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!