A brief introduction to Enigma --- I have not been this excited for quite a while, not since I discovered Tauchain, iExec, Ethereum, or Bitcoin itself. Upon reading the whitepaper and analyzing the references I now believe Enigma will be a big big deal. Enigma allows for a new kind of smart contract. Private contracts --- Private contracts are a new kind of smart contract where the computations of these contracts are private. This in my opinion is a major breakthrough. Let's examine the technology: Secure multi-party computation allows for a decentralized network of computers to do distributed computation over a network. This is done securely and this cryptography was introduced in the 1980s by Yao who illustrated it using the millionaire problem example: > Yao's Millionaires' problem is a secure multi-party computation problem which was introduced in 1982 by Andrew Yao, a prominent computer scientist and computational theorist. To make possible true privacy the Enigma protocol will have a DHT (decentralized hash table) for data storage and in my opinion the true innovation is that the data stored will be private yet also computable. SPDZ (pronounced speeds) is the true breakthrough behind Enigma because based on this breakthrough it is now possible to have a blockchain data structure with private data types. SPDZ is secure against malicious adversaries with a dishonest majority while also providing correctness guarantees. SHE (somewhat homomorphic encryption) is a concept behind how SPDZ works, and SPDZ is enhanced by the blockchain data structure. Enigma takes what was learned from SPDZ and enhances it with a blockchain data structure. The structure of Enigma is to take a blockchain and combine it with a DHT for data storage and an MPC for secure multi party computation. All three of these components have a synergism which increase the capabilities and securities of each. Nodes in the network are given the incentive to participate by fees which get paid for by the ENG token. Data as currency -- We know data is a currency just by looking at social media companies like Facebook or search engines like Google which monetize our data. We know also that data can become knowledge which can become wisdom and this wisdom can help with decision making. One of the first use cases for Enigma is Enigma Catalyst which will use the decentralized analysis and computation capabilities along with the privacy to allow for a data market place to evolve around crypto-trading. This use case is a big deal, and because one potential application of secure multiparty computation with privacy is a Bitcoin wallet with multisig you can just imagine what can be done. Enigma is blockchain agnostic --- Very important also to note is that Enigma is going to be blockchain agnostic. This means it will not be held back by the politics of any particular blockchain. In my opinion this was a key decision they made to make their technology more immune to blockchain politics. Conclusion --- Remember this is not investment advice and none of my posts constitute investment advice. These are the opinions (educated opinions) of a complete stranger. Decide for yourself what to do with this information. I am big on Enigma because I think data privacy is an important step forward for blockchain technology. It's not enough to do what Steemit has done and throw everything on the blockchain in public in my opinion. In my opinion the next level breakthrough is the ability to do computation on private data without having to trust a regulated entity to handle that data. This would allow Alice to own her data even as the network computes it and this is an advantage Enigma has over iExec, Golem, and all other attempts to do decentralized computation. This was a brief (very brief) introduction to Enigma and I'm sure I only skimmed through how it works and can go in deeper in the future but this should be enough to get people to take a closer look at the technology. Disclosure: I do hold ENG tokens as of today. References --- 1. http://www.enigma.co 2. https://en.wikipedia.org/wiki/Yao%27s_Millionaires%27_Problem
author | dana-edwards |
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permlink | enigma-a-first-of-it-s-kind-technology-for-secure-private-decentralized-computation |
category | crypto-news |
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Goodness, this was a ton to take in yet I think I have an average handle on the conceivable applications for private contracts and how this innovation could enhance the digital money biological community. I will look assist into the task, a debt of gratitude is in order for sharing! vote @abdullatifphadia
author | abdullatifphadia |
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permlink | re-dana-edwards-enigma-a-first-of-it-s-kind-technology-for-secure-private-decentralized-computation-20171020t181215544z |
category | crypto-news |
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markangeltrueman | 0 | 0 | -100% |
Rewriting @samxansen's comment? haha
author | cyberblock |
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permlink | re-abdullatifphadia-re-dana-edwards-enigma-a-first-of-it-s-kind-technology-for-secure-private-decentralized-computation-20171020t055100798z |
category | crypto-news |
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Flagged his comment.
author | markangeltrueman |
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permlink | re-cyberblock-re-abdullatifphadia-re-dana-edwards-enigma-a-first-of-it-s-kind-technology-for-secure-private-decentralized-computation-20171030t091957527z |
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Amazing post realy i like it .good info by dana edwards.
author | alihamza |
---|---|
permlink | re-dana-edwards-enigma-a-first-of-it-s-kind-technology-for-secure-private-decentralized-computation-20171020t040139880z |
category | crypto-news |
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I have been reading your post in a very long time. Your posts are very good and you also have a new photo of new ones in steamit. Thank you. Please also give me upvote
author | bilaraj |
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permlink | re-dana-edwards-enigma-a-first-of-it-s-kind-technology-for-secure-private-decentralized-computation-20171020t054425757z |
category | crypto-news |
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This sounds cool! impressive. I love game changing ideas, definately going too have to research this a little more!
author | cryptick |
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permlink | re-dana-edwards-enigma-a-first-of-it-s-kind-technology-for-secure-private-decentralized-computation-20171020t043203143z |
category | crypto-news |
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They released at a bad time right before this bitcoin fork madness happening, this does however give investors a good opportunity to get in at a good price. Do you know if they have plans of getting on a better exchange soon? I don't trust binance or the other ones they're on.
author | cyberblock |
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permlink | re-dana-edwards-enigma-a-first-of-it-s-kind-technology-for-secure-private-decentralized-computation-20171020t054733196z |
category | crypto-news |
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Great project! I bought into the crowdsale. Looks like you bought in at lower price now below crowdsale. Longterm hold for sure.
author | hedge-x |
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permlink | re-dana-edwards-enigma-a-first-of-it-s-kind-technology-for-secure-private-decentralized-computation-20171020t043158803z |
category | crypto-news |
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thank you for sharing the news
author | rambeesbd |
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permlink | re-dana-edwards-enigma-a-first-of-it-s-kind-technology-for-secure-private-decentralized-computation-20171020t033642675z |
category | crypto-news |
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Engima is indeed our breakthrough. I'm excited as u are dude
author | rudee |
---|---|
permlink | re-dana-edwards-enigma-a-first-of-it-s-kind-technology-for-secure-private-decentralized-computation-20171020t042033004z |
category | crypto-news |
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Wow, this was a lot to take in but I think I have a decent grasp on the possible applications for private contracts and how this technology could improve the cryptocurrency ecosystem. I'm going to look further into the project, thanks for sharing!
author | samxansen |
---|---|
permlink | re-dana-edwards-enigma-a-first-of-it-s-kind-technology-for-secure-private-decentralized-computation-20171020t042708433z |
category | crypto-news |
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informative @dana-edwards
author | slefesteem |
---|---|
permlink | re-dana-edwards-enigma-a-first-of-it-s-kind-technology-for-secure-private-decentralized-computation-20171020t034840322z |
category | crypto-news |
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