The Enigma price jumped today on news that the company will partner with Intel to develop privacy-preserving computing technologies.
The price for the privacy-centric altcoin moved from $1.39 to $1.65 today, according to CoinMarketCap, its best performance in more than a week, edging closer to the $2.16 peak it reached two weeks ago.
Enigma’s price has hovered below the $2.00 mark since late May after reaching $3.17 on May 15. The price has struggled for most of the year after hitting $8.04 on Jan. 10.
Enigma, Intel Ink Partnership to Develop Privacy Solutions
Guy Zyskind, founder and CEO of Enigma, noted in a Medium blog that the company has partnered with Intel to develop privacy preserving computation technologies. Enigma will use Intel Software Guard Extensions (SGXs), allowing data to be protected while computation takes place.
Both companies are looking to solve the privacy, security and scalability challenges facing blockchains, Zyskind noted.
Rich Echevarria, vice president of the software and services group and general manager of the platforms security division at Intel Corp., in his own blog cited three themes he will stress this week in his presentation at Cyber Week in Israel.
One is the emergence of workloads that deliver more data to analyze and secure. In the case of the blockchain, privacy and security of data are key considerations, Echevarria noted, along with scalability. Intel’s technologies can improve all these areas, as its SGX offers a hardware trusted execution environment that provides better data protection.
A second theme is security for artificial intelligence (AI). This includes protecting data, algorithms and parameters, as well as AI for security in which IA is used to detect advanced exploits.
The third theme is security for the blockchain, which continues to show promise in improving business processes. Intel technologies can improve the privacy, scalability and security of distributed ledger networks, Echevarria said.
Enigma, Echevarria noted, has developed a unique protocol using SGX to protect information while permitting computation to occur over the data. This capability will be integrated in Ethereum smart contracts.
A Lesson In Security
Following its announcement in December of 2016 as a provider of private, secure, untraceable and decentralized transactions, Enigma was hacked last August before its scheduled ICO, netting a hacker 1,500 ether — worth approximately $50,000 at the time.
An Enigma spokesperson said that the hack was on account of team passwords being compromised, but the token website was not compromised since it was on a separate server. Enigma implemented two-factor authentication and other security measures following the hack.