When looking to invest in a coin long term, there are quite a few things that I will research before making the decision to invest. What is the use case of this coin, is the technology recycled or innovate, does this coin have what it takes to sustain long term use in an ever growing, demanding and changing industry? And most importantly, who is the team behind this idea?
Enter Enigma, $ENG. Enigma was co-founded by Guy Zyskind and Alex “Sandy” Pentland. Both graduates of MIT, Sandy is currently the Director at MIT Media Labs, Google Board Member and is known as one of the worlds most powerful data scientists. Personally, knowing Sandy was one of the Advisors for Enigma gave me enough confidence in the team to seriously look at investing heavy in this coin. Looking more into the people within Enigma, as if the resume of the co-founders wasn’t good enough, the team bolsters other MIT graduates for positions like Head of Growth and Marketing and Senior Software Engineer. While an outstanding resume like this doesn’t always guarantee the abilities to deliver on a project, Guy Zyskind was able to set the precedent with his Enigma White Paper, which he began working on in 2015, and is one of the most downloaded white papers in cryptocurrency with over 100,000 downloads.
Enigma has two projects they are currently working on, Catalyst and Protocol. Catalyst, “a platform for data-driven crypto trading and investing.” and Protocol, “a second-layer, off-chain network that aims to solve the two biggest problems for blockchains: scalability and privacy.” Catalyst is currently available to use while Protocol is looking to go live with mainnet in the second part of 2018. Protocol is the part of the project that has most investors interested. To put into simple terms to understand, think of Protocol as the privacy version of Ethereum.
Currently, smart contracts are ran on block chains where there is no privacy and the data being sent can be viewed by anyone. This puts companies that want to use block chain technology in a bind. Having the benefits of block chain will not do businesses like banks, hospitals or credit companies any good if they put your financial information, medical records or credit score data on a platform that is available for everyone to see. So what Enigma looks to do is create a “secret contract” system that allows DApps to be ran on their platform, thus creating a private way to send and store information on the block chain. It is important to know that this is not the same as privacy coins. Privacy coins serve one function; as currency, while Enigma is built for private applications.
As of this post, Enigma currently sits at #91 on the Coin Market Cap at 29348 Sats, a USD value of $2.42. Its total supply is only 150,000,000 with a circulating supply of 74,836,171. Prior to the market dropping it had a higher position in the mid 60’s with a price of about $7.50 a coin. As the mainnet goes live and Enigma starts partnering up with unique companies that have mandatory needs for privacy on the block chain, along with a relatively low supply, you can expect Enigma to eventually reach a long term (1-3 years) value well into the triple digits. Based on the price that it previously reached a month ago, it’s team, development and road map, a current value of $2.42 is an absolute steal.
Overall, Enigma is my top coin, making up 35% of my portfolio. I feel that the team behind it has every resource and skill set to create a system that will revolutionize the way data is privately sent and stored on the block chain. I believe this makes it very appealing to the type of partnerships that would bring in high volumes and long term relationships. Privacy has become a crucial part of how businesses are ran, with costs in the billions to maintain this with customers, users or patients. When choosing a block chain technology and company to use in day to day business, I believe Enigma will be on the top of most corporations list. This is a coin that I plan on holding long term as 2018 will be mostly about development on Enigma’s end and speculation on the markets end. By 2020 I believe Enigma’s true value will meet or exceed most price predictions and will be a very solid investment for anyone looking for long term growth.
(Below are some resources if you would like to learn more about Enigma.)
Enigma AMA (Ask Me Anything) Video: Enigma AMA