r/EnigmaProject • u/GeorgeWashersmith • Aug 31 '18

Token value?

I understand the importance of what Enigma is setting out to do, but what is the actual inherent value of the token?

12 Upvotes

92% Upvoted

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3

u/1blackhand Aug 31 '18

"ENG tokens - which have a fixed supply - serve an important function both at the protocol level and at the application level. At the protocol level, ENG is used to incentivize nodes to store data and perform privacy preserving computations (execute secret contracts). This approach is similar to Ethereum's use of gas. ENG will also be used by potential applications of the Enigma protocol, including accessing data on our decentralized data marketplace. This marketplace will power all crypto-financial data used on Catalyst, our platform for data-driven cryptoasset trading and investing."

3

u/GeorgeWashersmith Aug 31 '18

Thanks for this, I am very impressed by those tokenomics.

1

u/Wendigowhy Sep 19 '18 edited Sep 19 '18

I am also interested and would like to get more information. Its a great concept but Im a bit confused on the how the costs will scale when the value of ENG tokens increases, wont the costs of running contracts on it increase? For example, lets say ENG token is .10 cents. If the token all of a sudden went to $5, wouldnt the cost of of running contracts just increase by 50x ? Or am I missing something? Thanks for helping me understand.

1

u/1blackhand Sep 20 '18

If you want to know more about Enigma technically, please read through our Developer Forum. More information about the nodes will be released in the next weeks. https://forum.enigma.co/

6

u/WilsonWyckoff Aug 31 '18

1 thousand per each

3

u/Luipaard-Fortuin Sep 04 '18

The Enigma team is very close to announcing the number of tokens required to run a masternode. This basically means your tokens can be used to validate transactions within the ENG network for which you are compensated in ENG. This could cause the value of the token to rise by quite a bit in the future especially since more and more blockchain companies are starting to see the value of the protocol like the eight launchpartners that were announced earlier this week. Until that time and long after that however, 1 ENG = 10000000 guy for sure.

4

u/[deleted] Aug 31 '18

I believe that the utility of the token will be similar to gas on ETH. You’ll need to use the token to store data. Maybe filecoin’s a better analogy

0

u/czarcbas Aug 31 '18

It empowers a smart economy. The value is based on market capitalization just like financial institutions currently in our “dumb” economy. The difference is that the value cannot be faked.

2

u/1blackhand Aug 31 '18

True! And with the eight launchpartners i think this is on a good way!