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What Is Enigma ?
Enigma is a decentralized blockchain startup that is the brainchild of several MIT graduates who want to correct one of the great weaknesses and most open secrets of most blockchain platforms. Enigma is conceptualized to rid the blockchain industry from every residual dependency it has on present centralized networks to help them truly fulfill their promise of being without any central point mass.
The developers of Enigma point out that most blockchain applications have no means of storing data on their platforms and as such depend on centralized networks around the world to keep sensitive user data. They say this is a direct contravention of the ideal behind the blockchain technology and as such their platform will not only help other blockchain platforms perform optimally, but also allow them instantaneous access to all their data from a decentralized system with zero possibility of downtimes that centralized platforms suffer from.
Enigma also wants to fulfill another crucial blockchain industry promise which is to provide the user a cloak of privacy on all their dealings on their platforms. Although smart contracts are a norm in the industry nowadays with the creation of Ethereum, most transactions are not as private as they can be easily seen by the nodes on the blockchain. With Enigma its smart contracts are dubbed secret contracts as none but the parties involved in it have the privilege of knowing what it contains due to a high level of encryption on the network
Enigma is the product of an all-star MIT developers led by Guy Zyskind as CEO. Other notable members include Can Kisagun, Tor Bair and Victor Grau Serrat among others.
The need for a secure and instantaneously accessible data storage center for blockchain- based platforms is extremely critical if they intend on keeping the reputation of the revolutionary technology intact. It is a constant nightmare for developers who often have to employ the use of several central data storage platforms to give their network the semblance of being truly decentralized. Enigma wants to rid them of this burdensome and potentially reputation damaging dependence to allow them function with complete confidence.
With Enigma’s decentralized data storage, blockchain platforms will have a highly secure and completely tamper-proof storage facility as no one except the person storing the data can have access to it. And being multiplied several times over the network, the probability of it being tampered with is close to non-existent. Its ability to give users secret contracts will be liberating, as many go into painstakingly coding their transactions using the present open smart contracts that could be easily discerned. These are real life problems that Enigma wants to solve giving it a lot of potential.
Enigma is a mineable coin that can be acquired using industry standard ASIC miners and has a current market cap of a little less than $300 million
Enigma has a formidable team of specialists behind it and its targets a market that is huge with real world needs. Its offer of secret contracts will surely gain it a lot of users. Enigma seems to be first on the floor trying to get a considerable chunk of real market worth billions of dollars.