Colendi is proud to announce a partnership with Enigma, a permissionless, peer-to-peer network that allows for ‘secret contracts’ with accuracy and privacy guarantees. Enigma enables the transfer of API data to the blockchain ecosystem and manages private contracts, all while keeping sensitive data hidden from participants of the network. Enigma is the key to keeping decentralized protocols and secure off-chain computations while ensuring the data itself is concealed from the nodes that execute computations. The Enigma protocol was created to combat over-centralization and create a more sustainable future. It envisions a truly decentralized future with real solutions to data crises.
Preserving privacy is an important concern for most dApps since Ethereum was created. Enigma’s 2015 white paper, which points to decentralized computation with privacy, became one of the most commonly cited technical documents in the blockchain industry. For the blockchain market and everywhere else decentralization is critical, Enigma is a pioneer that has addressed issues regarding privacy while allowing for computations of the data.
Colendi sees Enigma’s secret contracts and secure Multi Party Computation (sMPC) environment as an immense development opportunity to enable Colendi services. Colendi ID and our scoring algorithm require sensitive information from borrowers — including national identification numbers and bank statements — to verify their existence and the accuracy of any data provided. Enigma ensures that this data will remain safely hidden and uncompromisable in the event of a hack.
How Colendi will benefit from Enigma
The partnership will begin with the technical integration of the two protocols. Both Enigma and Colendi place high value on the expansion of each protocol based on this game-changing partnership. A successful collaboration with functioning protocols and integrations will serve as market-tested proof reference of both projects. Moreover, the development teams of both projects will contribute technical support during the integration.
Following are some key benefits Colendi will achieve from its relationship with Enigma:
- Enigma’s secret contracts allow us to store relations between data providers and users with parameter-hiding property. Data providers in the Colendi ecosystem will submit information on behalf of users without exposing anything. User-specific data is stored on any decentralized cache as encrypted/anonymized, and any reference to data will be stored on a secret contract.
- Social media data is one of the most important components of Colendi ID. It is not possible to access social media over blockchains because neither API Keys nor access tokens can be kept private in order to access user data. While secret contracts allow us to store access tokens, off-chain computation allows us to make API calls to social media services as shown in below figure. Therefore, we are able to securely run algorithms through user’s social media data.
- Machine learning algorithms cannot scale while being executed on nodes of any blockchain. With Enigma, these computations can be executed on any worker node and can be verified by other nodes in Enigma Network. Along with scalability, as the nodes cannot leak any information, Colendi will also provide privacy of user-specific parameters.
The differentiated technology brought to the table by both projects adds considerable value to this collaboration. Enigma’s data privacy is critically important for Colendi ID, Colendi Score and other dApps and their management of personal data. User information needs to be protected and Enigma’s technology is uniquely capable of handling this need.
With the tightening dApp ecosystem, where many apps and projects are created every day, quality and deliverability stand out. In the dApp environment, synergistic partnerships can boost the usability and reputation of all projects. Colendi believes this partnership with Enigma can shape our unique technology into the secure, global, private on-chain protocol currently unavailable in the market.
Sources
1] https://enigma.co/protocol/
2] https://blog.enigma.co/enigmas-ambition-our-latest-roadmap-8d50107ad314
3] https://blog.enigma.co/defining-secret-contracts-f40ddee67ef2
