With the much anticipated public testnet, Enigma (ENG) focus on provision of dApp solutions remains on course. The testnet is set to introduce the simulation mode as the platform moves towards achieving its full decentralization. In their latest update to the community, the team has announced that they are set to tackle the privacy challenges in the industry by introducing a new feature-like smart contracts; the secret contracts.
The partnership with Intel recently is a clear indication that Enigma will use the partners’ experience in the software development to make the new contracts a reality. Intel is a respected player in the tech industry and its entry into blockchain through Enigma ecosystem is a huge boost for the struggling token that is working towards their testnet later in the year.
When asked about secret contracts during an interview back in July, the Enigma co-founder and CEO, Guy Zyskind said:
“As far as we know, we’re the first of our kind. Definitely, when we started in 2015 that was like the first-time that privacy-preserving smart contracts came to us even as an idea, and I believe we have the first implementation in the world right now.”
The platform is about to launch building blocks that will work like resource libraries for developers will to build their projects. According to their latest blog post, the goal is to enable developers come up with projects that are fully decentralized and have high privacy levels. The use of secret contracts will enable easy plugin dApp integration for better developer and user experience.
Enigma Big News Spurs ENG Price North
As the Enigma community anticipated major new and partnership, there is a lot of vibrancy around the ENG token which has seen a huge spike of up to 21.56% against the green buck in the last 24-hours of trading. At press time, the token was trading at $0.818208 with anticipated further gains as the investor waits for the good news.
ENG recent gains are propping it to gain entry into the top 100 most valuable coins and tokens in the market. With a market cap of $60.5million at the time of reporting, the coin volumes for the last 24 hours stand at $2.6million with Binance exchange giving the highest support to the token at 71%. ENG/BTC pair is currently the most popular pair.
Enigma and the Intel Partnership
Enigma has made its partnership with Intel public and this has seen the price of ENG skyrocketed in a span of less than 24 hour prior to reporting. This will boost the Enigma visibility and investor confidence. The coin has been quiet with the developer team working to streamline its system towards provision of real world solutions.
Enigma will use take advantage of Intel’s Software Guard Extensions (SGX) to support its secret contract project. During a press briefing a statement from the two outfits; the Enigma CEO said that:
“We are excited to collaborate with Intel to advance privacy technology and protocols on public blockchains.”
On their part Intel, through their Vice President, Rick Echevarria added:
“Enigma has developed a unique privacy protocol that uses Intel SGX to protect data, while allowing computation over the data. In our collaboration, we’ll work together to integrate this functionality for private smart contracts on the Ethereum public ledger.”
Other Enigma Developments in the Offing
The Enigma team is working on a “coinmixing” project that will see increase privacy in transactions on the Ethereum platform. This is ideal for decentralized crypto lending projects that seek to ide transaction details of the participating parties. This feature will reduce instances of bribery attacks, an additional boost towards investor confidence.
With the increased demand for Non-Fungible Tokens (NFTs) the ecosystem is working on auctions that will have additional privacy features. This will be backed by secret contracts and the onboarding of Intel; this could run around the NFTs credibility in the blockchain industry.