[Enigma] Week 4 ENGNS Update

Last week, we talked about what it means to have privacy on the blockchain (read week 3 update). For this week’s update, we are going to discuss possible applications and use cases on Enigma’s secret contracts.

Let’s take a quick recall on Enigma’s secret contract. It allows data to be processed by nodes while being kept private, enabling users to operate sensitive data. Since no business or organization would agree to make any of their sensitive data public, it is not hard to imagine that privacy is needed in blockchain.

Take banking as an example. If a user wants to take a loan, his or her transaction could be seen and observed by the entire network. The transaction itself is safe and secure due to the characteristic of blockchain, but parties with bad intention could use these sensitive information to initiate many unwanted transaction to the targeted address in the hope that it might mistakenly approve it one day.

With Enigma’s secret contract, transactions could be carried out under a private environment, letting only the parties involved to access the relative data while it remains confidential. Some other possible application could be healthcare or genomics companies where a lot of identity verifications is needed.

This could be further applied into a marketplace where users can make their data accessible for those who subscribe and would like to use it for their applications.

Data Marketplace by Enigma

The Enigma Data Marketplace is governed by a Ethereum smart contract operated with Enigma token. The smart contract will allow data provider to upload their data for subscription while users can freely subscribe to the existing data through payment with Enigma. The origin of the data is stored off-chain and the Enigma network act as the controller. The subscription, verification and request process requires several mechanism behind the scene that allows communication in between off-chain and on-chain. We will further discuss in our future weekly updates.

While the secret contract unlocks the potential for different industries, the ENGNS deployed by Portal Network can interact with the contract at a human-readable name. To allow easier interaction between wallet addresses, DApps and DWebs (read about ENGNS). Accordingly, users can send and receive tokens in the decentralized data marketplace, interact with the contracts built within and take advantages of the privacy that Enigma provides.

Thank you for reading.

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