The Enigma project is not a cryptocurrency itself, but rather a privacy protocol built on top of existing blockchain networks. It aims to enhance the privacy and security of decentralized applications (dApps) by encrypting sensitive data and allowing for secure computation on decentralized networks.
Enigma uses a technology called "secure multi-party computation" (MPC) to keep data private and secure. Through this approach, individual data is broken into pieces and then encrypted separately. The encrypted data is then distributed across a decentralized network of nodes, ensuring that no single node has access to a complete data set.
By leveraging the Enigma protocol, developers can build applications that preserve data privacy while still benefiting from the advantages of blockchain technology, such as immutability and transparency. The Enigma project also offers a separate utility token called ENG, which is used within the network for incentivization and governance purposes.
Enigma's goal is to empower individuals with control over their data while still enabling the development of powerful decentralized applications. It has the potential to find applications in various fields, including finance, healthcare, and supply chain management, where data privacy and security are critical.
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