create account

Enigma - a first of it's kind technology for secure private decentralized computation by dana-edwards

View this thread on: hive.blogpeakd.comecency.com
· @dana-edwards ·
$64.84
Enigma - a first of it's kind technology for secure private decentralized computation
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
👍  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 21 others
properties (23)
authordana-edwards
permlinkenigma-a-first-of-it-s-kind-technology-for-secure-private-decentralized-computation
categorycrypto-news
json_metadata{"tags":["crypto-news","enigma"],"links":["http://www.enigma.co","https://en.wikipedia.org/wiki/Yao%27s_Millionaires%27_Problem"],"app":"steemit/0.1","format":"markdown"}
created2017-10-20 03:34:09
last_update2017-10-20 03:34:09
depth0
children12
last_payout2017-10-27 03:34:09
cashout_time1969-12-31 23:59:59
total_payout_value54.471 HBD
curator_payout_value10.364 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length4,158
author_reputation353,623,611,191,427
root_title"Enigma - a first of it's kind technology for secure private decentralized computation"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id18,104,813
net_rshares28,616,560,807,038
author_curate_reward""
vote details (85)
@abdullatifphadia ·
$0.02
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
👍  
👎  
properties (23)
authorabdullatifphadia
permlinkre-dana-edwards-enigma-a-first-of-it-s-kind-technology-for-secure-private-decentralized-computation-20171020t181215544z
categorycrypto-news
json_metadata{"tags":["crypto-news"],"users":["abdullatifphadia"],"app":"steemit/0.1"}
created2017-10-20 05:12:30
last_update2017-10-20 05:12:30
depth1
children2
last_payout2017-10-27 05:12:30
cashout_time1969-12-31 23:59:59
total_payout_value0.017 HBD
curator_payout_value0.005 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length306
author_reputation-10,502,304,277
root_title"Enigma - a first of it's kind technology for secure private decentralized computation"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id18,109,835
net_rshares11,180,477,662
author_curate_reward""
vote details (2)
@cyberblock ·
$0.20
Rewriting @samxansen's comment? haha
👍  ,
properties (23)
authorcyberblock
permlinkre-abdullatifphadia-re-dana-edwards-enigma-a-first-of-it-s-kind-technology-for-secure-private-decentralized-computation-20171020t055100798z
categorycrypto-news
json_metadata{"tags":["crypto-news"],"users":["samxansen"],"app":"steemit/0.1"}
created2017-10-20 05:50:21
last_update2017-10-20 05:50:21
depth2
children1
last_payout2017-10-27 05:50:21
cashout_time1969-12-31 23:59:59
total_payout_value0.148 HBD
curator_payout_value0.049 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length36
author_reputation26,134,242,075,354
root_title"Enigma - a first of it's kind technology for secure private decentralized computation"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id18,111,869
net_rshares87,444,490,433
author_curate_reward""
vote details (2)
@markangeltrueman ·
Flagged his comment.
properties (22)
authormarkangeltrueman
permlinkre-cyberblock-re-abdullatifphadia-re-dana-edwards-enigma-a-first-of-it-s-kind-technology-for-secure-private-decentralized-computation-20171030t091957527z
categorycrypto-news
json_metadata{"tags":["crypto-news"],"app":"steemit/0.1"}
created2017-10-30 09:19:57
last_update2017-10-30 09:19:57
depth3
children0
last_payout2017-11-06 09:19:57
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length20
author_reputation75,759,505,276,179
root_title"Enigma - a first of it's kind technology for secure private decentralized computation"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id18,956,780
net_rshares0
@alihamza ·
Amazing post realy i like it .good info by dana edwards.
👍  
properties (23)
authoralihamza
permlinkre-dana-edwards-enigma-a-first-of-it-s-kind-technology-for-secure-private-decentralized-computation-20171020t040139880z
categorycrypto-news
json_metadata{"tags":["crypto-news"],"app":"steemit/0.1"}
created2017-10-20 04:01:57
last_update2017-10-20 04:01:57
depth1
children0
last_payout2017-10-27 04:01:57
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length56
author_reputation12,399,960,522
root_title"Enigma - a first of it's kind technology for secure private decentralized computation"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id18,106,167
net_rshares999,725,381
author_curate_reward""
vote details (1)
@bilaraj ·
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
👍  
👎  
properties (23)
authorbilaraj
permlinkre-dana-edwards-enigma-a-first-of-it-s-kind-technology-for-secure-private-decentralized-computation-20171020t054425757z
categorycrypto-news
json_metadata{"tags":["crypto-news"],"app":"steemit/0.1"}
created2017-10-20 05:44:30
last_update2017-10-20 05:44:30
depth1
children0
last_payout2017-10-27 05:44:30
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length167
author_reputation2,621,119,233
root_title"Enigma - a first of it's kind technology for secure private decentralized computation"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id18,111,515
net_rshares-1,057,687,588
author_curate_reward""
vote details (2)
@cryptick ·
This sounds cool! impressive. I love game changing ideas, definately going too have to research this a little more!
properties (22)
authorcryptick
permlinkre-dana-edwards-enigma-a-first-of-it-s-kind-technology-for-secure-private-decentralized-computation-20171020t043203143z
categorycrypto-news
json_metadata{"tags":["crypto-news"],"app":"steemit/0.1"}
created2017-10-20 04:32:03
last_update2017-10-20 04:32:03
depth1
children0
last_payout2017-10-27 04:32:03
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length115
author_reputation3,511,629,551,692
root_title"Enigma - a first of it's kind technology for secure private decentralized computation"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id18,107,742
net_rshares0
@cyberblock ·
$0.21
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.
👍  , ,
properties (23)
authorcyberblock
permlinkre-dana-edwards-enigma-a-first-of-it-s-kind-technology-for-secure-private-decentralized-computation-20171020t054733196z
categorycrypto-news
json_metadata{"tags":["crypto-news"],"app":"steemit/0.1"}
created2017-10-20 05:46:51
last_update2017-10-20 05:46:51
depth1
children0
last_payout2017-10-27 05:46:51
cashout_time1969-12-31 23:59:59
total_payout_value0.162 HBD
curator_payout_value0.052 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length277
author_reputation26,134,242,075,354
root_title"Enigma - a first of it's kind technology for secure private decentralized computation"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id18,111,646
net_rshares95,025,618,294
author_curate_reward""
vote details (3)
@hedge-x ·
$0.02
Great project!  I bought into the crowdsale.  Looks like you bought in at lower price now below crowdsale.  Longterm hold for sure.
👍  
properties (23)
authorhedge-x
permlinkre-dana-edwards-enigma-a-first-of-it-s-kind-technology-for-secure-private-decentralized-computation-20171020t043158803z
categorycrypto-news
json_metadata{"tags":["crypto-news"],"app":"steemit/0.1"}
created2017-10-20 04:31:57
last_update2017-10-20 04:31:57
depth1
children0
last_payout2017-10-27 04:31:57
cashout_time1969-12-31 23:59:59
total_payout_value0.017 HBD
curator_payout_value0.005 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length131
author_reputation4,314,789,891,942
root_title"Enigma - a first of it's kind technology for secure private decentralized computation"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id18,107,735
net_rshares11,180,477,662
author_curate_reward""
vote details (1)
@rambeesbd ·
thank you for sharing the news
properties (22)
authorrambeesbd
permlinkre-dana-edwards-enigma-a-first-of-it-s-kind-technology-for-secure-private-decentralized-computation-20171020t033642675z
categorycrypto-news
json_metadata{"tags":["crypto-news"],"app":"steemit/0.1"}
created2017-10-20 03:36:45
last_update2017-10-20 03:36:45
depth1
children0
last_payout2017-10-27 03:36:45
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length30
author_reputation1,360,732,403,960
root_title"Enigma - a first of it's kind technology for secure private decentralized computation"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id18,104,958
net_rshares0
@rudee ·
Engima is indeed our breakthrough. I'm excited as u are dude
properties (22)
authorrudee
permlinkre-dana-edwards-enigma-a-first-of-it-s-kind-technology-for-secure-private-decentralized-computation-20171020t042033004z
categorycrypto-news
json_metadata{"tags":["crypto-news"],"app":"steemit/0.1"}
created2017-10-20 04:20:48
last_update2017-10-20 04:20:48
depth1
children0
last_payout2017-10-27 04:20:48
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length60
author_reputation3,389,003,598,774
root_title"Enigma - a first of it's kind technology for secure private decentralized computation"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id18,107,165
net_rshares0
@samxansen ·
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!
👍  
properties (23)
authorsamxansen
permlinkre-dana-edwards-enigma-a-first-of-it-s-kind-technology-for-secure-private-decentralized-computation-20171020t042708433z
categorycrypto-news
json_metadata{"tags":["crypto-news"],"app":"steemit/0.1"}
created2017-10-20 04:27:09
last_update2017-10-20 04:27:09
depth1
children0
last_payout2017-10-27 04:27:09
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length247
author_reputation236,338,990,079
root_title"Enigma - a first of it's kind technology for secure private decentralized computation"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id18,107,487
net_rshares0
author_curate_reward""
vote details (1)
@slefesteem ·
informative @dana-edwards
properties (22)
authorslefesteem
permlinkre-dana-edwards-enigma-a-first-of-it-s-kind-technology-for-secure-private-decentralized-computation-20171020t034840322z
categorycrypto-news
json_metadata{"tags":["crypto-news"],"users":["dana-edwards"],"app":"steemit/0.1"}
created2017-10-20 03:49:09
last_update2017-10-20 03:49:09
depth1
children0
last_payout2017-10-27 03:49:09
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length25
author_reputation783,744,181,388
root_title"Enigma - a first of it's kind technology for secure private decentralized computation"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id18,105,555
net_rshares0