Enigma ENG Price

What is Enigma (ENG)?

Enigma (ENG) stands at the forefront of blockchain technology, aiming to resolve the critical issues of scalability and privacy that have long been challenges within the sector. Initially conceived at MIT in 2015, Enigma's ambition is to enable the secure storage, computation, and sharing of data on a blockchain without revealing the data itself. This project introduces a novel layer of privacy through "secret contracts," which extends the functionality of smart contracts by keeping the data involved confidential.

Project Overview:

Enigma's technology is designed around a unique architecture:

Secret Contracts: Unlike traditional smart contracts on public blockchains like Ethereum, where all data and transactions are visible, Enigma's secret contracts operate off-chain. This means data is encrypted and distributed among nodes, ensuring privacy while still benefiting from blockchain's decentralized consensus.

Decentralized Network: Enigma operates as a decentralized network where nodes perform computations on encrypted data without ever seeing the raw data. This is achieved through secure multi-party computation (MPC), a cryptographic method where multiple parties can jointly compute functions while keeping their inputs private.

Data Marketplace: Enigma aims to facilitate a marketplace where data can be bought, sold, or shared. This marketplace leverages the privacy-preserving capabilities of Enigma, allowing data owners to monetize their information without losing control over it.

Scalability: By offloading computations from the main blockchain onto its network, Enigma addresses the scalability problem, allowing for faster and more efficient processing of data and transactions compared to traditional blockchains where every node must process every transaction.

Integration with Ethereum: Enigma was initially an ERC-20 token on Ethereum, indicating its plan to eventually transition to its own network, where the ENG token would play a central role in network operations and governance.

Use Cases:

Privacy-Preserving Computation:

Enigma can be used for any application where privacy is paramount, like financial services, where sensitive data needs to be processed without exposing it to third parties.

Decentralized Data Sharing:

Companies or individuals could share or sell data for research or other purposes while maintaining the confidentiality of the information.

Secure Voting Systems:

Elections or polls can be conducted with the assurance that individual votes are private but can be verified for integrity.

Healthcare Data Management:

Enigma can enable secure data sharing among healthcare providers or for medical research, ensuring patient data privacy.

Enterprise Solutions:

Businesses can use Enigma for internal data handling or cross-enterprise collaborations where data security is critical.

Algorithmic Trading:

Financial institutions might use Enigma for secure, private computation in algorithmic trading strategies.

What is unique about Enigma (ENG)?

Enigma uniquely offers privacy-focused smart contracts and a decentralized data marketplace, enhancing both security and scalability.

Who are the founders of Enigma (ENG)?

Enigma was co-founded by Guy Zyskind and Can Kisagun, both of whom are MIT alumni with significant experience in software development and blockchain technology.

Where can I buy Enigma (ENG)?

 Mercatox