Where to buy, sell and exchange Bitcoin and cryptocurrency.
Where to buy Enigma (ENG) in Australia
What is Enigma and how does it work?
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
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)
Quick guide: How to buy ENG
- Register for an account with a cryptocurrency exchange like Swyftx.
- Verify your account.
- Go to the deposits section
- Select your preferred payment method and confirm.
- Go to the buy section and select the cryptocurrency you want to buy.
- Enter how much you want to buy, or how much you want to spend.
- Double check the details and confirm your purchase.
This is our quick guide to just one way to buy ENG. Compare some other options in the table below.
How does Enigma work?
Enigma and Enigma Catalyst are separate but related projects run by the same team.
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.
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.
More guides on Finder
How and where to buy NFTs
Read our comprehensive look at NFTs, including what they are, how to invest and the risks attached with buying them.
How to stake Tron
Find out how to stake your TRX tokens and how Tron’s delegated proof-of-stake consensus mechanism works.
Where to buy the Apple iPhone 13 in Australia
Here are all the places you can buy the iPhone 13 in Australia.
A beginner’s guide to Bitcoin and cryptocurrency ETFs
If you’re looking for ways to gain exposure to Bitcoin and other digital currencies, cryptocurrency ETFs could be worth exploring. Find out what crypto ETFs are and how they work in this introductory guide.
NFT Marketplaces Review and Guide
An all-encompassing guide on NFT marketplaces. Learn how to sell, buy and create your own NFTs on the world's most popular marketplaces.
OpenSea review and guide
An in-depth review and guide to buying and selling NFTs on OpenSea.
NBA Top Shot review and guide
This in-depth NBA Top Shot review and guide will give you all the necessary information to decide whether you should buy NBA Top Shot NFTs.
Polygon (MATIC) explained: Our comprehensive guide
A comprehensive guide to Ethereum's Layer-2 scaling solution, Polygon. We review its features, capabilities, perceived risks, and show you how to use it for DeFi.
RelayPay cryptocurrency card and app
FInd out about how RelayPay works, what cryptos and fiat currencies it supports, the fees for using it and safety information.
Where to buy Dogecoin (DOGE)
A beginner’s guide to buying and selling this decentralised, peer-to-peer cryptocurrency.
Get into cryptocurrency
Ask an Expert