Enigma, a decentralized data marketplace protocol built by MIT graduates, has announced a partnership with digital assets exchange and payments processor, KyberNetwork. The collaboration will focus initially on initiatives around Enigma’s landmark product, Catalyst, a machine-based investing platform and trading infrastructure for digital assets.
Catalyst will be used to support reserve operators on KyberNetwork, whilst KyberNetwork will integrate with Catalyst as a data provider and as an exchange service. In the longer term, both companies will work towards a shared goal for the decentralization of crypto-asset exchange and the expansion of blockchains through potential initiatives in different industries.
Co-founder and CEO of Enigma, Guy Zyskind said: “Enigma has an ambitious goal to build a protocol that can support mass adoption of decentralized applications. 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.”
Enigma seeks to enable the scalability of blockchains by providing a complementary off-chain data network, where larger quantities of information can be securely shared and processed without incurring severe on-chain costs. KyberNetwork is an on-chain protocol which allows instant exchange and conversion of digital assets and cryptocurrencies with guaranteed liquidity.
The primary aim of the Enigma protocol is to enable the original vision of the internet – a decentralized and free platform of information – and create a single, open-sourced protocol for permanently storing, sharing and processing data. Enigma is building a decentralized, scalable blockchain data marketplace for the web by building a second-layer, off-chain network. Through this unique infrastructure, Enigma hopes to fix the issues of scalability and privacy in blockchain technology.
Loi Luu, KyberNetwork co-founder and CEO, commented: “Our partnership with Enigma solidifies our aspiration to be the leader in the crypto-asset exchange sector. 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 behaviour. 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.”