet, and by the end of the year it’s expected to have third party apps already on the Enigma protocol. Enigma is a very interesting project, with a strong team and a different concept, so let’s see if they can continue developing and establishing partnerships to grow the project.

This is a brief introduction to Enigma, but if you want to know more about the coin, what people are saying about it, technical details, jump right in any of the links we present below. They are well worth reading before investing!

4 Comments

  1. jaymish

    I agree we give our data out to the government, utility companies e.t.c yet our data is not secure because they don’t invest enough money in its security.Enigma seems to provide a promising solution especially because the world is interconnected and this will mean certain platforms hold more private data e.g Amazon, PayPal,Cryptos etc, that have customers from across the globe. Look at the recent hack into Twitter. There is a a need to come up with a solution to protect people’s data. I hope this is part of it

    Reply
    • Martins

      @jaymish Twitter wad hacked? I never knew about that and I haven’t even checked if my account suffered any effects as result of that. I wonder what the hackers were looking to do with people’s data that they targeted on Twitter?

      Reply
  2. Martins

    One of major problems that faces digital currency and blockchain is the issue of security and hacks. There are lots of cyber wizard out there looking for the slight opportunity to bypass the security of most blockchain and render the user useless by stealing from them. This where I believe the importance of Enigma which is an ERC-20 token that was created with the purpose of giving privacy and scalability to blockchain.

    Reply
  3. avsf

    Blockchain is safer that any sort of technology that exists today, and that is why it’s creating such a hype. A lot of technologies are being developed to solve current problems, and enigma goes for that, not only in privacy, but also in terms of scalability, again, by not generating traffic on the main chain.

    Reply

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