Review on Enigma by Fanuel PORPORTY
Enigma is a decentralized data market
Enigma is an off-chain network intended to complement blockchain networks by providing storage and calculation of second layer data. The protocol will offer privacy and scaling solutions to any blockchain program that uses it, as data transferred over the Enigma network will be both private and freed from network congestion on the chain. Secret contracts will be at the heart of Enigma’s war. They will be to Enigma what smart contracts are to Ethereum, and they will allow developers to build decentralized end-to-end applications that are focused on privacy.
Enigma is interoperable and agnostic, and will serve as an extension to conventional platforms for off-line calculations. The code is processed both on the blockchain, where it is public, and on the off-chain network of Enigma, which is private. To ensure data security, data can be encrypted before being sent over the network and this off-chain layer is responsible for the distribution of this data between Enigma nodes and its confidentiality. The public blockchain registry only stores references to this data to provide proof of storage, but none of the data itself is public - it remains hidden, private and split on the off-chain network.
Pros
- Enigma promises to offer two essential solutions for managing and storing data on the blockchain: confidentiality and scalability. With Enigma, secret contracts will allow users to protect their sensitive information while having the reliability of a blockchain network to validate this data.
- In addition to these two solutions, we have Catalyst and the Enigma data market. The former provides traders with useful tools to optimize their investment choices, while the latter could provide a complete and secure market for various data that individuals can consume or contribute with the confidentiality and integrity of the Enigma network.
- Usage token - unlikely to be classified as security: based on its description and purpose, one can see that ENG token is meant to be a usage token (i.e., tokens required to use service or transaction) as such it is relatively safe against future SEC or other regulator probes as it won’t be considered security.
- The idea solves a current problem in the Crypto trading world
Cons
- Small community compared to other projects (growing day by day)
- USD 45 MILLION token sales limit is a bit high
