Enigma (ENG) token
Enigma is a decentralized computation platform with guaranteed privacy and the goal is to enable developers to build end-to-end decentralized applications without a trusted third party. They aim to improve the exchange of data via smart contracts between people, companies and organizations.
The platform is looking to disrupt the standard ways in which data and information is transferred by adding features. Increasing data accuracy and quality by providing positive incentives via the Engima (ENG) token is their hopes.
One of the greatest features of the platform is that any type of subscription or purchase for data is both paid and received on the blockchain. They same go for any rewards accumulated for sales of data, too. You need to remember that both the data and the movement reside off-chain. The type of data might include genomic data, identity solutions or healthcare information. With benefit in a decentralized platform, every one of these industries require strict privacy.
Computations and data storage are not replicated by every node in the network, unlike blockchains. To maximize the computational power of the network, Enigma introduce a network reduction technique. There, a random subset of the entire network is selected to perform. The fact that the network is fully utilized at any given point is ensured.
Enigma’s platform involves the use of secret contracts, which function in a similar to smart contracts. There is a difference between the two, which is the protocol with a secret contract and the data stored in the protocol is kept private.
Enigma announced their ICO in 2017 and the token saw a successful sale taking place from 11th September to 21st. Enigma uses their tokens as an incentive for their project. If someone exchanges their data, they can receive ENG tokens as a reward.
One of the crucial features is Enigma’s Catalyst application. It provides a marketplace for all kinds of market data, bots and strategy. The app allows algorithmic traders and analysts to build strategies based on accumulated trading data that they can sell to other market participants.
Enigma has potential in terms of efficient and decentralized sharing of data with offering credible solutions for scalability and smart contract anonymity. They aim to attract companies and individuals that need to access data without the hassle of involving a centralized authority. Still, Enigma need to pay attention to security aspects.