Large corporations own and subsequently monopolize the monetization of our data. The biggest players in the space including players like Facebook, Google, Apple, Snap, etc have complete access to our data in return for our free use of their consumer facing products and services. They have complete autonomy to price this data as they please. Why should we allow them to have all this power?
Billed as a “MIT-bred team of experts, backed by top-tier investors”, Enigma seeks to flip this big data ecosystem on its head – the same way certain crypto currencies wish to dethrone the big banks. Enigma seeks to create a platform that incentives users to contribute their data to a public market, which subsequently places a value on it. This in turn creates a marketplace where user data can be traded as a commodity on the blockchain.
With Enigma providing a (free) open-source Python SDK – either locally or over a web-based IDE – all Enigma users have the chance to quickly access crypto-data and to design, test and refine strategies for implementation in the market. This ensures users have the potential to work and trade all in-house, without needing to use multiple platforms to progress.
Financial Application – Catalyst
The first application of this data marketplace – Catalyst – will occur in the investing space. First time investors will be able to call upon winning strategies and algorithms of professional investors. As a call to developers, Enigma encourages developers to “prove you can create successful algorithms and attract investment from your peers”.
The incentives for both parties participating in this sharing economy marketplace are aligned in a fashion to encourage an exchange of data as a utility.
Enigma’s token launch is set to occur September 11, 2017. Further information can be found at their website.