What You Should Know About Enigma

in #crypto7 years ago

enigmaphoto_Fotor.jpg

There’s a blockchain startup company that chose to name itself Enigma. Mysterious, puzzling, difficult to understand, the reason Enigma chose this name is …well an enigma to me, but regardless less take a look at what this startup has planned.

This startup was incubated in an MIT media lab and the team listed on their website represents that.

When you hear Enigma, think data, data, data, it’s all about the data sets.

You may remember my recent video that covered Santiment
Like Santiment, Enigma is focused on providing it’s users with data that they can use to make wise investments.
Unlike Santiment however, Enigma is giving it’s users free range to create their own data sets and to be an integral part of the platform. You can build a reputation, and get paid in the native coin ENG for subscriptions. Conversely, if you are interested in purchasing data rather than curating it, you can of course do so by purchasing it with ENG coins.
They have long term goals for data encryption technology, but this is their starting point.

Enigma will use both on chain and off chain transactions. The subscriptions, rewards and penalties will all be handled on chain, and the data storage and transmission will occur off chain.

I can’t make a video that features Enigma without mentioning the incident that occurred a little over 2 weeks ago.

Unfortunately there were some eager investors that were in the slack channel and on the mailing list who were fooled into believing that an additional pre-sale was available to them. In response to this, these eager investors forked over around 1,400 ether to the address of the hacker. Enigma did have a legitimate pre sale, but it was only open for accredited investors, and they had warned previously that they would not solicit funds through the slack channel or mailing lists.

There’s one more thing that we can learn from Enigma, and that’s the healthy reminder that it’s better to be overly cautious rather than overly enthusiastic when it comes to investing in new projects.

Before you decide to give anyone your money, you’d better be educating yourself on how to:

  • Find official updates
  • How the ICO is organized
  • Who to ask if you have any questions.

In their defense, the hacker gained their trust because they had administrative access to Enigma’s official slack channel, website and mailing list. They attained this access thanks to the lax practices regarding passwords of the Enigma team. The hacker began falsifying information and was able to take advantage of individuals who did not question the sudden change in the ICO organization.
The Enigma team has since dramatically increased their precautions with passwords and finally enabled 2 factor authentication. They ensure that the website for their token sale has not been compromised since it is on a different and more secure server.

Speaking of their ICO, it is scheduled for September 11th.

Additional Reading/Sources:

Enigma Website
ICO Info
TechCrunch Article
Wired Article
Santiment Website

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Great info

Also worth to mention that they increased their cap yesterday with 50% and screw the presale investors.

Is that a good thing or a bad thing?

it's a bad thing because they inflated the currency before it is printed, but after they promised their first investors a less inflated product. -> The value of the investment got reduced.

This is a strong sign that it is a scam although I don't have any further details, maybe they have a good reason (but I doubt it). Maybe the Chinese weren't so wrong to regulate ICOs.

Agreed. Ultimately people(investors) need to be smarter about where they throw their money.

You are correct my dear Crypto lady...that was the reason I didnt buy Enigma

I heard they really screwed up with token devaluation.

Yes, unfortunately I heard the news just after posting this. Really makes me wonder if these guys have a clue about what they're doing. First the password mix up, then a last minute complete reorganization of the ICO... I'm just going to sit back and watch what happens to this one.

En conclusión, crees que es bueno invertir en ENIGMA? Do you think is worth it to invest in enigma ?

That's for you to decide!

That's obvious men. I was asking her opinion. That's it.

Haha, OK. Let's see what she says....

You just look amazing heidi, great info too. Too many ICO's though and with Chinese clampdown its gonna be hard out there

Hi Heidi

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Here is a referred link:

https://jsecoin.com/platform/?register=1&utm_source=referral&utm_campaign=aff270&utm_content=

Many thanks

BlueRiverCard

A beautiful girl who understands such difficult topics ... You're a hurricane! I aspire to you!

Interesting one, but with all the craziness about ICOs I think I am going to stay away for a bit (have already invested in quite a few...)

Thanks for this great article. Great informations! Thanks for that.

Great work as always. Maybe some brief overviews on red pulse and chain link (this is on another level)