Enigma, a decentralized data marketplace protocol developed by MIT graduates, announced in a press release CoinReport received a collaboration with prominent digital assets exchange and payments processor KyberNetwork.
The partnership centers primarily on enterprises around Enigma’s innovative product, Catalyst, a machine-based investing platform and trading infrastructure for digital assets.
Catalyst will be employed to support reserve operators on KyberNetwork, while KyberNetwork will integrate with Catalyst as a data provider and an exchange service. In the longer term, both firms will work towards their collective standpoint for the decentralization of crypto-asset exchange and the growth of blockchains via possible enterprises in different verticals and industries.
“Enigma has an ambitious goal to build a protocol that can support mass adoption of decentralized applications,” said Enigma co-founder and CEO Guy Zyskind in the release we received. “As a first step, this partnership will help build momentum and acceptance of the Enigma protocol, working toward our goal of democratizing data. All of us at Enigma have tremendous respect for the KyberNetwork team and their view for the future of decentralization. Our companies are excited to work towards future strategic initiatives and believe this sets a strong precedent for our other partnerships in the space.”
Although the initial idea of the internet was that of decentralized information and freedom, the previous decade has witnessed increased centralization of data owned by a handful of big corporations. Data is rapidly turning into the most valuable digital asset. The main goal of the Enigma protocol is to return to the initial idea of the internet and build a single, open-sourced protocol for perpetually storing, sharing and processing of data. Enigma is developing a decentralized, scalable blockchain data marketplace for the internet by creating an essential second-layer, off-chain network. Via this unique infrastructure, Enigma aims to fix the biggest defects of blockchain — privacy and scalability.
“Our partnership with Enigma solidifies our aspiration to be the leader in the crypto-asset exchange sector,” said Loi Luu, co-founder and CEO of KyberNetwork. “With Enigma’s vision, their deep understanding of blockchain technology and the power of Catalyst, this collaboration is expected to spark innovation and additional research into the intricacies of trading behavior. In so doing, we hope that our efforts can close the gap between data demand and supply, and empower effective and efficient use of data.”
KyberNetwork and Enigma intend to transform how data is used and to realize the full potential of the blockchain economy. As the sector continues to mature, the number of unique crypto-assets circulating in the market will expand. KyberNetwork and Enigma say in the release that their continued growth and teamwork will guarantee state-of-the-art infrastructure for the transaction of crypto-assets in the future.