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Enigma (ENG) may be a necessity – and the word (or the hype) is spreading fast

An overview of the ADA Ethereum token

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Enigma

Besides their bewildering presentation as a “blockchain-agnostic protocol to fix blockchains”, this Enigma ($ENG), which seems to have a cult following, can be solved if you think about how the fact that Smart Contracts data are public limits their usability. And, also, if you are sympathetic to the idea of the scalability problem being solved in a simple, clever way. Enigma is a protocol, a second-layer solution to be added to other blockchains, not your usual blockchain platform.

In platforms like Ethereum, all information, like smart contracts and data related to dApps, although pseudonymously, are fully available for any node wanting to check them, and couldn’t possibly be another way, as they’re not centrally executed. Now this pseudonymous aspect has always been considered mostly acceptable in simple cryptocurrency blockchains, but for smart contracts, where more significant information is shared, it becomes a greater hinder.

Let’s take, as an example, a smart contract on the blockchain for a dApp which provides credit calculation based on their users’ consumption and income. This means, if you use the dApp, all your financial data is open for anyone to see. This is not an option – it’s a feature inherent to the blockchain. That’s why dApps like this simply don’t exist.

Many dApps ideas, actually, cannot currently be put into practice simply because of this privacy issue. A great deal of big companies doesn’t adopt blockchain solutions which could be of benefit for them because they just can’t afford to share their data.

As if this wasn’t enough, they also aim to permanently solve the scalability problem. Scalability problems are becoming each day a more aggravating aspect and, especially in major cryptocurrencies, they’re already more than present. Gas price in Ethereum is becoming too prohibitive, transactions in Bitcoin are already unbearably slow, even with SegWit implemented. Some cryptos solve the scalability problem by storing some data out of the central blockchain, in an off-chain stored in centralized databases. That becomes another problem when, well, data is not decentralized anymore and we have to trust the server.

To achieve this, they introduce the concept of “secret contracts”, adding a second layer solution, off-chain network to the main one. This chain, which, unlike other off-chains solutions, is also decentralized. This solves the scalability and private issues, as data is running on the Enigma nodes, not on the main ones. Nodes on the network will be able to store tokens ($ENG) and all CPU power offered to maintain and make Enigma’s blockchain secure are rewarded. Computation and data stored are paid with $ENG. Yes, more or less like $GAS.

The Enigma briefly explained

Guy Zyskind, CEO of Enigma and his team developed a protocol in which, on the Enigma chain, input data are not revealed, but are, nevertheless, validated by their nodes, which only pass the information whether the computation performed is valid or not.

Roughly explaining, data input is firstly encrypted with homomorphic encryption to avoid fraud and divided into pieces. Smaller pieces of various different inputs then have to be validated by the subsequent nodes. The subsequent nodes then join some pieces (of different inputs) and send then to fewer nodes (only a subset of nodes validate data on this stage, not all of them like it would normally happen in the usual protocol). The following same number of nodes will join the input pieces and send them until they finally reach the output. Every computation performed in this process is encrypted, they can be checked for validity or not, but not the information on them. As the inputs are divided into smaller pieces and distributed to a smaller number of nodes, less work needs to be done. Because of the homomorphic encryption’s shared randomness, the same level of security is achieved.

This, according to Zyskind et al. paper provably solves both the privacy issue and the short and long-term scalability problems of blockchains at the same time.

And to show a bit of Enigma’s potential, they launched Catalyst, the first application built on top of the Enigma protocol. It allows users to send and curate data related to crypto-assets for investing and research. Using their live, easy-to-use trading tools, users can test trading strategies and receive analytics reports based on historical and real-time data fed by their users, to support crypto-assets trading decision-making. It also supports live-trading of crypto-assets, currently using three major exchanges (yes, they’re Bitfinex, Bittrex, and Poloniex). They provide a marketplace which allows users to earn tokens by developing winning strategies, curating datasets and selling private datasets.

A resting Dark Horse?

Enigma is usually mentioned by their cult following as the most promising dark horse of 2018. Regardless of the hype, both the ICO of Enigma and Catalyst (which uses the ENG token) have been highly praised by ICO curators and analysts and the token quickly raised to the top-100 cryptocurrencies in market cap. Enigma is a necessity. The only risk they face is, well, if someone finds a better solution to fix blockchains better than them, which could very well actually happen. Other than that, we can be mostly positive that the Enigma protocol will be adopted by a wide range of blockchains – or even most of them. Yes, this has the potential to be this huge – but we have said this about other cryptocurrencies before, so always read it with a pinch of salt.

We will be updating our subscribers as soon as we know more. For the latest on ENG, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Koshy Koshy via Flickr

Altcoins

META 1 Coin Trust Announces Commission to Study Global Persecution of Cryptocurrency Projects

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Boca Raton, Florida, 27th October, 2020, // ChainWire //

Collaborating with Other Cryptocurrencies, META 1 Tackles Injustice and Human Rights 

META 1 Coin Trust has announced plans to identify, research and document instances of governmental overreach in cryptocurrency cases globally, as part of its ongoing efforts to advance human rights and individual freedom. 

According to Robert P. Dunlap, Executive Trustee of META 1 Coin Trust, “The malicious attacks on crypto projects globally by overzealous government agencies must be documented and publicized to protect the individual liberties of META 1 Coin holders, as well as issuers and holders of other cryptocurrencies.” He added, “The decentralized, non-jurisdictional reality of crypto has left government agencies often unable to fully litigate cases and the general public should not have to continue suffering due to excessive overreach as agencies clamor to save face.”

META 1 Coin Trust is led by Robert P. Dunlap and Nicole Bowdler, who are both committed to pushing back against unimpeded global persecution of cryptocurrencies. By calling attention to years of organized efforts by government agencies to specifically target cryptocurrency projects, their hope is that the public will see and demand an end to these unjust violations of individual liberty. 

Specific grievances which motivated this initiative include grave concerns over government agencies’ obstruction of individuals’ livelihoods, defamation of character, and libelous false accusations which could tarnish the names of individuals for years to come, long after legal actions…

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Chainwire Launches Blockchain-Focused Automated Press Release Distribution Service

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TEL AVIV, Israel, 13th October, 2020, // ChainWire //

MarketAcross, a world leader in blockchain public relations and marketing services, is pleased to announce the launch of Chainwire, an automated press release distribution service which provides guaranteed coverage and in-depth reports. Chainwire will be a one-stop-shop for the distribution of press releases in the cryptocurrency and blockchain sector. The launch marks the first time that advertisers can reach leading publications in the crypto media with the click of a button. 

While most industries have some kind of PR newswire service, the cryptocurrency sector has become a victim of its own rapid pace of growth over recent years. Since the ICO boom of 2017, there has been a proliferation of blockchain and crypto-focused projects, exchanges, investment firms, and marketing agencies, along with niche news and informational content sites. 

However, the infrastructure to connect this complex ecosystem has been slow to come up to speed, meaning that existing newswire services don’t reach their target audience. It’s estimated that one in five people own cryptocurrencies, so there is currently a significant missed opportunity to reach a massive global readership. 

As a newswire service dedicated to the crypto and blockchain space, Chainwire aims to address this gap. Press releases are distributed to leading publications, offering guaranteed coverage to reach audiences worldwide. The system is integrated with publishers and blogs, enabling accurate reporting via a user-friendly dashboard. It also…

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How Can Foreigners Get Loans in Singapore

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loans for foreigners in Singapore

Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also houses many International students attending many esteemed Singaporean Universities.  

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Press Release