[Enigma] Week 3 ENGNS Update
Last week, we talked about the secret auction procedure for the Enigma Name Service (read week 2 update). This week, as most of the development are under local environment, we will be talking about what it means to have privacy in blockchain.
Unless you’ve been living under the rock in the past years, you probably have encountered a lot of Blockchain related hypes or received endless visionary about a decentralized wonderland.
Blockchain emerged in 2009 as the core operating system for Bitcoin. It laid the ground for a new era of digital peer-to-peer transactions. With 10 years of history, it demonstrated how a future networking system can be designed.
So far, Bitcoin and Ethereum have demonstrated that blockchain technology — a decentralized system — can work on a global scale. It records all of its transaction on a public ledger, making anyone accessible to all the information on it. Due to this open and transparent characteristics, unless someone can take down the entire network, blockchain is at its nature temper-proof and secure.
However, when blockchain is applied for a business or a company, one major problem arises — privacy. It would hard to find a company that are willing to publish all of its information onto a public database where anyone can arbitrarily read without any restrictions. Therefore, for companies to adopt to this new form of technology, it is necessary to offer a privacy-preserving solution and allow users to benefit from the security of a blockchain at the same time.
Privacy on Enigma
Enigma, a blockchain data privacy company that’s is designed to protect users’ data on Enigma network, where input data is kept hidden from nodes. It is a privacy-protected, decentralized computing platform, which allows multiple parties to collectively store and calculate informations while maintaining privacy. Enigma transferred the “smart contract” into “secret contract”, where inputs is hidden from the Enigma network that executes code. The system breaks down the data into pieces and masks it with the algorithm. Engaging computers only need to contribute to the entire network with its bandwidth, hard disk space, or CPU capabilities, and it will be impossible to obtain raw data through these fragments. To destroy or crack the entire system, getting raw data requires controlling all servers across the network.
Once Enigma’s main net is released, it would open up a viable option for corporates and companies to build their application on a transparent tamper-proof blockchain environment, being protected under the Enigma protocol. Meanwhile, we are excited to see how Enigma Name Service (ENGNS) would serve as an gateway for an easier adoption for Enigma.
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