Today, Enigma is giving its very first public demo of its privacy-oriented, blockchain-based protocol at CoinDesk's Consensus 2018.
Enigma co-founder and CEO Guy Zyskind first introduced the technology in 2015, seeking to rebuild the foundational layer of ethereum to address the blockchain's privacy-related shortcomings. The protocol essentially allows nodes to compute using encrypted fragments of the smart contracts without having to decrypt them, which other blockchains cannot do.
The protocol, "secret contracts" also facilitates "coin mixing", which is a tactic that hides the original source of ether used within the protocol.
Enigma differentiates itself from other privacy-guarantee mechanisms, by 'using a trusted execution environment in which the cryptography is relied upon for certainty and neither party has any information on their respective data inputs and outputs.'
In particular, Enigma claims, that the tech can be utilized for use cases in industries like healthcare and finance that frequently handle sensitive data and must comply with a variety of legal measures.
Co-founder and chief product officer Can Kisagun said that "It also solves real-world problems with data sharing, data matching and other important, complex issues facing global organizations."
"With Enigma, decentralized applications will move from novelty to necessity," Kisagun further claimed.
Enigma argues that the protocol will also enable the use of dapps at a larger scale than current iterations.