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Decentralize This! Let’s Talk Enigma
Enigma is one of the oldest projects in the blockchain space, having started at MIT in 2015. Their team is building a much-needed solution that provides blockchains with data privacy as well as solving for scalability. Enigma is known for their “secret contracts”, smart contracts that can compute sensitive information in a protected manner while using the reliability of the blockchain to validate the computation. Secret contracts keep data encrypted while using Enigma’s network to do computations, not the blockchain itself. This kind of privacy solution is necessary for decentralized applications and blockchains to succeed.
The reason why I am very impressed with the Enigma project and strongly believe that we will see it at the top of the rankings in the years to come is the fact that it is rare to come across such an innovative project that connects blockchain and real-life world with its utility. Part of its setup for success is the hardworking and dedicated team that is highly educated and professional, as well as experienced.
Guy Zyskind is the co-founder and CEO of Enigma. He holds an M.S. from MIT and is a former MIT Media Lab researcher. He is an expert on both blockchain and data privacy: his paper “Decentralizing Privacy” and his original Enigma whitepaper have over 500 combined citations. He is a pioneer in blockchain education, teaching the first ever conducted blockchain class at MIT, and he has more than a decade of experience in software development.
Much of the rest of the Enigma team is also from MIT. For example, Can Kisagun is co-founder and CPO of Enigma and is a graduate of the MIT Sloan School of Management. He has previously founded companies such as Eximchain as well as worked with industry giants like McKinsey & Company. Victor Grau Serrat is the Director of Engineering at Enigma with more than fifteen years of software development experience. He was previously the co-director of the Development Lab at MIT, a research and academic program at the intersection of technology innovation, social entrepreneurship, and global poverty. Tor Bair is the Head of Growth and Marketing at Enigma, leading many community efforts. He holds his MBA from MIT Sloan and worked previously as a data scientist at Snapchat and Spotify, as well as for five years as a derivatives trader.
Enigma is a long-term project with a roadmap that spans many years, and it is possible competition might catch up and provide quicker solutions. But who is the competition? You might think that all the privacy coins are in a race with Enigma, but if you take a second look you will realize that privacy coins are focused on transaction privacy, while Enigma’s focus is on computational and data privacy. Enigma is building a much broader kind of solution for any kind of computation, not just transactions. What Monero is to Bitcoin, Enigma is to Ethereum.
Enigma is the first project like this, but there are a few other projects looking to build privacy solutions or data systems. Keep Network would be one competitor which comes to mind, but it is still in its infancy and does not have a data marketplace or dApp development. There is also NuCypher and a few others. However, many platforms have already announced they will be building their products on Enigma, including Ocean Protocol, Datawallet, Datacoup, ReBloc, Colendi, and more. This adoption and their team give Enigma a long-term advantage, and having started in 2015 gives Enigma a short-term head start.
If Enigma is able to deliver what it is aiming at – and there is no doubt in my mind that they will – there is no holding back for Enigma to become one of the most valuable cryptocurrencies out there. Achieving their goals on time, Enigma could indeed revolutionize the ecosystem of the blockchain sphere with its secret contracts.
About the Author:
MissAltcoin is a cryptocurrency analyst, trader, media and marketing advisor and public speaker.
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