Startups

Enigma – Promising a Decentralized Future

Developed by the enigmatic personalities under the highest degree of attention and diligence, Enigma emerges out taking the center stage as a cryptocurrency platform, concocted under the name of Massachusetts Institute of Technology. The platform underwent the incubation period at MIT Media Labs where the second-layer, off-chain network was dressed up for the public use, in the best visage possible. Developers focused on a single pivotal concept as approved by all of the blockchain enthusiasts, the alluring feature of decentralization.

Guy Zyskind. Source: LinkedIn

Enigma MPC platform has enjoyed the leadership of the co-founder and the current chief executive officer (CEO), Guy Zyskind, along with the co-founder Can Kisagun. Guy acts as the Enigma team lead, having immense past experience as the former chief technology officer at Athena Wisdom (now Endor) dealing with big data and the similar sorts. Athena Wisdom was another product incubated at the very MIT Media Labs. Zyskind boasts a Masters degree from MIT while a Bachelors in Electrical Engineering and Computer Science from Tel-Aviv University. Guy is among the three authors of the Enigma White Paper, “Enigma: Decentralized Computation Platform with Guaranteed Privacy” and has worked as the co-founder and chief technology officer at another company titled Tamkix, is as well the co-founder of CityOwls.

Can Kisagun. Source: Twitter

Can Kisagun, the co-founder of Egnima MPC, has had past experience of having served as the co-founder and the chief executive officer of Eximchain, and the founder and chief executive officer of Streetdust. His resume sparkles with a Bachelors in Industrial Engineering & Management Sciences from the Northwestern University while a Masters degree in Master of Business Administration (M.B.A.) from MIT-Sloan School of Management. Kisagun and Zyskind started working for the first time when the brainchild of them both started off under the MIT Media Labs incubator. They have come all the way to eventual partnership, scratching to decide their well-determined aims and goals. As both of them bore overlapping objectives as to what to give out as a product, they conjoined heads to start off focusing over the decentralized environment for the investors and the customers alike.

The Enigma Roadmap. Source: enigma.co

Current Position over the Road Map

The Enigma platform has devised a rather sensible approach to achieving their set objectives that is to construct a road map. Their version of the road map, etches the milestones carefully leaving them at the current position over discovering their own self and the platform they have built. The Enigma folks have developed a testnet over which Catalyst has been checked for a successful operation.

The Enigma MPC acquires the services of several advisers who perform their utmost in order to direct the company to the legal pathway besides keeping the “success” factor intact. The lists of the advisers for the Enigma platform bears the name of Alex “Sandy” Pentland (Director of MIT Media Lab Entrepreneurship Program), Paul Veridittakit, Bill Barhydt, Jacob Gibson, Jason Fang, Justin Lent, Josh Lim and Matthew Falk. These advisers encompass rather different avenues of directing a venture towards success. The advisers boast either excellence in evaluating market values and managing funds of a venture or bear expertise in the technology development of a startup that is set to revolutionize the entire tech-world.

What does the platform revolves around anyway?

Though the Enigma folks have issued a white paper of their own describing the technical details, every inch and nook of the platform, there is always some room for improvement. The Enigma platform focuses all of its attention towards the main feature of the project, to incorporate the concept of decentralization into the mix that can provide in return a safe connection between identities ensuring a safe transfer of computational data.

What’s all the fuss about? What’s really inside?

The Enigma platform is a scheme that involves a hash table variant to hold in the immense data that is to ensure the transfer of the data which otherwise would not even be possible, regardless the secure transaction. The inclusion of the blockchain technology has rendered another property to flourish in the system, the decentralization and fool-proof security counting out all the scammers and fraudulent agents alike. The outer-layer of the system features the very technology that is set to control the traffic, not to mention a safe risk-free traffic, without a third party, trusted or otherwise, overseeing the entire transaction. The Enigma platform works the same as that of bitcoin and similar cryptocurrencies and other platforms. Enigma promises and boasts to provide utter privacy that has not been a key feature to other similar cryptographic guarantors enabling the transfer of personal data that is the sole property of two involved parties.

The multi-party computation (MPC) integration into the system enables the user to make a complete transaction without any heads turning from the third parties. The entire system of blockchain has nodes acting as a single identity. As a transaction is under progress, each node does gets a hint (some raw data merely indicating the transaction) but still the privacy of the data of the two dealing identities remains intact. Enigma suggests the data to be as redundant as possible, where they introduce the scalability which enables the computation of data over the node where a particular data is present at. The two nodes deal with each other without giving out the minutes of the transaction the two identities have been dealing in.

Where does a non-technical person go as obviously that much science does not allude to him, at all?

The Enigma Blocks. Source: enigma.co

The system comprises of blocks, two in number to be precise, the blockchain and the Enigma. Both of the blocks operate so as to keep the privacy and the real data intact during the transaction. This differs from the bitcoin platform as the incentives are not rewarded when mining occurs. The blockchain assesses the nodes and the identities in order to build a track while the Enigma block makes sure the data goes through the pathway intact and correct. The entire system provides an end-to-end decentralization that can ease up the pace of the transaction besides securing the tracked path.

That is quite an impressive platform but did it ever step ahead to progress further?

The Enigma platform is indeed a safer marketplace where a use case titled, the Catalyst, is being developed in order to keep treading towards the success of their ICO. The Catalyst enables the user to channel the finance through the Enigma platform while giving their own form to crypto risk-free fund. The Enigma initial tokens are set to be sensibly distributed among various stake holders including the likes of Catalyst and Enigma itself while the major part is to be reserved for initial token sale. The funds are to be genuinely parted so as to cater for various basic factors; the distribution goes as, 60% for product and technology development, 15% for blockchain research, 10% for marketing purposes, 10% for operations and 5% for legal and administrative costs.

Enigma believes the incorporation of the blockchain technology is indeed an efficient procedural manner to terminate the adversities and banish the risk out of the system for good. Their use of blockchain hints at the very views regarding the decentralized environment that the technology supplies. Enigma is neither a cryptocurrency or a blockchain for the system to follow the mining rewards, rather it includes fee to cater for the very cause.

How do they evaluate they’ve come up with a user-friendly product as well as a compelling interface?

The Enigma platform has had a TestNet released recently which is more closer to the antiquity, bearing a vintage EVM running inside a Trusted Execution Environment (TEE), based on Intel’s SGX technology.

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Mohammad Shazil

A Riverside, CA born Electrical Engineer who bears the passion to write over every happening around. A crypto zealot. Shazil is the sub-editor of BlockPublisher news. Email: shazil@blockpublisher.com or contact the editor at editor.news@blockpublisher.com

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