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Enigma Catalyst Review

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Is Enigma Catalyst Safe?

Cryptocurrencies have the potential to become the Wild West for professional investors. While there is a lot of profit to be made by trading crypto, there was no investing platform that would include all the needed tools for serious trading until not long ago.

Enigma Catalyst is a new investing platform that serves as an infrastructure for crypto assets. The platform is still under development however some of its features are already open to the public. In this article, I talk about the platform and the ways it aims to revolutionize crypto assets trading, as well as whether it is worth your trust.

Enigma Catalyst

The project has two main components or platforms that are currently under development:

  • Enigma, which is a decentralized data marketplace. It aims to be the Reuters/Bloomberg of the cryptocurrency market. The idea behind Enigma is to help data curators meet data consumers. This will help investors to purchase the data they need in order to create winning strategies. Enigma also aims to help data consumers get access to information on events that might potentially affect their assets’ valuation.
  • Catalyst – developed on top of the Enigma platform, Catalyst is meant to be the most complete cryptocurrency trading toolbox up to the date.

Thanks to decentralized exchange protocol and off chain solution, Catalyst guarantees fast transactions, as well as it allows customers to have full ownership of their funds.

Who is the Target Audience?

Catalyst offers solutions for those who would like to create their own hedge fund for cryptocurrency investment. Besides earning from direct crypto trade, they will be able to monetize their strategies and other cryptocurrency-related data by selling those in the decentralized marketplace.

This means that people with little prior trading experience will still be able to profit from trading by investing in winning strategies. Data monetization proved to work wonders in classic markets and Catalyst now brings this possibility to the cryptocurrency one.

In brief, Enigma Catalyst aims to satisfy the needs of these three groups of people: quantitative traders, data curators and cryptocurrency investors.

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Safety

So far, so good; now, what about safety? What warranties can we have that our invested money is in safe hands?

You have probably heard about the recent incident where about 500.000 dollars were stolen from Catalyst investors. If you didn’t then I guess you’d want to know that Enigma Catalyst community fell victim to a series of phishing attacks about a week ago. Investors lost their money and some even lost the trust in the new platform.

What happened is not pleasant indeed and I observer with interest how the company would handle this issue.

Eventually, Enigma Catalyst team did not remain neutral about the incident. What they did to compensate the losses speaks highly of the company. While they were not able to prevent the attack, they promised to refund the lost money to every affected investor. They company will have to pay 500.000 USD from their own pocket.

We will restore funds to everyone that lost money in this recent scam attempt after our token sale concludes. We’ve already been in direct contact with some of the affected parties. If you lost funds and have not yet contacted us, please reach out to tokensale@enigma.co with information about yourself and your transactions.Enigma Catalyst CEO Guy Zyskind

I liked the way their response was quick and that it included a solution. Apparently, Enigma Catalyst team is determined to create a top-tier trading platform and they do not leave any issue unsolved. This kind of professional approach inspires trust.

Who’s Behind Enigma Catalyst?

Enigma is described as “a MIT-bred team of experts, backed by top-tier investors.” From what I know, the team behind Enigma has the most solid background, compared to other ICOs. The core team consists of MIT graduates, backed up by ex-employees of McKinsey. Their advisory board is impressive and includes professor Alex Pentland (board member at Google and Telefonica) and Justin Lent (former director of hedge fund development at Quantopian), among others.

Some of the notable investors are: Flybridge Capital Partners, Floodgate, Converge, MIT and Digital Currency Group.

While the company does have competitors (Melonport and ICONOMI), it is very probable that Enigma will become number one in the field and the others will have to occupy smaller secondary niches.

ENG Tokens

Enigma Catalyst is going to operate with ENG tokens. There is a fixed supply of 100 M ENG.

The specialized token allows investors access data sources on the de-centralized Enigma Catalyst Data Marketplace through subscription. It works as incentive to grow and stabilize the network. By rewarding the quants who propose the best winning strategies, the platform will attract even more quants and raise the demand on cryptourrency-related quantitative data.

In brief, ENG tokens will be used to:

  • To reward the most successful Enigma Catalyst traders
  • To purchase hard data from data sources
  • To invest into someone’s hedge fund on the platform
  • Since Enigma will have its own decentralized exchange, ENG tokens will also be used as rewards for liquidity providers

The ENG token is ERC-20 compliant. (Read more about ERC-20 here) Here is how Medium resumed the advantages of ERC-20 tokens:

  • The developers of ERC-20 compliant tokens can take advantage of the security the Ethereum protocol provides
  • At the same time, it allows devs to avoid all the additional technical overhead and complexity
  • Consequently, developers can “[…] keenly focus on the application layer; creating a more refined user experience to aid in adoption of their platform/project.”

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ICO

Token presale closed August 23 with the contribution cap reaching the $20M mark. According to Guy Zyskind, “Our presale was significantly oversubscribed, and we have had to turn down additional interest in order to ensure the full participation of our community.

I do believe about the presale being oversubscribed since Enigma Catalyst is rather popular among serious investors. In fact, most of the cryptocurrency enthusiasts I am acquainted with are determined to investing in Enigma once the crowdsale starts.

Talking about which, tokens will be available to public on September 11. According to Guy, Catalyst team is working on strengthening the security before they make the token available to public.

Crowdsale minimum investment is $60 (100 ENG tokens).

Collected funds will be distributed as following:

60% proceeds will be used in development, 15% research, 10% Marketing, 10% operations, 5% Legal.

ICO is hard-capped at $30 mln.

In Conclusion

Let me resume everything by listing some of the important pros and cons of the platform. In the article, I have tried to avoid unnecessary jargon and technical details, mostly because the idea was to give you an overview of the new platform and talk about the recent phishing incident.

Enigma is a complex platform aimed to revolutionize the way cryptocurrencies are traded. Its target auditory includes developers, quants and traders, which means that each of the mentioned groups will profit from it in their own way. For more information, I invite you to read Enigma whitepaper.

Pros:

  • There is high demand for a product like Enigma
  • Enigma Catalyst allows US investors
  • Unlike Melonport, ENG enjoys a healthy inflation-free ecosystem
  • Enigma Catalyst has great legal support. It is curated by respected blockchain lawyer Marco Santori. ENG Tokens are registered securities.
  • Enigma’s strong team of professionals can be considered an asset on its own
  • The product already exists and it is on its alpha state – you can try it out right now
  • Active and supporting community of serious investors, developers and enthusiasts

Cons:

  • While competitors aim at slightly different niches and are overall less likely to take the place of Enigma, they still exist and might potentially pose a threat to the project
  • Crowdsale policies make it not-so lucrative since only 50% of tokens will be distributed

Thank you for reading. As always, your comments, suggestions and questions are welcome.

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  • Hannibal Smith

    The alpha is like a primitive Quantopian or QuantConnect. They’ve got a long ways to go to be remotely anything like a user-friendly eToros. Yet, the white paper fantasies and the banal MVP don’t seem to mesh at all.

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