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Enigma (ENG) is a cryptocurrency platform that aims to address the issue of privacy on the blockchain. It provides users with access to data storage and privacy features while ensuring scalability. Enigma's main goal is to enhance Ethereum Smart Contracts by introducing secret contracts.
Secret contracts operate off-chain, which means the execution of the contract does not take place on the Ethereum blockchain. Instead, the contract data is divided into encrypted pieces and redundantly distributed among Enigma nodes.
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What is Enigma?
Enigma is a decentralized computation platform with guaranteed privacy. Its main goal is to enable developers to build 'privacy by design', end-to-end decentralized applications, without relying on a trusted third party. Enigma achieves privacy by using secure multi-party computation (sMPC or MPC), where data queries are computed in a distributed manner without any single party having access to the complete data. Instead, data is split between different nodes, and they compute functions together without leaking information to other nodes. This ensures that no single party can access the data in its entirety. Additionally, Enigma is scalable as computations and data storage are not replicated by every node in the network, allowing for more demanding computations. The key utility that Enigma provides is the ability to run computations on data without having direct access to the raw data itself. For example, a group of people can provide access to their salary information and together compute the average wage of the group. Each participant learns only their relative position in the group, without gaining knowledge about other members' salaries. It's important to note that this is just one example, as any program can be securely evaluated while keeping the inputs confidential.
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