What is Enigma (ENG)?
Enigma (ENG) is a decentralized blockchain platform that guarantees privacy through secure multi-party computing.
Enigma provides the opportunity to perform calculations with data without having access to the raw data itself. Since only the original owners of the data ever see the raw data, the data for secure computing is reversible and manageable. This represents a fundamental change in current approaches to data analysis.
The Enigma technical description explicitly specifies ten applications for Enigma. Four of these applications include:
With guaranteed privacy, consumers can sell access to their data. For example, a pharmaceutical company looking for patients for clinical trials can scan genomic databases for candidates. The market would eliminate a huge amount of friction, reduce the cost of attracting customers and provide consumers with a new revenue stream. Information such as medical and genomic records can be transmitted via the Enigma protocol, while users do not need to worry about identity or data leakage.
Today, many companies store large amounts of customer data. With Enigma, companies can use data for the same purposes as they do today, without actually storing or processing data on their servers, eliminating security risks and ensuring the privacy of their customers.
Large organizations can use Enigma to protect their data and trade secrets from corporate espionage and fraudsters. Employees can still use and analyze data for the benefit of the organization, but they will not be able to steal any data. Productivity within organizations will increase as more people will be able to access more data, and security costs will be lower.
Blind electronic voting
Voting on anything from political elections to company board meetings without revealing anything other than the final result. Not only is the confidentiality of each voter preserved, even the actual vote count can remain confidential. For example, if an election requires any kind of majority of votes, but without details about the distribution, a unanimous decision will be indistinguishable from a decision taken by one vote.
The other six applications listed are: N-Factor Authentication, Identify, data collected through the Internet of Things, distributed personal data storage, cryptobank and Bitcoin wallets.
Who created Enigma (ENG)?
The Enigma team consists mainly of graduates of the Massachusetts Institute of Technology and experienced software developers.
In addition to working with MIT, Enigma collaborates with Aion and Ethlend.
What is the uniqueness of Enigma (ENG)?
The first example is a decentralized Catalyst application created by the Enigma team. Catalyst allows cryptocurrency traders to analyze trading data without having access to the data itself. Catalyst offers traders safe and reliable data without compromising the source of this data. However, Catalyst is a centralized application, but Enigma is working on making it completely decentralized in the future.
Medical Research Computing - Currently, pharmaceutical companies receive data from participants who agree to cede rights to their medical records, and medical companies buy data to analyze this data. With Enigma, participants can sell their medical records directly to pharmaceutical companies, receive money for this data and ensure that their personal information will never be leaked.
Credit checks - With the help of Enigma, credit companies can perform calculations on factors that affect the credit rating, without having access to the actual data itself. Users will not have to worry about the credit company losing or misusing their personal information.
How many ENG tokens are in circulation?
The Enigma token (ENG) is used to pay for calculations using the Enigma protocol, as well as as a fee for storing data on the platform. In addition, ENG is used as a pledge to guarantee the integrity of all network participants. Unscrupulous users lose their deposit.
If there is no maximum offer, there is currently - 13,895,818 of ENG tokens in circulation.
The value of the asset is 0.109351 USD, with a daily trading volume of 881,599 USD, and a market capitalization of 1,519,522 USD.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.