What is Enigma (ENG)?
Future of ENG Cryptocurrency and know how to buy ENG

#1 - What is Enigma?

The blockchain is a groundbreaking development. The presence of numerous blockchain platforms is what has facilitated the adoption and use of cryptocurrencies on a global scale. Transactions via cryptocurrencies are irreversibly recorded on these digital ledgers, which really is their USP since they are decentralised systems. However, blockchains suffer from two fundamental problems - those of privacy and scalability. That is where Enigma comes into play.

Enigma: The Basics

  1. Launched by a team of MIT graduates, Enigma has made its mark in the cryptocurrency market as a decentralized computing platform. This American start-up began as a research project and has now found a place in the 100 top cryptocurrencies around the world.
  2. The claim to Enigma’s success is its cheaper solutions for storage on blockchain networks.
  3. Enigma, which goes by the ticker symbol ENG, entered the cryptocurrency market in September 2017. It was started under the leadership of Guy Zyskind and Oz Nathan. Privacy and scalability are two of the major concerns that it aims to solve for data on the blockchain.

 

#2 - What are the benefits of Enigma?

Enigma’s developers aim to build ‘privacy by design’ by keeping third parties out of the equation. The network can connect with other blockchains and offload pubic transactions and data to them while keeping private data on the Enigma network itself. It does this through the use of private contracts, which are an improved version of smart contracts that can store private data without exhibiting them to the public.

Enigma Technology

  1. Enigma works through the concept of multi-party computation (MPC), enabling the computation of data through distributed nodes. This way, the encrypted data is divided into several networks and ensured of its secure storage and access. No node ever has access to a complete set of data, ensuring its privacy and security.
  2. Enigma’s distributed hash-table (DHT) technology allows the data to be stored in an off-chain network. A hash-table then saves references to the data instead of the data itself. This further ensures data privacy and helps with scalability for the network.
  3. Together, MPC and DHT work together to ensure complete data privacy on the network - by keeping data distributed, and off-chain.
  4. Enigma performs its transactional process through secret sharing. The computation of encrypted information is done via distribution of its bits among a group of nodes without any single network having access to the complete data. All pieces of information distributed via messages are meaningless on their own but create the entire dataset once combined.
  5. Each node that participates in this shared access to data puts in a security deposit into Enigma’s private contract. This deposit is forfeited if a node inaccurately performs calculations. This is how nodes are incentivized to remain honest about their computations.
  6. The corporate usage of Enigma is centred on its facility of enhanced privacy for public blockchain networks. Companies can now store and exchange their data efficiently on Enigma without the need for private blockchains.
  7. Its latest project “Catalyst”, at the same time, allows one to build a crypto hedge fund and make cross-chain transfers without resorting to a third party. It offers a marketplace for the exchange of data and tokens to facilitate trading. The initial focus is on financial data and its corporate potential is large.

Corporate Usage

  1. Healthcare: Enigma allows healthcare companies to efficiently store data and send them to researchers without any privacy concerns.
  2. Credit: This platform can create a decentralized system of banking without any exposes in the financial data shared across lenders.
  3. IoT: The decentralized marketplaces on Enigma will be apt for the growth of the Internet of Things.

 

#3 - How to buy and store Enigma?

How to buy Enigma

  1. Due to its comparatively recent entry into the markets, Enigma is available for purchase only on a few major platforms such as Binance, Bittrex, Huobi and some minor ones such as Liqui and EtherDelta. You can trade it by pairing either BTC or ETH on the above-mentioned platforms. Binance, however, offers the lowest trading fee alongside the highest volume.

  2. The ideal way to buy the ENG coin is to compare rates on different exchanges and choose the best rate, which is why you should head over to CoinSwitch.

  3. CoinSwitch is the most trusted and largest cryptocurrency conversion platform. It offers:
    - Interchangeability: You have the option to exchange over 45,000 pairs of cryptocurrency. It displays pairs of all major exchange options.
    - Variety: Coinswitch offers trading of 300+ tokens and cryptocurrencies with latest market details about each of them.
    - One-stop solutions: It gives you a single platform to deposit or withdraw any kind of currency you wish to exchange.

Enigma Storage

  1. Enigma is currently paired with Ethereum as an ERC-20 token. Therefore, you can store your Enigma tokens in a myEtherWallet account or Ledger Nano S.
  2. Due to its recent entry in the market, it is not available as a preloaded token for now. You will have to add it as a custom token for storage.

 

#4- What is the future of Enigma?

Also Read: Complete Analysis of Enigma | Live Enigma (ENG) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jul 01, 2018

1.47

1.49

1.44

1.46

2,048,770

110,266,000

Apr 01, 2018

1.45

1.46

1.28

1.36

4,537,120

108,351,000

Feb 01, 2018

3.34

3.48

2.67

2.90

6,158,750

249,854,000

Dec 01, 2017

0.709589

0.739393

0.578990

0.643240

6,898,250

53,102,900

Nov 01, 2017

0.381747

0.392088

0.353966

0.357208

518,933

28,568,500

Oct 13, 2017

0.613334

0.886703

0.562984

0.655682

4,043,320

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  1. With Bitcoin skyrocketing in its market value, Enigma also rose from $0.6 in December 2017 to $8.3 in January 2018. Nearing the end of March 2018, it had a market capitalisation of $140 million.
  2. Its latest project Catalyst already has over 15,000 users. In its mission to revolutionize the data marketplace and resolve the issues in blockchain networks, Enigma has opened new doors of crypto technology. It is working towards the creation of decentralized data with enhanced scalability and privacy.
  3. For the future, the biggest move for Enigma is “Discovery”, a concept of secret contracts which will allow the users to transact their sensitive information without making it off-chain. It will create end-to-end decentralized apps based on TEEs (Trusted Execution Environments), which will have the capacity to encrypt an entire computation to conceal it from the public record.
  4. Its second major product is “Voyager” that endeavors to provide enhanced privacy facility to the dApps. Voyager will work on Multi-party Computations (MPC) based on a distributed VM. This way, developers will have the choice of execution engines between TEEs and MPC. With the launch of Voyager, Enigma will launch its own blockchain and transfer all the dApps to its own chain instead of working on the Ethereum network.
  5. The team also plans to launch “Valiant” in 2019. It is a network update that will create an open and secure consensus in Enigma’s own blockchain, thus, dealing with the issues of scalability and increasing decentralization.
  6. Another main product is “Defiant” which is aimed at bringing complete autonomy to Enigma Chain. This upgrade will enable the blockchain to operate without assistance from any other network. With this, the project will become completely self-reliant.
  7. The computing platform is also looking to build a protocol for the creation of a decentralized database, one with fairly advanced storage and data computation features than that of the blockchain.
  8. Enigma aims to transform the data marketplace on the web with a completely decentralized form of storage and exchange. Catalyst will also employ this protocol for its functionalities.

 

#5- How is Enigma different from other cryptos?

It is a common fallacy to consider Enigma as a competitor to privacy coins. However, it does deal with data privacy and is, therefore, focused on the safety and computation of data instead of transactions. The following is what makes it unique from other cryptos:

  • With its decentralized computing system, Enigma can potentially replace industries such as AI in the health sector, data marketplace, credit assessment, and more.
  • It offers augmented privacy and scalability for blockchains, fulfilling the need of the hour.
  • When it comes to the technology, Enigma’s team is delivering ahead of its roadmap and already delivering updates with Catalyst. What’s to come in the future should only get better.
  • Enigma is entering into partnerships with data providers like KyberNetwork (KNC) and exchange platforms like EtherDelta to strengthen its value.

 

#6- Should you invest in ENG?

  1. Despite its promising facilities for the data marketplace, Enigma remains undervalued in the market. It is, however, widely recognized as a currency with a lot to offer.

  2. The potential of Catalyst, in a world full of data, seems promising. With an undervalued price and an increasing potential, Enigma is expected to offer a much profitable investment.

  3. Enigma’s recent partnerships will also benefit its coin strength. Its upcoming projects hold much potential to bring about major changes in the market. With a great team and a promising roadmap, investing in this cryptocurrency could prove to be fruitful.

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