Enigma Secret Contracts Plan To Solve Smart Contracts Privacy Problems

The upswing of virtual assets in the fourth quarter of 2017 has brought to the fore the significance of confidentiality into comprehensive discussion. This is because many people saw the rise of the virtual assets as a major benefit that Bitcoin had to provide right from the advent of cryptocurrencies.

Due to the widening gap between risk-takers and investors, it became even clearer that a strictly private blockchain solution is easier said than executed. On one hand, many crypto enthusiasts are demanding for entirely secretive and unknown dealings.

However, on the flip side, people are demanding for completely reserved smart contract solutions. In many ways, both the two main cryptos, Bitcoin and Ethereum, would have captured a large chunk of the market had they solved the privacy puzzle, however, they have failed to do so.

With regards to Ethereum, its founder, Vitalik Buterin, in recent times has had a change of perspective on the need for privacy, especially in an open society. This is because he has recently asserted that he is significantly in support of privacy, an incredible change from his stand a couple of years ago.

As a result of the incredible changes in the media today, it has become very important to understand why many people today want to safeguard themselves from public scrutiny. As the crypto wave sweeps across the world, there are a number of projects which have taken the inventiveness to come up with solutions, with Enigma being one of them.

Addressing The Challenge Of Smart Contract Confidentiality

The challenge of confidentiality has been in existent for several years. It is therefore not surprising that firms are looking forward to find solutions before the end of the year. Enigma recently declared that they have entered into a collaboration with eight diverse blockchain projects. All of them are assisting to establish what the firm has christened the ‘Discovery’, which is its whitepaper.

Blockchains and decentralized applications require privacy solutions to become truly useful. Find out how Enigma provides the missing piece to a decentralized future with secure computation and secret contracts. https://t.co/pC4XILD9rN

— Enigma – We ❤️ Privacy (@EnigmaMPC) September 9, 2018

Discovery

Discovery has been designed in such a way that it is akin to top secret administrative files. It has compartmentalized smart contracts into a number of sections. The sections are further encoded while working on them discretely. After which they have been stitched together in such a way that the data within them cannot be let out.

The procedure, also called Secure Multiparty Computation’, is the key objective of the project, which unfortunately will not be all set for the inaugural proclamation. The firm will not be in a position of introducing the SPMC solution from the start. However, they will still be able to deliver secret smart contract capacities by making use of trusted execution environments (TEEs).

The Eight Partners

According to Enigma’s CEO, Guy Zyskind, the firm will launch the SPMC by next year. Some of the key partners will assist Enigma even as it runs on their blockchain. The firms will be instrumental in enhancing Ethereum’s blockchain, among other vital functionalities.These firms are Colendi, ReBloc, Datacoup, Ocean Protocol, Datawallet, 2key, Portal network and Eximchain.