Home / Crypto Currency / ‘Secret Contracts’ Developer Engima Launches Test Blockchain

‘Secret Contracts’ Developer Engima Launches Test Blockchain

A built-from-scratch blockchain aiming to enable private contracts between users has officially entered testing.

Announced Saturday, the news marks the latest step in a journey for startup Engima to launch its own technology – developed at the MIT Media Lab, the project is based on a white paper published in 2015. Initially aimed at the hedge fund sector, Enigma now brands itself as a protocol for "secret contracts," which it demonstrated last month at CoinDesk's Consensus 2018 event.

As such, the announcement means that the technology, a form of modified smart contracts designed to obfuscate the origin of a transaction, as well as allow a blockchain to compute contracts without decrypting them, is now closer to real-world use.

However, in remarks, project leaders were quick to caution expectations.

Stressing the novel nature of the technology, they wrote:

"We acknowledge that development of these types of innovative technologies is non-linear and an ongoing, iterative process. We're not simply forking an existing platform – we're building something completely new and essential, something that will take (and has taken) many people and many days and nights to build."

Still, signs are others are beginning to take an interest in the technology, even at this early stage.

Earlier this month, Enigma announced it was working with technology giant Intel to further develop its platform, as well as applications to run on the protocol.

After the testnet launch, Enigma plans to prepare for a mainnet launch within the next three months, according to its roadmap.

Decryption image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Read more

Check Also

What is the COINiD Cold Storage Solution?

Cryptocurrency users all over the world are always looking for ways to keep their funds safe and secure. That is a pretty big challenge, especially when buying a hardware wallet is not an option. COINiD, a new software-based cold storage solution, may offer a viable alternative in this department moving forward. The COINiD Concept Explained For those who are unfamiliar with COINiD, it is a software solution providing cryptocurrency cold storage solutions to Android and iOS users. This wallet solution is completely open sourced first and foremost, which means anyone can review the code to determine whether or not this solution is worth exploring. How Does it Work? What most people are interested in is how the COINiD solution works and what it has to offer. It is designed to support cryptocurrencies, with support for Bitcoin available at this time. Other currencies may be added moving forward, as the site makes mention of Litecoin, Ethereum, Monero, Dash, and a few others. The functionality provided by COINiD includes full control over private keys, offline address validation, SegWit support, biometric authentication, and so forth. The biometric authentication supports fingerprint scanning on Android and FaceID scans for iOS devices. There is still more functionality waiting to be added moving forward, although the current set of features is rather compelling as well. The COINiD solution exists of two different applications to provide additional security. The COINiD Vault stores private key information in a completely offline manner and signs transactions. The COINiD Wallet is a regular wallet solution to spend and receive funds. It also communicates with COINiD Vault for transaction signing. As such, users can benefit from additional security and give one of their old Android or iOS devices a second lease on life. Is it a Viable Solution? For those cryptocurrency users who do not feel comfortable using anything other than mobile devices to keep their holdings safe, this option is worth exploring. Most people rely on hardware wallets, as they are more secure in general. However, the COINiD concept certainly has plenty of merit, assuming one has a spare device to “sacrifice” for this specific purpose. Having multiple options to store cryptocurrency is never a bad idea, though. The post What is the COINiD Cold Storage Solution? appeared first on NullTX.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.