Enigma price

ENG

#3658

Enigma (ENG) stands out as a cryptocurrency platform designed to tackle the dual challenges of scalability and privacy in blockchain technology. Unlike traditional blockchain solutions, Enigma introduces the concept of secret contracts, which extend the functionality of Ethereum Smart Contracts. These secret contracts operate off-chain, ensuring that the execution of the contract does not occur on the Ethereum blockchain itself. Instead, the data involved is fragmented, encrypted, and redundantly distributed among Enigma nodes, enhancing both security and privacy.

Led by Guy Zyskind and advised by Alex Pentland, Enigma aims to provide a robust solution for data storage and privacy without compromising scalability. The platform is particularly notable for its innovative approach to maintaining confidentiality while still leveraging the decentralized nature of blockchain technology. This makes it an attractive option for applications requiring high levels of data security.

Enigma is also a software platform used for building applications based on containers, as evidenced by its presence on various repositories and packages on GitHub. This dual focus on both blockchain technology and container-based application development sets Enigma apart in the cryptocurrency landscape.

Enigma (ENG) is a cryptocurrency platform that addresses the critical issue of privacy on the blockchain. Unlike traditional blockchain systems, which are inherently transparent, Enigma introduces a novel approach to data privacy and secure computation. The technology behind Enigma leverages a combination of advanced cryptographic techniques, including secure multi-party computation, homomorphic encryption, secret sharing, and zero-knowledge proofs.

Secure multi-party computation (SMPC) allows multiple parties to jointly compute a function over their inputs while keeping those inputs private. This means that even though the computation is distributed, no single party can access the entire dataset. For example, if three parties want to calculate the average of their salaries without revealing their individual salaries, SMPC can facilitate this computation securely.

Homomorphic encryption is another cornerstone of Enigma's technology. This form of encryption allows computations to be performed on encrypted data without needing to decrypt it first. This ensures that data remains secure throughout the computation process. Imagine being able to search through encrypted files without ever exposing the underlying data; this is the power of homomorphic encryption.

Secret sharing is a method used to divide a secret into multiple parts, distributing those parts across different nodes in the network. Only when a sufficient number of parts are combined can the original secret be reconstructed. This technique ensures that even if some nodes are compromised, the secret remains safe. For instance, a sensitive document could be split into several pieces and stored across different servers, making it nearly impossible for an attacker to access the entire document.

Zero-knowledge proofs (ZKPs) are cryptographic protocols that allow one party to prove to another that a statement is true without revealing any information beyond the validity of the statement itself. This is particularly useful in scenarios where privacy is paramount. For example, a user could prove they have enough funds to make a transaction without revealing their actual account balance.

Enigma operates on the Ethereum blockchain, but it extends the functionality of Ethereum Smart Contracts by introducing "secret contracts." These secret contracts execute off-chain, meaning the computation does not occur on the Ethereum blockchain itself. Instead, the data involved in these contracts is split into encrypted pieces and distributed across Enigma nodes. This off-chain execution ensures that sensitive data remains private while still benefiting from the security and decentralization of the blockchain.

The Enigma protocol also incorporates robust mechanisms to prevent attacks from bad actors. By using a decentralized network of nodes to store and process data, Enigma minimizes the risk of a single point of failure. Additionally, the use of cryptographic techniques like secret sharing and zero-knowledge proofs ensures that even if some nodes are compromised, the overall system remains secure.

The technology behind Enigma is designed to be scalable, addressing one of the significant challenges faced by many blockchain platforms. By offloading complex computations from the main blockchain to a network of nodes, Enigma can handle a higher volume of transactions and data without sacrificing performance or security.

Enigma's approach to privacy and secure computation makes it a compelling solution for decentralized applications (dApps) that require confidentiality. Whether it's financial transactions, healthcare data, or any other sensitive information, Enigma provides a framework that ensures privacy while maintaining the integrity and security of the blockchain.

Enigma (ENG) is a cryptocurrency platform designed to address privacy issues on the blockchain. It aims to enhance data storage and privacy while maintaining scalability. One of its key innovations is the introduction of secret contracts, which extend Ethereum Smart Contracts by enabling off-chain execution. This means that the data involved in these contracts is encrypted, divided into pieces, and distributed across Enigma nodes, ensuring privacy and security.

One of the real-world applications of Enigma is in privacy protocols. By leveraging its secret contracts, Enigma allows for the secure and private execution of smart contracts, which is crucial for sensitive transactions and data management. This makes it particularly useful for industries that require high levels of confidentiality, such as healthcare and finance.

Algorithmic trading is another significant application. Enigma's platform can be used to develop and execute trading algorithms that require access to sensitive market data without exposing that data to the public. This ensures that trading strategies remain confidential and secure, providing a competitive edge to traders and financial institutions.

In the realm of messaging, Enigma offers a secure way to communicate. By using its privacy protocols, messages can be encrypted and sent without the risk of interception or unauthorized access. This is particularly valuable for corporate communications and any scenario where privacy is paramount.

Decentralized applications (dApps) also benefit from Enigma's technology. Developers can build dApps that require secure data handling, such as voting systems, identity verification, and confidential data sharing. Enigma's platform ensures that the data used by these applications is protected, enhancing user trust and adoption.

Data sharing is another area where Enigma shines. It allows for the secure sharing of data between parties without exposing the actual data to either party. This is particularly useful in collaborative environments where data privacy is essential, such as research institutions and multinational corporations.

Enigma also serves as a software platform for building applications based on containers, a package manager for the Java programming language and runtime environment, and for distributing Ruby programs and libraries. Additionally, it manages packages for Microsoft development platforms, including .NET. These functionalities make Enigma a versatile tool in the software development ecosystem, providing robust solutions for various programming needs.

Enigma (ENG) is a cryptocurrency platform designed to address privacy issues on the blockchain by offering storage, privacy, and security solutions. Enigma aims to extend Ethereum Smart Contracts by introducing secret contracts, which operate off-chain. These contracts encrypt data and distribute it redundantly among Enigma nodes, ensuring privacy and scalability.

In 2017, Enigma conducted its Initial Coin Offering (ICO), raising approximately $45 million. This event marked a significant milestone, providing the necessary funding to develop its privacy-focused blockchain solutions. The ICO attracted considerable attention within the cryptocurrency community, highlighting the growing demand for privacy-centric technologies.

In January 2018, Enigma faced a major setback when its website and mailing list were compromised, resulting in a phishing attack that led to the theft of $500,000 worth of Ethereum. This incident underscored the importance of security in the cryptocurrency space and prompted Enigma to enhance its security measures to protect its community and assets.

In February 2020, Enigma reached a settlement with the U.S. Securities and Exchange Commission (SEC) regarding its 2017 ICO. The SEC determined that Enigma's ICO constituted an unregistered securities offering. As part of the settlement, Enigma agreed to return funds to harmed investors, register its tokens as securities, and pay a $500,000 penalty. This event highlighted the regulatory challenges faced by cryptocurrency projects and the importance of compliance with securities laws.

In June 2020, Enigma announced its transition to the Secret Network, a new blockchain focused on privacy-preserving smart contracts. This move represented a strategic shift from Enigma's original vision, aiming to leverage the capabilities of the Cosmos SDK to build a more robust and scalable privacy-focused blockchain. The Secret Network introduced secret contracts, which allow for encrypted inputs, outputs, and state, ensuring that data remains private even during computation.

Throughout its development, Enigma has continued to focus on enhancing privacy and security within the blockchain ecosystem. The platform's commitment to addressing these critical issues has positioned it as a key player in the ongoing evolution of blockchain technology.