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Enigma Coin Review 2019: The Revolutionary Blockchain
Welcome to our Enigma (ENG) coin guide, which we’ll use to tell you all you could want to know about this unique cryptocurrency. We’ll visit what Enigma is, how it works, the team behind the coin, and its potential future.
You’ll also get our opinion on whether or not ENG is a worthwhile investment. However, as with all our coin reviews, please remember that this review is not financial or investment advice. Do your own research and the proper precautions prior to investing in any cryptocurrency.
What is Enigma Coin?
Enigma is a way through which data trading becomes more efficient using a decentralized platform. The company targets those that wish to buy or sell data but gives them the option to do so without the need of a middleman.
Primarily, ENG wants to attract individuals and businesses which need access to data but don’t want to deal with the involvement of a central authority.
One of the great features of Enigma’s platform is that any type of subscription or purchase for data is both received and paid on its blockchain. The same goes for any rewards accumulated for sales of data as well.
However, it’s important to remember that both the data and data movement reside off-chain. This is similar to the Layer 2 solutions Bitcoin uses for scaling. But instead of dealing with transactions, Engima handles data.
Additionally, Enigma offers its Catalyst application. With Catalyst, users have a marketplace which provides all types of information. This includes market data, bots, and strategy options.
The application allows quantitative analysts and algorithmic traders to develop strategies based on allocated data. This enables users to sell their information to other participants in the marketplace.
Who are Enigma?
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A pair of top-flight MIT grads manages the Enigma team, with CEO Guy Zyskind leading the way as co-founder and CEO. Zyskind has a background in the Media Lab at MIT and brings to the table over a decade of experience in software development.
Zyskind also offers a wide range of specialties, including data science, security, privacy, and blockchain. In addition to his background and expertise, he also taught the first engineering blockchain class at MIT, pioneering the education for the new technology.
Chief Product Officer Can Kisagun is the other co-founder of the Enigmas coin project. While at MIT, Kisagun was part of the MIT Tech and Bitcoin clubs. He left MIT in 2016 with his Masters in Business Administration and also boasts experience in both product management and business analytics.
In addition to its two co-founders, Enigma has several advisors to provide input and information centered around blockchain technology. These include Paul Veridittakit, a partner at Pantera Capital, Bill Barhydt, CEO and founder of Abra, and Jacob Gibson, COO and co-founder of Nerdwallet.
How Engima Blockchain Works
Part of Enigma’s platform involves the use of secret contracts, which function in a manner similar to smart contracts. The critical difference between the two is that the protocol with a secret contract, the data stored in the protocol is kept private.
Enigma’s developers use a two-party computation protocol referred to as a Multi-Party Computer (MPC) structure. This is the foundation for Enigma’s secret contracts. By using its MPC structure, Enigma can ensure that its data queries complete in a distributed manner without the need for a trusted third-party.
The data splits among differing nodes, which then compute functions at the same time without sharing information with other nodes. Therefore, no single node ever has the entire data set. Every node has a random and seemingly meaningless piece.
By comparison, the majority of other blockchains operate in contrast to Enigma. Not only is Enigma’s MPC solution favorable to protecting the data of individuals, but it is also useful for businesses or governments who want to control data access for other reasons.
Enigma has a method which allows it to perform data computations while not revealing user data. One way to illustrate this capability is through an example of a group of students calculating their mean grade point average.
Each member of the group submits their GPA while also seeing the computation of their place in the group. However, they would not have the ability to know the GPA of other students in the group. Based on Enigma’s methods, any program can be evaluated while keeping the data inputs secret.
Distributed Hash Table
Enigma uses a structure referred to as the off-chain decentralized Distributed Hash Table so that it can support MPC. With this tool, the protocol can access information in a secure method while also ensuring the privacy of the data.
The Distributed Hash Table keeps references which point to the data but not the data itself. While private information needs to be encrypted by the client prior to storage and its access protocols are written to the blockchain, Enigma does provide an API for these types of tasks.
Additionally, Enigma provides a solution to the scalability issue which prevails in so many of today’s blockchains. However, unlike with typical blockchains, data storage and computations are not repeated by every node that resides on the network. Enigma’s solution only performs calculations on small subsets of data.
By storing certain types of data off-chain, the burden on the network reduces, which means speeds react in a positive manner. This is ideal since Enigma’s secret contracts can handle both public and private data as needed.
Data which needs to be handled privately is managed on Enigma’s protocol layer, while public data can be handled on the blockchain which does not require additional privacy.
Enigma seeks to provide interoperability to its users, as it gives them the ability to provide additional privacy and scalability to existing blockchains. When Enigma moves its private computations off-chain, they accompany them by its “access control” methods which help to ensure privacy is a priority.
Data Marketplace and Enigma Catalyst
To better demonstrate how robust its protocol is, Enigma has created two decentralized apps (DApps). It has its Data Marketplace and Enigma Catalyst. An integral portion of the protocol is the Data Marketplace, which resides on the Ethereum blockchain.
Currently, the on-chain portion of the Engima implementation deals with information surrounding namespaces, subscriptions, and data-sets. The coded logic in the smart contract resides on the Ethereum blockchain and operates with the ENG tokens.
This means parties can contribute their data to Enigma’s decentralized marketplace. Any users, whether they be corporations or private individuals, can have access to the data stored in the marketplace. All they have to do is pay the necessary fees.
Enigma’s Catalyst is a platform meant for trading on which data sharing can happen within a community. This means anyone has the ability to build out a crypto hedge fund. Catalyst provides support for Poloniex, Bittrex, Binance, and Bitfinex.
ENG Token and ICO
Enigma announced its ICO in July of 2017 with its presale opening in August. The token saw a successful sale taking place from the 11th of September to the 21st. During that time, the ICO raised its targeted hard cap of $45M.
Enigma uses its tokens as an incentive for the project itself. If someone exchanges their data, they receive an ENG token as a reward. The token will also work for those purchasing data, as the token works for payment purposes.
By using Catalyst, Engima provides a way for quantitative analysts to get the data they want through their platform. The value of the token may attract additional analysts to Engima’s platform since they are rewarded with tokens if they provide successful market strategies.
Use cases for Enigma live within the subset of solutions which make the blockchain valuable but remain in check due to scalability and privacy concerns. Enigma will find its bread and butter with private computations which reside on data stores.
This type of data might include identity solutions, genomics data, or healthcare information. Every one of these industries, along with others, require strict privacy and can find benefit in a decentralized platform.
The reselling of data, along with data leakage, is a significant issue which can is fixable with the use of Enigma’s protocol. Data marketplaces, along with open-sourced data, are areas which can realize dramatic improvements with the integration of secret computations. This gives users the ability to interact and gather insight from their data that they don’t have the ability to duplicate.
The challenge with market potential for Enigma is that it is restricted to the market potential of blockchain technology itself. As a result, some industries shy away from permissionless and immutable ledgers. This is primarily due to the high potential for errors.
There are several permissionless and private blockchains occupying the same space as Enigmas, which may make it a challenge for Enigma to gain market share. Enigma needs to shine in areas in which private computing and decentralization are priorities. These are marketplaces such as identity management, healthcare, and voting systems.
Even though Enigma is still a fairly nascent currency when compared to other cryptos, it is working to carve out its own niche in the data computation space. Enigma wants to focus on secret contracts, but these are built on the Ethereum blockchain, so other blockchain projects like Ethereum, EOS, NEO, and Cardano are all viewed as competitors.
From a financial data sharing perspective, Enigma views Bloomberg as one of its main rivals. Bloomberg sees billions of dollars in profits based on its interactive financial information. Enigma wants to gain market share here by offering consumers lower cost with accelerated data sharing through its own decentralized ecosystem.
Additionally, a few newer blockchain projects could be viewed as competition. For instance, Iconomi targets traditional strategies like value investing and indexing. With Iconomi, users will not receive the tools they’ll get with Enigma. However, it is the most advanced in terms of development at this time.
Blackmoon Crypto is another project that is competitor worthy. This coin adds value for investors who want to invest in traditional asset classes without leaving the cryptocurrency sector. Blackmoon Crypto targets those who want to park funds in a temporary low-risk asset, so while it falls in the same area as Enigma, it’s not a pure competitor.
Enigma has a bevy of partners with whom the platform collaborates on its privacy protocol. Every Enigma partner brings its own unique strengths to the table to help Enigma grow and gain market share.
Here is a quick rundown of each partner and how they are assisting Enigma:
2Key provides Enigma with a protocol that connects HTTP with the blockchain. This gives smart contracts the ability to launch from web links. Working with 2Key means Enigma can share their links via cryptographic addresses while simultaneously keeping sensitive user information private and secure.
Colendi integrates with Enigma to use its secret contracts, which provide the ability to store the relationship between data providers and users. This means algorithms run over user data are private and secure.
For those that want to take control of their data via a marketplace that is blockchain-based, then Datacoup is the perfect solution. By going through encrytped metadata, users can purchase other data in the marketplace. The entire Datacoup process executes while still maintaining data privacy.
Datawallet provides a decentralized ecosystem for business to consumer data exchanges. With Datawallet, users can extract value from their data by delivering it to larger companies. As a result, Enigma can identify users by their social media profiles to help show that they are not bots, while at the same time, ensuring their data is kept private.
Eximchain focuses on a privacy-based ecosystem driven by the blockchain and available for global supply chains. By working with Enigma, Eximchain allows users to maintain ownership and privacy of their data as they go through the data borrowing process.
Recently Enigma partnered with Intel to focus in on research and development. Both members of the partnership are pushing forth in an effort to create advanced privacy preserving in computation technologies. For their part, Enigma will use Intel’s Software Guard Extensions solution to build and develop new privacy technology.
Ocean Protocol is a platform which focuses on unlocking data related to artificial intelligence. With Enigma, Ocean wants to provide private and verifiable computations within a supply chain. It’s obvious that these two projects complement one another, so the companies felt it made sense to work together.
Portal Network is a completely decentralized platform which incentivized users to create blockchain protocols managed by smart contracts. The ecosystem is deploying Enigma’s Name Service, which it will use for secret auctions. This gives users the options created encrypted bids on domain names.
Rebloc is a decentralized real estate and data marketplace. This project works to provide users with the ability to perform transactions without the need for a middleman. It gives users the necessary tools to confidently sell and buy real estate data without fear of data leaks or compromises. To keep this data secure and private, Rebloc works with Enigma on its secret validation.
Should You Invest in ENG?
- Enigma is aiming to solve a problem within the cryptocurrency space which needs an answer, mainly a decentralized way to move data in a private manner.
- While there are those in the space considered competitors, Enigma has no direct competition.
- Enigma targets a market which is large and ready for disruption.
- Privacy issues make Enigma a great solution to capitalize on the inherent distrust of the current system.
- Enigma offers new methods which allow for the monetization of data while returning power to the consumer.
- Enigma’s token mechanics are strong and well thought-out.
- Users receive incentives to keep the token within the Enigma system, which helps to increase its value.
- Enigma is less likely to have luck than Hyperledger or Quorum if it decides to go use a B2B model.
- Need to prove that the company has the ability to handle advanced technological issues with their solution.
- The assumption that businesses and individuals will use a less efficient system for the purpose of decentralization.
- Currently less efficient than centralized methods so that data brokers can offer a lower cost.
There were some concerns with ENG coin due to a security breach shortly before its ICO, especially given that this coin focuses on privacy and security. However, since that time, Enigma has delivered on its proposed roadmap without issue.
Those that use the ecosystem has accepted both the Data Marketplace and Catalyst. A solid team of blockchain enthusiasts and a heavy focus on privacy within its industry make Enigma a solid choice to consider when looking at coins that may do well in the future.
With a host of solid use cases for the Enigma protocol, as well as its ability to work with existing blockchains, ENG has plenty of potential. Even though this project is not as well-known as some other blockchain projects, it’s one to keep your eye on. Having said that, at this time it’s a high-risk investment. You may consider only dedicating a small part of your portfolio to ENG.
Below we’ve listed some key resources relevant to Enigma coin.
? Safest Enigma Coin Cryptocurrency Wallets
The safest way to store your coins is by using a hardware wallet. The two main brands are Trezor and Ledger and we are happy to recommend both. If you need help choosing between the two just read our Trezor Vs Ledger guide.
? Best Free Wallets
As Enigma coin is a ERC-20 token, you can use any wallet that is compatible with Ethereum. Find our top two choices below:
- MyEtherWallet – if you need help getting started we have you covered with our MEW wallet guide.
- The Ethos Universal Wallet – store over 100 cryptocurrencies in one place.
? Best Crypto Tracking App For ENG Coin
Want to learn even more about Enigma coin? Jump into the technical documentation and see what ENG coin is all about for yourself.