Blockchains that support smart contracts are public networks with unsecured open systems. Enigma, a project started in 2015, has the vision to address this challenge through the Secret Network, which supports encryption in inputs, output, and the state of smart contracts.
By integrating blockchain technology with privacy technology, Enigma believes that it can unlock the potential of WEB 3.0. Enigma maintains that privacy technology has varied use cases in finance, medicine, and healthcare.
Secret Network is a secret node protocol that uses trusted execution environments to encrypt data. Users are provided with private keys to control their data and those they want to share. The network’s protocol supports encrypted data without sharing it with the blockchain or the validator nodes. Enigma works as a layer-two solution built on the main blockchain to support off-chain computationally intensive or private tasks.
Enigma was introduced following a whitepaper published by its co-founder and CEO, Guy Zyskind. Can Kisagun be the other Enigma co-founder, currently serving as the Chief Product Officer?
If you are looking for Enigma price projections for 2022-2025, look no further. We will look at the current Enigma pricing to see what to expect from the future price changes.
What is Enigma?
It is a decentralized, peer-to-peer computation blockchain that focuses on privacy. The protocol enables parties to store and run computations on data while keeping it private. The project developers proposed the concept of secret contracts in 2017. Enigma’s secret contracts act as an equivalent to smart contracts. Secret contracts are executed off-chain, and the data is distributed among Enigma nodes. Under the smart contracts, nodes can prove that they have completed their tasks without checking the underlying data.
Enigma consists of:
- Protocol layer
- Platform layer
- Application layer
The protocol layer supports private data computation, while the platform layer supports data marketplaces. The application layer is an ecosystem for decentralized applications. Secret Network is built using the Cosmos SDK and Tendermint consensus algorithm.
Enigma token: should you invest in ENG today?
ENG is currently not an ideal option for a short-term investment. The token remains under a bearish momentum, trading below the $0.25 resistance level. Moreover, the 50 moving average (green line) and the 100 moving average (red line) offer resistance to the upside. The Relative Strength Index remains above the oversold zone, meaning the price can drop further.
On a more bullish view, the use cases of privacy technology place ENG in a strategic position in the industry. We also expect to see upward momentum in the long term as investors search for undervalued digital assets. With ENG currently trading below its all-time high, the token has an opportunity to rebound.
- According to the technical analysis, ENG price is forecasted to trade at a minimum of $0.06 by 2022, a 47% increase from the current price.
- Enigma could reach a maximum price of $0.12, about a 145% increase from the current price, and trade at an average of 0.1 throughout 2023.
- In the 2024 price forecast, ENG is expected to trade at a minimum of $0.12 and a maximum of $0.14, a 243% increase.
- For the 2025 price forecast, ENG could trade upwards of $0.3, reaching a maximum of $0.4.
Will Enigma (ENG) reach 0.1 USDT in 2022?
According to the latest price outlook, ENG is currently trading at $0.04074. The cryptocurrency is ranked at number 1,968 by CoinMarketCap, with a market capitalization of $567,317.53. ENG has dropped 9.31% in the past day, trading at $0.04691, with the trading volumes at $238,993, a 4.71% decline. In the past seven days, ENG has shown some bullish momentum. It is up 55%, with the market capitalization also on a 6.6% jump.
The past three months’ price analysis shows that ENG declined by 5.67%, from $0.09961 to $0.04074. Similarly, its market capitalization plunged about 60% in the same period, from $1.51m to $594,123.76.
The all-time chart also shows a decline since the price jumped to a record high of $8 towards the end of 2018. From the ATH, the price has plummeted by about 100%. Similarly, market capitalization has dipped by almost an equivalent amount.
Want to buy ENG?
Follow these steps:
Step 1. Open an account with Binance or any other major crypto exchange.
Step 2. Verify your account details and buy BTC. You can buy Bitcoin using a credit or debit card at Binance.
Step 3. Transfer your BTC to a Bittrex account using the provided deposit address. You can now purchase ENG tokens with BTC.