Blockchain

Enigma and Chainlink Broadcast News About Partnership

Enigma, the platform that facilitates blockchain functions on sensitive data, has entered into a strategic partnership with reputed decentralized network platform Chainlink. The two firms have jointly announced the news about the integration of their protocols to facilitate the emergence of new use cases operating on secret smart contracts. This write-up will highlight the recent and long-term opportunities offered to developers by bringing together both the protocols.

As individual blockchain projects, Enigma and Chainlink have an array of features and attributes in common like efficient technical teams, aim to strengthen privacy and scalability ecosystem, and a focused collaborative mindset. With the employment of the perfect combination of the two networks, emerging solutions can cater efficiently to the mammoth issues enveloping the blockchain arena, namely privacy, scalability, and external connection. This scenario has the potential to pave the way for new products in multiple areas like DeFi or decentralized finance along with traditional industrial domains such as healthcare, global trade, credit, etc.

At present, both Enigma and Chainlink are active members of globally reputed industry-grade initiatives and alliances. They are participants of the Trusted Compute Framework (TCF) working group inside the Enterprise Ethereum Alliance. Within Outlier Ventures’ Convergence Stack, Enigma and Chainlink are addressed as “best-in-class” protocols. The new team-up is likely to boost the current projects of the two protocol networks and will also lead to an enhancement in its value.

Chainlink is a renowned decentralized oracle network fostering smart contracts a secure and trusted access to web APIs, data providers, enterprise systems, IoT devices, other blockchain networks, etc.

The Areas of Collaboration:

As a part of its short-term goal, the partnership will work on how Chainlink’s price oracles can be directly linked with Enigma’s protocol to enhance user experience and usability. They will use Chainlink oracles to initiate ENG/ETH gas price conversion.

With the help of an Ethereum callback mechanism, the secret contracts on Enigma collaborate with other smart contracts. On assigning a task to Enigma, the user has to pay for both the secret contract computation and Ethereum callback in ENG as the Enigma worker submits the Ethereum callback transaction on-chain. Paid ENG should comprise the ETH gas cost of the callback to trigger usability. The inclusion of a Chainlink oracle, a median conversion rate can be computed from varied data sources, reducing the occurrence of price manipulation.

As the long-term objective, complex integrations can increase the combined and individual ecosystem of Enigma and Chainlink protocols. The integration will help Chainlink nodes to submit oracle data as tasks to Enigma’s Secret Contracts. The two protocols can help in:

  • Off-chain payments: a non-crypto payment can boost the release of data within a secret contract
  • Social integrations: real-time updation of a Twitter “following” list that could use to whitelist a certain class of users
  • Cross-chain activity: one can run operations on Bitcoin and other blockchains in the logic of secret contracts

Enigma offers the infusion of the Trusted Compute Framework that runs conveniently on the Ethereum mainnet. It fosters enterprise-use offerings concerning logistics and tracking, protected data-sharing, access control, and identity management. The firms are adamant about providing the developers with tangible projects aiding realistic issues. Enigma and Chainlink aspire to come together for the growth of the industry in the near future as well.

 

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Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.
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