Concieved in 2015, Enigma is a privacy and scalability protocol, started up in the MIT Media Lab and built on the Ethereum network. The team come from rather prestigious backgrounds, including but not limited to MIT, IBM and Buzzfeed.
They received £1.35 million backing from Floodgate and other institutional investors, and with that investment, aim to revolutionize how data is delivered and transferred.
- Rank 78
- 162 million market cap
- 74 million circulating supply
- 150 million total supply
If we analyse the project based on market capitalization alone, we can see that it is a relatively unknown project.
The Enigma team is seriously stacked. From MIT experts to IBM, Buzzfeed, Quant Trading and Ethereum Israel, I have high hopes for this super team, they might just pull off their ambitious goal.
The team is full of academics which shows in the whitepaper and their mission.
Enigma hopes to create a privacy / scalability protocol on top of the Ethereum network, hoping to achieve a concept known as “secret contracts”. This will consist of a protocol layer, platform layer and application layer; a 3 tiered system in place to create ‘decentralized security’.
There is a huge demand for this, and true integration between corporations will only commence when features like this are set in place.
They have recently released their latest roadmap; animated with colour and easy to read. They have broken it down into quartiles. So far, the team hasn’t missed any deadlines and has performed as expected, recently releasing their marketplace in Q1 2018.
Luckily, there are very few competitors in the space of scalability & privacy, incorporated together. Although Dragonchain, Enigma and Ontology are trying to solve this issue, Ontology is based in China which will allow for a different audience based on location (enterprises are much more likely to use their neighbours, due to political and economical reasons), whereby Dragonchain and Enigma are both based in the USA.
Both seem very well connected, with different technological direction and should not hinder the success of eachother.
The biggest hurdle would be finding big businesses to adopt their protocol, as well as managing to develop the innovative technology which they are currently working on.
Social / Interaction
- 54k Twitter followers
- Twitter interaction: Mostly posting multiple times a day
- 10k Reddit community
- Reddit Interaction: Multiple posts a day from the community
- Blog posts: a few a month
Exchanges being traded on / Liquidity
- Binance trade dominance: Over 51%
- Listed on over 7 exchanges
How active and transparent is the development of the project? (Github)
- 112 contributors
- 6k commits
- Latest commit: 4 days ago
As we can see here, there are a lot of contributors, supplying commits, quite frequently and actively.