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Enigma Token Review
When investing in virtual currency, you need to do your research. We provide you with reviews of each world top cryptocurrency out there, so that you can find the best crypto coins to invest in for you. This is a review of Enigma Token.
What is Enigma?
Enigma started as a MIT-based academic project in 2015, founded by Guy Zyskind and Can Kisagun. They hosted an ICO in September 2017. Today, Enigma is top 150 on www.coinmarketcap.com with a capitalisation of approximately USD 41 million. They are hosted on the Ethereum protocol today, but they plan to roll out their own blockchain in 2019.
Enigma’s blockchain solution is focusing on scalability and privacy. They have created what they themselves call “secret contracts”. “Secret contracts” will be able to interact with other parties on the network, without having to disclose the data that they contain. This is the very cornerstone of their technology, and therefore Enigma’s ambition is to become the most secure data marketplace there is.
How does Enigma work?
Today, Facebook or any other social media outlet can resell and use the data that you consent to share. The Enigma team calls this issue “data escape”. They have solved this privacy loophole with something called multi-party computation, which computes data queries in a distributed manner.
It effectively means that data will be split between the nodes connected to the network, and compute simultaneously without information leaking. Thus, no node will have access to entire data sets but instead random pieces of data, making the storage of data on the blockchain increasingly secure. With this in mind, they have created their own big data dApp, Catalyst.
One can imagine Enigma as a decentralised Bloomberg, which in turn does not share or leak your data when it’s being processed.
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