Where to buy Enigma (ENG) in Australia

Enigma (ENG) is a highly specialised cryptocurrency. The main purpose of the Enigma system is to allow for the analysing and computation of data without that data actually being revealed. For example, if a group of people wanted to work out their average salaries and their exact place in the hierarchy without anyone actually disclosing their individual salaries.

There are two main parts to Enigma.

• The main Enigma ecosystem – Does the above.
• Enigma Catalyst – Is a holding platform that lets developers tap into Enigma’s data marketplace and the main home of the Enigma token.

Note: Enigma ENG is not to be confused with Enigma (XNG). This article is about Enigma ENG.

Where to buy Enigma (ENG)

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• What wallet do I need for Enigma?

  You can hold Enigma ENG in MyEtherWallet by adding it as a custom token. You can then link that wallet to a Ledger Nano S hardware wallet for extra-secure offline storage.

  To add a custom token, follow these steps.

  1. First, check whether it’s already available. It may have been added recently. If so, you don’t even need to go through these steps.
  2. On the “Send Ether & Tokens” page of MyEtherWallet you’ll see a button labelled “Add Custom Tokens”. It’s in the Token Balances box. Click on the Add Custom Tokens button.
  3. You’ll now need to input an Address, Symbol and Decimal. These will indicate the token that you want to add to your wallet. Go to https://ethplorer.io/ to find these. We’ve also put them below, but it’s a good idea to check for yourself.
  4. At Ethexplorer, search for the name of the token in the search bar. Add the listed Address, Symbol and Decimal to the fields in MyEtherWallet.

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  • Where’s the Address? The Address is found right at the top of the page. It’s the long string of numbers and letters below the token name. It’s also in the “Contract” in the Contract Information section.
  • Where’s the Symbol? This is just the currency symbol. It’s in the token information section.
  • Where’s the Decimal? The decimal is also in the token information section, labelled as “Decimals.” It will be a number from 1-18.

  The details for Enigma are:

  • Address: 0xf0Ee6b27b759C9893Ce4f094b49ad28fd15A23e4
  • Symbol: ENG
  • Decimal: 8

How does Enigma work?

Enigma and Enigma Catalyst are separate but related projects run by the same team.

Enigma

This is the initial project. It was created for the purposes of letting people run computations on data while keeping the data itself secure and private.

It’s a very specialised function, but with more application than there might initially seem. For example:

• Two businesses want to enter into a partnership and make informed decisions on how best to divide their resources, but don’t want to actually disclose any sensitive commercial information.
• Analysing and studying medical data without the usual risks of accessing and storing confidential information.
• Reducing the chances of corruption, data misuse or growing inequality while facilitating research with sensitive information.
• Letting individuals sell their own sensitive personal information with the confidence of knowing that it’s going to remain private, but can still be used.
• Allowing for a large pool of data for machine learning without the costs and problems associated with accessing confidential information on a large scale.
• Allowing Enigma to become a secure and decentralised data marketplace.

Enigma aims to combine on-chain and off-chain systems to allow for more efficiency. Data is communicated and secured over the blockchain, while computations take place on Enigma’s off-chain system and remaining secured via the blockchain.

It’s intended to be able to connect with existing blockchains and then offload to the off-chain system for processing.

This allows for complex and intensive computations, a wealth of information taken from other blockchains and uncompromising security and reliability.

This will be wrapped up with functionality for developers to create their own decentralised applications to make full use of this data, without any trusted third parties.

Enigma Catalyst

Catalyst is an algorithmic trading tool for cryptocurrency exchanges designed to tap into the Enigma data marketplace.

It’s meant to let developers more quickly and easily create their own machine learning trade-bots for cryptocurrency exchanges, with a large pool of data at their disposal.

The ENG token is the main currency of the Catalyst system used to access these opportunities.