What is Enigma(ENG) Coin? - Everything you need to know

Blockchain is the technology which is growing faster these days. It is the world’s most trusted crypto company. It is the platform where all the transactions are recorded in the public ledger. It is the digitalized, decentralized network which improves the transparency while performing the transactions.

But still, there are challenges faced while using Blockchain which are:

Privacy

As all the transactions are getting recorded in the public ledger so it can be accessed by anyone. So, it would be challenging as how to store sensitive data. Due to this, it restricts the number of applications to be the part of blockchain network.

Scalability

Computing is very slow in blockchain due to which a number of transactions performed are less and it costs too much as it involves lot many calculations. Also, storing and computing huge amount of data is not the feasible option on the blockchain platform.

Thus, to overcome such kind of issues, Enigma came into existence. It solves the above-listed issues and it is becoming popular among the other coins due to their technology and their strong team.

What is Enigma?

As everyone is aware of Bitcoin and Ethereum Cryptocurrency but no one is aware of Enigma coin. Enigma is emerging and growing as it is the program which is running ahead from their schedule. Enigma is in the market to resolve the issues faced in the blockchain as it provides privacy of the data while performing the calculation of the data and also it is the decentralized data marketplace protocol which is based on the innovative technologies.

How Enigma Works?

Enigma is the off-chain network which is private in nature. To ensure the safety of data, data must be encrypted before sharing to the nodes on the network and their off chain layer is responsible for making privacy of data while sharing across the Enigma’s nodes on the network.

That’s why they use the secret contracts in which data references are only available on the public ledger to provide proof of storage but data remains private and split up on the off-chain network.

Nodes on the network can store these Enigma (ENG) tokens and to maintain the CPU power and performing the computations. They are paid with ENG.

The Enigma Team

Enigma is created by the team of Massachusetts Institute of Technology graduates and researchers. It consists of MIT lab and MIT Sloan fellows and seasoned software engineers.

Enigma CEO’s and co-founder is Guy Zyskind which has experienced in software development with an M.S. from MIT. Project’s CPO and other cofounder named Can Kisagun who is graduated from MIT’s Sloan school of management.

Apart from that, there are lot many other people are involved in the team and few impressive investors are involved which are Floodgate, Flybridge Capital Partners, the Digital Currency group and also MIT too.

The Technology behind Enigma

Enigma is working currently on the program named Catalyst which is a trading interface and it has the ability which allows their users to interact with the multiple exchanges.

It is the interface which provides real-time data to their users and its main goal to serve their traders by developing the strategies which allow them to expand the domain of crypto-markets.

Some recent Partnerships

Enigma is getting into the partnership with other Cryptocurrency firms. Recently, they integrated with Kybernetwork (KNC) as a data provider.

They also partnered with Etherdelta which is one of the largest exchange platforms that considers being a huge accomplishment made by Enigma.

Also, they are partnering with InvestFeed which is the leading platform on social media for Cryptocurrencies.

Where to buy Enigma and Store it?

Enigma can be bought through Binance, Huobi, and Bittrex and to get this, they need Bitcoins (BTC) and Ethereum (ETH) which can be exchanged for Enigma.

Enigma is the ERC20 token which is compatible with any of the Ethereum wallet such as Ledger Nano S, Trezor etc.

Benefits of Enigma

Major benefits are already discussed in the above sections which are related to privacy and scalability which are occurred with the blockchains. Apart from that

- Establishing Accountability

- Ensuring security

- Reducing KYC risks

- Creating privacy tokens

Future of Enigma

Enigma is resolving the issue related to privacy of data by using secret contracts instead of smart contracts. It offers the safer platform along with their off-chain data network feature which means a large volume of data can be stored and transmitted across nodes more securely than decentralized platforms. As per their roadmap on their websites, they are already one quarter ahead from their planned schedule which is the good sign for their investors.

Also, after seeing the team commitment towards the work, it is dragging more attention of the traders towards this technology and surely, their work will speak due to their dedicated team which is proving it to reality.

It is useful for the areas such as Healthcare, credit, and finance etc. So, it resolves the data privacy issue which is the biggest concern these days.

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