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Enigma, a decentralized protocol designed to create secret smart contracts, has launched its networked testnet on Ethereum. So, anyone can now give the network a go, with pretend Enigma (ENG) tokens.
Smart contracts are pieces of code running on a blockchain that, when their conditions are met, result in an action, such as a cryptocurrency transaction. But what if someone wants those conditions to be kept secret? In comes secret smart contracts, where the details are kept secret—but still result in the intended action.
According to the firm, the testnet provides anyone with the ability to generate their own “secret nodes” for the first iteration of its secure computation protocol. These nodes make it possible to create secret contracts. They’re built using the Rust coding language.
Node operators are rewarded fees in ENG and are required to stake ENG tokens in order to operate nodes on the company’s network.
Enigma said the launch of the networked Discovery testnet means node operators “may for the first time begin staking their own testnet ENG tokens and connecting their computers to the Enigma testnet.”
— Enigma - We ❤️ Privacy (@EnigmaMPC) December 16, 2019
Guy Zyskind, co-founder and CEO of Enigma, said, “The launch of Enigma’s networked testnet marks an important milestone for our technical team, our community, and the decentralized internet.
“Our team, community, and ecosystem of collaborators can now look forward with excitement to the start of the Genesis Game and the launch of Enigma’s first mainnet in 2020.”
The news comes following the release of Enigma’s first developer’s testnet, which allows technologists to create “secret contracts” to be run on Enigma’s network.
Spun out of the Massachusetts Institute of Technology in 2015, Enigma is developing products and systems that help to accelerate the adoption of decentralized technologies.
Its technology means that smart contracts can securely use private and sensitive data as inputs, which Enigma claims could help to unlock applications across industries such as decentralized finance, identity, credit, machine learning, IoT and healthcare.
Enigma’s network is powered by a hardware-based privacy technology called Trusted Execution Environments (TEEs) so that code is executed securely in processors.
Jamie Burke, founder and CEO of Outlier Ventures, added, “Privacy preserving technologies are fundamental to Web 3 and The Convergence Stack as we look to unbundle incumbent web platforms.
“Therefore we are very proud to be working with the Enigma team and excited to see their technical progress. Enigma’s technology is foundational to a better internet.”