What is Enigma (ENG)?
One of the most important functions of Enigma is that it creates an off-chain storage for private data. This off-chain storage of private data is attached as a second layer to an existing blockchain. People involved can run and store computations on the data without the possibility of viewing the content. They can only view the content if the existing blockchain grants access. Buy Enigma (ENG) India with BuyBitcoin.
By using a Turing-complete language, each node is scripted with a stand-alone piece of probably random information so that the completion date is not in the hands of a single party; this part of Enigma allows privacy to remain truly decentralised.
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By using smart contracts to implement this function, Enigma allows users to send encrypted data using smart contracts. This all happens without the comprising of their computation and also prevents any single party from viewing all the content.
Catalyst aims to be a one-stop shop for quantitative trading. It will allow analysts (quants) to develop trading algorithms, backtest their strategies with real data hosted on Enigma, and deploy their strategies for live trading. Besides using their own money for live trading with their algorithms they can also market their algorithms and earn a ‘royalty’ fee when their algorithms are used. Catalyst will be the first app to be built on top of Enigma. The term “Catalyst” is chosen because it’s meant to accelerate the adoption of the Enigma platform.
With Enigma, they propose the following advantages:
- More open data will be available for research.
- More people and organizations will reap the benefits of selling and controlling their data.
- Data’s value would become explicit, as opposed to implicit (which is the case today).
- Data sharing could be revolutionized in the same way Bitcoin has revolutionized payments
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Use of Enigma as a cryptocurrency
ENG Tokens are the native currency of the Enigma ecosystem they will be used in a various amount of ways.
- As a reward for most successful traders of Enigma Catalyst (a sub-product of Enigma which will be a quantitative trading platform like Quantopian.com)
- Pay for premium data sources that provide high-quality data to assist trading.
- In order to invest in someone’s hedge fund on the ENG platform, investors will have to spend ENG tokens.
- A reward for liquidity providers
- As a security deposit to ensure that anyone participating in the network is being honest. If they try to tamper with the data they would lose their deposit
- As payment for any sort of computations or actions done on the network (Gas).
Buy Enigma (ENG) India
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