Enigma (ENG) is a cryptocurrency token developed by the Enigma team. The project is designed to solve the problems of scalability, privacy, and security of the blockchain. Enigma is a second-layer, off-chain network that provides a secure and scalable way to store and transfer data on the blockchain.
Enigma’s protocol is based on a revolutionary concept called Secret Contracts. These are smart contracts that are hidden from view and can only be accessed by the parties involved. This ensures that no one can modify the data, and that all parties involved can verify the data is accurate.
Enigma also utilizes a unique consensus mechanism called Proof-of-Stake-Time (PoST). This is a hybrid consensus model that combines the security of Proof-of-Stake (PoS) with the speed of Proof-of-Work (PoW) to improve network throughput.
The project also utilizes a specialized hardware called the Enigma Node. This device is designed to securely store and process data on the Enigma network. It is also used to verify transactions and manage the network.
Enigma has the potential to revolutionize the way data is stored and exchanged on the blockchain. It could open up new possibilities for businesses and individuals to securely store and transfer data without the risk of data leaks or tampering.
Enigma is currently trading on major exchanges like Binance and Coinbase Pro. The Enigma team is actively working on further improvements to the protocol and the node hardware. They are also working on creating new projects and partnerships to expand the reach of their technology.