If you’re reading this you probably know a thing or two about blockchain already. And most likely you are aware that the technology – no matter how significant and promising it is – still has multiple issues that need addressing asap.
When talking about blockchain’s ultimate goals, two topics come to mind straight away: decentralization and mass adoption. However, it’s also fair to note that both of these issues are interdependent and are not mutually exclusive.
Now, let’s talk about the technical problems that blockchain technology is fighting today. They are of course scalability (slow and expensive transactions and data storage issues) and privacy (the inability to hide some especially sensitive personal data).
The Enigma project is determined to provide a solution for both of the aforementioned problems. The company is building a protocol that is going to act as an engine to the efficient dapp ecosystem. The team believes they have the power to change the world for the better, which is always the best cause.
What is Enigma
“Enigma is a decentralized secure computation protocol, where ‘secret nodes’ in the network perform computations over encrypted data. Enigma brings privacy to any kind of computation – not just transactions.”
Basically, these secret nodes are functioning off-chain so it’s not an Ethereum blockchain where the contracts are executed. In simple words, Enigma’s privacy protocol paves the decentralized way to anyone who needs to send personal data. Which, in turn, allows for the construction of a variety of dapps on top of it, from data marketplaces to secure backend to authenticating and securely storing identities to blind e-voting to AI exchanges to even more.
The team hopes that this much-needed protocol has every chance to become profitable not only for enterprises but for individuals as well.
One of the advantages that the Enigma protocol is willing to enable, and what every single one of us will be truly excited about, is the ability to monetize our data ourselves (instead of big, greedy corporations) while also keeping it private.
Healthcare data should definitely stay private. But on the other hand, sharing it with research companies can bring about innovation and save lives. Thus, the Enigma privacy protocol will be more than handy.
The protocol might also help improve the lending ecosystem by establishing trustworthy relationships between borrowers and the decentralized banking system without exposing their data directly to lenders.
Decentralized data marketplaces are soon going to be crucial thanks to the fast-paced IoT industry. And these marketplaces will definitely need their privacy for off-chain computations to be successful at scale.
Enigma has already released its first dapp, Catalyst, a platform for data-driven crypto asset trading and investment that works on their privacy protocol.
Curious minds are welcome to read and reflect on their Whitepaper.
Keep and Manage the ENG Token in Lumi Wallet
ENG token is an ERC20 token that can be purchased on the majority of mainstream exchanges. ENG tokens can be useful for storing data, any actions or computations, and can act as a security deposit.
Storing your coins and tokens on exchanges is not a good idea because you’re not the one who owns the funds over there. Transfer the tokens you’re planning to hold to your personal client-side wallet, where you’re will be the only one who has access to those private keys and digital assets. And Lumi Wallet can help you with that!
Lumi supports BTC, ETH, EOS, and Ethereum tokens, which means you can easily create an ENG token wallet.
- Go to the wallets section, tap on the ‘Add more wallets’ button.
- Search token by name, ticker, or address
- Pick the correct one from the list and confirm, and that’s it!
Currently, you can store, send, and receive ENG in Lumi Wallet, but hopefully in the future exchanging this token will also be an option. As of now, you can buy and sell other coins and tokens right within your Lumi Wallet app.