Founder and CEO of Enigma (ENG), Guy Zyskind announced on Medium that Enigma will team up with Intel. The partnership will focus on research and development efforts to advance the development of privacy-preserving computation technologies.
Enigma’s main goal is to provide a platform, the first of its kind for scalable and end-to-end decentralized applications. One might think that many cryptocurrencies attempted to achieve this but look at how that went, the solution is not so simple. A lot of work, a lot of brilliant minds need to come together in making this aim a reality and it seems that the latest partnership with Intel might just spark that breakthrough Enigma needs.
There are many privacy challenges that are creeping into blockchains and one of the biggest challenges of creating such technology is ensuring its scalability as well as keeping it decentralized. Enigma will utilize Intel’s SGX (Software Guard Extensions) to work on these issues and challenges and come up with innovative solutions.
The duo working together on privacy projects will only help create solutions for the various challenges that decentralized apps have to offer at a much faster rate. The solution Enigma speaks of would keep all data secure while still maintaining the reliability and scalability aspect of it as well because currently, a compromise has to be made on at least one aspect. If all goals are achieved at the same time, it will truly be the beginning of a new era.
From Intel’s side, Rick Echevarria, Vice President, Software, and Services Group and General Manager, Platforms Security Division at Intel Corporation, said:
“Intel is committed to enabling business transformation by shortening the time-to-value from blockchain implementations and working with the industry to address privacy, security and scalability challenges. Enigma’s protocol approach is helping solve the challenges on public blockchain networks and improving data privacy and smart contract security.“
How Enigma can benefit from the partnership
Enigma doesn’t really have much to lose here, it’s a win-win for them. They’re teaming up with one of the world’s largest tech companies whose reputation is unquestionable. Intel brings a lot of credibility to Enigma which is just what they would need in order to convert doubters into believers.
Using SGX technology in order to protect user data also overlaps with Enigma’s goals as it helps in creating decentralized applications at a large scale. One of the main problems with decentralized applications is the lack of privacy a lot of times. The problem is that not everyone plays nicely on the internet. Since there’s no central authority to keep everything in check, it’s very easy for people to collect and misuse other people’s data.
If more resources are put towards data protection, then more often than not, that system is not as robust and hence not scalable. The usage of SGX technology will help Enigma in producing an efficient solution that will try to address all of these problems. According to Zyskind:
“Enigma’s vision is making decentralized technologies work at scale, and in these critical early stages of the industry it is important to work with the best partners and technology.”
“Intel chip tech can improve privacy and throughput to blockchain Apps. Intel sees value in adding protection to the blockchain and an ideal venture for enterprise solutions.”
What does the growth of Enigma Coin mean?
When the partnership was announced, many people would have noticed that Enigma’s cryptocurrency (ENG) also started going up in price. At the time of this writing, the coin has gone up 2.39% in the last 24 hours. The growth of Enigma is a good indicator because it shows that Enigma has a vote of confidence from investors.
Perhaps the main reason for the increase is due to Intel. As mentioned before, Intel is a giant and there are no doubts over the company’s legitimacy or credentials as an innovator. Therefore, when you partner with a company like Intel with cutting edge technology, investors are likely going to expect big things, which is why more people will want to invest in Enigma which is exactly the case right now.
Although it’s still a bit too early to say anything for sure, the partnership between Enigma and Intel holds a lot of promise. It’s a win-win for both because, on one side, Enigma will benefit from Intel’s technology and reputation. On the other side, Intel can use Enigma’s implementation of smart and secret contracts on its own systems which would make Intel’s systems more secure and robust, which in turn would attract more investors for the already huge firm.
Thus, with both sides set to benefit, one can only hope that the partnership lives up to its potential as it could give birth to some really powerful applications in areas like healthcare, credit, finance etc. It can also help with securing personal data, identity etc. which is a big problem these days.