What Is Enigma (ENG)?

Enigma is a platform that seeks to use privacy-focused technologies to solve privacy problems related to internet mediums. The platform’s mission is to create systems and products that can speed up the adoption of privacy-oriented decentralized technologies. To fulfill this mission, the platform has developed products and services that aim to focus on protecting sensitive and private data by allowing secure computation and data sharing. According to the whitepaper of Enigma, the implementation of the following steps seeks to achieve a secure structure:

• Implement protocols that allow blockchains to act as an automated access-control manager, which does not need to trust third parties for processing.

• Develop a combination of off-storage blockchain with blockchain to create a personal data management platform that focuses on privacy.

• Develop a framework that provides owners with complete control over their data.

• Provide complete transparency to users on how data is acquired and accessed.

• Allow users with the power to revoke permission to data access on mobile applications whenever they like.      

Besides these measures to ensure a compact security structure, Enigma has also developed a secretsmart contract. These smart contracts can hide data completely from nodes while solving problems related to privacy and correctness. The term node denotes computers that can connect to a crypto network. Further, the platform aims to enhance its security structure by collaborating with Intel to develop end-to-end scalable decentralized applications (DApps). Along with that, Enigma has also launched a project called the secret network. This is an independent blockchain that aims to provide data privacy by default. Also, it can be used for private applications, suitable for the Web3 version. The Web3 version is the third version of the internet.

Furthermore, to facilitate functioning on the platform, Enigma launched its native cryptocurrency, the ENGtoken. The token aims to function on the Ethereum network using smart contracts and to be used as a medium for paying the gas fees while fueling the ecosystem. 

The tokens were claimed to be thoroughly audited by the OpenZeppelin team before the public distribution of the tokens. OpenZeppelin is a cybersecurity and service organization in the crypto space. Besides these functions, ENG tokens can also be swapped against SCRT coins, the cryptocurrency of the secret network, aimed to enable users to use the secret network for data privacy purposes.       

History of Enigma (ENG)

The Enigma platform was launched along with its whitepaper in 2015 by Guy Zyskind, CEO of the organization. The token distribution of the platform started on October 11, 2017. The token has a maximum total supply of 150,000,000 ENG.