Enigma - Turning "smart contracts" into "secret contracts"

Enigma (ENG)

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When you think "smart contract" a few cryptos might come to mind, but the biggest one currently is Ethereum (for now). However, other projects promise far better user-experience like EOS, which has the ability to handle over 10,000 transactions per second. Also we have NEO, which can be written with any language code.

Enigma offers something different..Secret contracts!

What is a secret contract?

Think Zcash meets Ethereum, but with a twist! According to to their website:

Enigma is a blockchain-based protocol that uses groundbreaking privacy technologies to enable scalable, end-to-end decentralized applications.

Now you might be asking yourself "What's the benefit of using a secret contract?" and you would be right to wonder that.

I have heard promises in the past of things similar to this, but only ended with broken promises (nothing new in the crypto space), but if you think about it you may find MANY uses for this!

Imagine you're a cell phone company that buys screens from a supplier at a specialized price. Would you want your competitors knowing the details of your contract?

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I mean part of the point of decentralized apps is to not have entities monitoring/controlling our every moves!

Now I am not saying this should be a way to hide fraudulent activity, and I'm not saying there is no need for non-secret contracts, because there are many reasons to have transparent smart contracts.

For example, governments should absolutely be transparent, and even companies that are running things like initial coin offerings should be transparent as well!

Conclusion

Enigma sounds like a great concept, and being fairly new I think over time we will see the potential and benefits.

There is room for all great projects in the world of blockchain, and I think to say one is better than the other is not always best, because there are use cases for all of these.

So if you want to know any more about Enigma check out their website https://enigma.co/ for more information.

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Thanks for checking this out, and let me know what you think!

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