Subscribe to Our Newsletter
Monday May 23, 2022
Bitcoin (BTC) $30,104.00   Ether (ETH) $2,026.36
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Investment Management
    • M&A
    • Mining
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
No Result
View All Result
Swap USDT (TRC20) Instantly
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
Changelly
CryptoNinjas
Home Vendor Technology

Blockchain privacy protocol Enigma explores new use-cases with Chainlink

Published by CryptoNinjas.net
12/06/2019
Blockchain privacy protocol Enigma and Chainlink explore use-cases

Enigma, a decentralized, open-source protocol that lets anyone perform computations on encrypted data, bringing privacy to smart contracts and public blockchains, has announced expanded collaboration with decentralized oracle network Chainlink, to focus on the integration of their protocols for new use cases in “secret smart contracts.”

In the near term, the two teams will explore how Chainlink’s price oracles can be directly integrated with Enigma’s secure computation protocol to improve usability and end-user experience. One key use identified is facilitating ENG/ETH gas price conversion with Chainlink oracles.

“Secret contracts” on Enigma interoperate with other smart contracts using an Ethereum callback mechanism. When giving a task to Enigma, a user pays for both the secret contract computation and Ethereum callback in Enigma’s ENG token. Since it is the Enigma worker who submits the Ethereum callback transaction on-chain, paid ENG must include the ETH gas cost of the callback to maximize usability. Accordingly, the going rate for ENG/ETH must be available on-chain. By integrating a Chainlink oracle, a median conversion rate can be calculated from multiple data sources, mitigating the risk of price manipulation.

Secret nodes are network participants that run a node in the Enigma network and ensure secret contracts are executed in a privacy-preserving manner. Nodes in the Enigma network can be thought of as performing a function similar to miners in Bitcoin.

In the longer term, more complex integrations can maximize the combined and independent power of Enigma’s secure computation protocol and Chainlink’s decentralized oracle network. One such integration is the use of Chainlink nodes to submit oracle data as tasks to Secret Contracts. Application developers will be able to use APIs available via Chainlink to trigger events in their contracts.

Potential use-cases in the blockchain space the two protocols are looking to address include:

  • Off-chain payments: a non-crypto payment could trigger the release of data within a secret contract.
  • Social integrations: a Twitter “following” list could be used to whitelist certain users, and be updated in real-time.
  • Cross-chain activity: events on Bitcoin and other blockchains could be used in the logic of secret contracts.

On the enterprise side, Enigma provides an implementation of the Trusted Compute Framework that is compatible with the Ethereum mainnet. This can bridge the needs of enterprises with the benefits of a public, permissionless blockchain. Enigma enables common enterprise use-cases around logistics and tracking, secure data-sharing, access-control, and identity management. A Chainlink oracle integration closes the loop between real-world data feeds, private computation with Enigma, and the public Ethereum blockchain.

“To date, Enigma and Chainlink are already working together as members of larger industry-wide initiatives and alliances. Both projects are contributors to the Trusted Compute Framework (TCF) working group inside the Enterprise Ethereum Alliance. In addition, both Enigma and Chainlink are recognized as “best-in-class” protocols within Outlier Ventures’ Convergence Stack, a collection of open-source technologies that promise to revolutionize the way data is used, consumed, and protected. This collaboration will allow us to expand upon these ongoing efforts and create new value for both ecosystems and communities.”
– The Enigma Team

54
SHARES
FacebookTwitterLinkedinRedditE-MailTelegram

Related News

Aussie crypto exchange CoinJar integrates Chainlink to improve user experience

01/05/2022
Aussie crypto exchange CoinJar integrates Chainlink to improve user experience

CoinJar, an Australian-based crypto exchange platform operating in both Australia and the UK, today announced that it is integrating Chainlink Price Feeds to help bring accurate fair market rates to its cryptocurrency exchange. With...

Read more

Chainlink oracle network integrated into smart contract platform Moonriver

12/01/2021
Chainlink oracle network integrated into smart contract platform Moonriver

Moonbeam, an Ethereum-compatible smart contract platform on Polkadot, has now announced the mainnet integration of Chainlink Price Feeds on Moonriver. Developers can now leverage Chainlink’s oracle functionality on Moonriver to build DeFi smart contracts...

Read more

Tulip integrates Chainlink on its Solana-based leveraged yield farming platform

11/05/2021
Tulip integrates Chainlink on its Solana-based leveraged yield farming platform

Tulip, a yield aggregation and leveraged yield farming protocol, announced today it is integrating Chainlink Price Feeds. By integrating the popular oracle network, Tulip will gain access to a high-quality, tamper-proof source of financial...

Read more

WOO Network using Chainlink for customized market data on new DEX

10/29/2021
WOO Network using Chainlink for customized market data on new DEX

WOO Network, a cryptocurrency trading platform, today announced WOOFi, a new capital-efficient DEX powered by institutional hedging and market-making techniques. Since Spring of 2021, the WOOFi Swap proof of concept on BSC and Polygon...

Read more
Load More

Discussion about this post

Where to Exchange

Crypto services suite in Spanish Visit
European bitcoin exchange Visit
Swap & buy 150+ cryptocurrencies Visit
America's first regulated bitcoin exchange Visit
  • Trending
  • Latest
Kiln completes $5 million funding round to grow blockchain staking platform

Kiln completes $5 million funding round to grow blockchain staking platform

05/19/2022
Volume on BitMEX Spot Exchange surpasses $10M in 24 hours since launch

Volume on BitMEX Spot Exchange surpasses $10M in 24 hours since launch

05/19/2022
Crypto transaction monitoring platform Merkle Science adds support for 1,200+ ERC-20 tokens

Crypto transaction monitoring platform Merkle Science adds support for 1200+ ERC20 tokens

05/20/2022
Oracle network for Algorand blockchain Algoracle closed $1․5M seed round

Decentralized oracle network for Algorand blockchain Algoracle closes $1․5M seed round

05/18/2022
Crypto transaction monitoring platform Merkle Science adds support for 1,200+ ERC-20 tokens

Crypto transaction monitoring platform Merkle Science adds support for 1200+ ERC20 tokens

05/20/2022
Kiln completes $5 million funding round to grow blockchain staking platform

Kiln completes $5 million funding round to grow blockchain staking platform

05/19/2022
Volume on BitMEX Spot Exchange surpasses $10M in 24 hours since launch

Volume on BitMEX Spot Exchange surpasses $10M in 24 hours since launch

05/19/2022
Oracle network for Algorand blockchain Algoracle closed $1․5M seed round

Decentralized oracle network for Algorand blockchain Algoracle closes $1․5M seed round

05/18/2022
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2022 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact
No Result
View All Result

© 2016 - 2022 CryptoNinjas Disclosures | Privacy Policy

Go to mobile version