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January 05, 2018, 03:22:35 PM |
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Enigma - ENG
1) Team - The Enigma team is perhaps the most qualified team in crypto. MIT Media Lab has been at the forefront of blockchain since the beginning, and innovation in general. In addition to MIT pedigrees, they have real, tenured backgrounds in development and distributed systems - it truly amazes me how many projects have generated higher market cap with zero credibility in distributed systems (let alone non-development backgrounds...).
2) Protocol ambition - unless you do the research, it's easy to miss what they are trying to accomplish. The most recent blog post outlines potential real-world use cases in six large industries, each $50B+. To help understand, I've pulled out passages from select blog posts:
"This is an ambitious vision that rivals the scale of large projects like Ethereum and Filecoin while complementing their functionality. In addition to our data protocol, we are building products (such as Catalyst) that will democratize the tools for interacting with and consuming data."
"[The Enigma protocol] aspires to complement a blockchain (of any kind) with an off-chain data network (essentially a single, always-on decentralized database), in much the same way that payment networks (e.g., Raiden) offer better financial transactions scalability. Essential to the Enigma network is the ENG token
"We hope this explains the reasoning behind our naming. Enigma was, and still is the name given to the decentralized data marketplace protocol. It is also the name of the company behind it. Catalyst is the first application to encourage adoption of a decentralized protocol that we hope would one day hold the long-tail of data on the web. As the name suggests, Catalyst is meant to speed up the adoption of this protocol."
"We are facing the opportunity to completely reshape dozens of industries, each with tens or hundreds of billions of dollars of unlockable value, if we can solve the two major issues of blockchains: scalability and privacy."
3) A functioning product - Catalyst is the first product example and already available for use. Catalyst is only the beginning and I believe pales in comparison to broader Enigma protocol use cases, but it serves as a proof of concept and a proof point that the team is legitimate and can deliver. Many other larger market cap projects have nothing beyond a whitepaper.
4) Incredibly undervalued - a 30x return may sound high, but that would result in a ~$12B USD market cap today (less than Cardano Stellar Tron - honestly not unreasonable ignoring marketing hype and based on project merit alone).
Decentralization is the future, but most crypto projects today are held up by irrational market exuberance alone and will ultimately fail. The Enigma protocol has the ability to become the backbone of our decentralized world.
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