Enigma (ENG) Coin Rises Over 73%; What is it, How to Buy it and Where to Store it?
Enigma is the latest privacy alt coin to surge, with a rise of over 73% in the last 24 hours, from $2.75 to a high of $4.78. However, the recent Bitcoin rise has resulted in a dip, taking it down to $4.39.
The team behind Enigma is a group of MIT graduates and the coin is backed by an impressive academic whitepaper and an equally impressive group of advisors including CEO of Abra, Bill Barhydt and Director of MIT media lab, Prof. Alex Pentland.
Enigma functions by creating an off-chain storage for private data, which is attached as a second layer to an existing blockchain. Parties can store and run computations on the data without being able to view the content unless the existing blockchain grants access.
Using a Turing-complete scripting language, each node is given a stand-alone piece of seemingly random information so that no single party has access to the complete data; this allows privacy to remain totally decentralized.
By implementing this function via smart contracts, Enigma enables users to send encrypted content using smart contracts, without comprising their computation, and preventing any single party from viewing the content.
How to buy Enigma coin?
Enigma (ENG) is currently listed on Bittrex and Binance exchanges, available in both Bitcoin and Ethereum markets: ENG/BTC and ENG/ETH.
NOTE: There is another alt coin under the name ‘Enigma’ with the ticker “XNG”. Always make sure you search for the correct ticker before purchasing any coin from an exchange. If the incorrect coin has a low trading volume you may end up being unable to sell off your purchase later.
Where to store Enigma coin?
Unfortunately, Enigma does not have its own wallet yet, nor is it available on any multi-coin wallet apps, which is not surprising, since the coin has only recently been added to markets. Once you’ve bought Enigma from either Bittrex or Binance, you can store the coins on MyEtherWallet (MEW) by creating a new wallet if you don’t have one already. You will also need to send some ETH to your new MEW wallet in order to provide ‘gas’ for the transaction.
Since Enigma is not listed on MEW by default, you will need to add it manually, using the instructions shown in the image below:
The decimal to type in is “8” according to Engima’s official Tweet, which also shows the contract address:
Leaving coins on exchanges is not recommended because you do not hold the private keys, and if an exchange shuts down, or gets hacked, you run the risk of losing all your holdings. Even when you create a wallet on MEW, be sure to properly backup all your info, including the private key and QR codes that can easily be printed and put away safely.
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