Enigma Catalyst Review

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:

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.

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.

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.

enigma catalyst team

enigma catalyst advisors

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:

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

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.

enigma token sale terms

enigma token sale timeline

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.