Enigma (ENG) – Have you ever wondered how bitcoin came about, and why it has become so powerful? Well, bitcoin was the result of a failed financial system, which was exposed by the 2008 financial crisis. It was at that point when too much centralization of financial power in the hands of bankers almost collapsed the world economy.
That’s when the infamous Satoshi Nakamoto came up with a decentralized system where all financial transactions can be validated publicly, and with that Bitcoin was born. The rest as they say is history. Bitcoin has opened the way for all manner of blockchain based solutions that are guaranteed to make finance more transparent, for good.
Now a new crisis is emerging that closely resembles the financial crisis of 2008, and that’s data privacy. It is now emerging that the American 2016 election was highly influenced through social media. Apparently, data companies would use social media platforms to target people with messages geared towards influencing their voter choices.
This is all coming out after Cambridge Analytica was exposed for having influence elections not just in the U.S, but in many other nations all across the world. The company was using personal data obtained from Facebook to target people with political messages. But it’s not just in politics that social media companies are misusing your data. Your data is also being used to target you with marketing adverts even though you don’t in any way benefit from the sale of that data. Multinational social media corporations are now resembling banks in 2008.
To solve this problem, some people think blockchain can be used to create transparency, just like it did with the financial system. Unfortunately, blockchain seems to be failing when it comes to disrupting the data industry. That’s because information on the blockchain is not private, which defeats the whole essence of its use in disrupting social media. It is also extremely slow when employed at scale, which makes it difficult to use when dealing with big data.
That’s where Enigma (ENG) comes in! This platform makes use of a technology known as secure computation. Secure computation allows for manipulation of encrypted data. Through this system, enigma can run nodes over any blockchain without getting access to the data that the nodes are running. This means that data is decentralized and power taken away from powerful social media corporations to the hands of users, but in a highly secure and private environment.
This technology places Enigma at a very interesting position in the world of social networking. That’s because it has come a time when people are increasing getting inpatient with how social media companies use their data, which means the demand for a more secure system is there.
In essence, Enigma (ENG) might easily give rise to the next social networking giant, albeit a decentralized one. Think the bitcoin of big data and social networking. Considering how big social networking is, you can expect the value of this crypto to shoot up significantly as decentralized social apps begin to take shape.