Eminem’s new album got us inspired.
*sips last drop of whiskey in the bottle…
Check out this freestyle, yo..
Okay, here we go
“Balls deep in shitcoins, don’t you know
It’s all we can think about – rain, sleet or snow,
Our life before crypto is such a blurr
There was no meaning, no purpose, that’s for sure,
And while crypto might have some sort of stigma
It don’t matter ’cause my life before crypto is such an enigma”
Yep, that brings an end to another cringey intro, and to our coin review of the day….Enigma.
Let’s dig in…
Enigma (ticker: ENG)
Wtf is this shit?
Enigma has a clear mission: it is meant to be a private, off-chain network, that helps other chains scale.
Blockchains can leverage the Enigma network to assist with data storage and compute power.
The Enigma network utilizes a decentralized, off chain distributed hash-table (DHT). The DHT is accessible through the connected blockchain of choice.
Regarding privacy, the DHT stores references to data, but not the raw data itself. It is highly recommended that the client side user encrypts data before sending to the Enigma network’s DHT. Enigma offers a simple API that allows developers to easily encrypt their data before sending.
The DHT is made up of nodes, much like any other network. Each node processes and stores its own distinct data. Full data sets are distributed across many nodes. This means that each node cannot access a data set in its entirety. This is also good for ensuring data privacy. While all of the data on the Enigma network is private, anyone can log events and data to the public blockchain, which is really what it is meant for.
Enigma wants to be the place where blockchains offload the data storage and computation that limits scalability.
Enigma also utilizes multiparty computations (MPC’s) which is what splits the encrypted data for distribution to different nodes on the network.
Lastly, Enigma wants to host many dApps from other chains. The first dApp to launch on Enigma is called Catalyst. Catalyst is a marketplace where users can trade data related to different algorithmic trading strategies.
TL;DR – it is an off-chain storage/computation option for blockchains to offload shit.
Who tf is behind this shit?
Their two co-founders are Guy Zyskind and Can Kisagun. Guy is the CEO and was an instructor at MIT for the past 3 years, where he also created and started the Enigma project. He has a technical background serving as a CTO and co-founder for previous projects. It does not seem to be anything too intensive, from a business perspective, but so far he has been managing Enigma pretty well, so it seems from the outside.
Can is the other co-founder, holding the broad title of ‘co-founder’. Can, as well as Guy, got his masters from MIT. He is an ex-MicKinsey dude who left to found a couple of companies, acting as CEO. Similar to Guy, Enigma seems to be the largest venture yet.
All in all, mid-tier shitcoin, what makes it risky is that blockchains first need to gain more traction before Enigma is useful..in our opinion. Still, cool concept, hopefully blockchains use Enigma sooner than later. Let’s see how they do.
Hope you learned some shit.
– Mike and Aaron