The Enigma development team has published their final post on the secret node, which details the full economic structure of the blockchain, the staking requirements, and upcoming events.
What is Enigma?
Enigma is a project that is developing a privacy layer for the decentralized web. Our protocol enables scalable, end-to-end decentralized applications. The Enigma technology is designed to solve the privacy and scalability problems faced by most blockchains. It would ensure that the privacy of data is protected while still allowing for computations to be run over that data.
Enigma Publishes Its Staking Requirements
On March 25, the Enigma development team announced its final post on the secret node which contains the blockchain’s full economic structure and the provisions to participate in staking. According to their blog post, the minimum requirement for a mainnet secret node is slated at 25,000 ENG coins. This is to ensure that the decentralization of the network is maintained while keeping significant stakes for the node operators. However, the minimum staking requirement would be reduced over time.
Node operators on the Enigma network would receive part of the fees paid on the blockchain as well as block rewards. For the first year, the block rewards on the network will be 750,000 ENG. This will increase by 10 percent annually as the developers have allocated a total of 7.5 million ENG block rewards.
The Enigma operator nodes are selected based on their ENG stake on the network. This implies that the higher the ENG coins staked by a node, the higher the chances of getting elected as an operator node.
The development team mentioned that the number of secret nodes to be made available on Discovery would be set at 50. They will be regarded as genesis nodes and will be tasked with creating a sustainable and robust network that will remain decentralized at every point in time. The genesis nodes will be chosen in a fair and permissionless fashion. They will be selected during the Genesis game that would take place during the testnet period, and the game is expected to last for two months. The first 30 nodes will be selected as genesis nodes while the remaining ones would be chosen via a lottery system.
AMA To Hold On April 2nd
The Enigma team announced a few hours ago that it would be holding an “Ask Me Anything” session to address questions regarding the network and the recently published staking protocol paper. The AMA session will convene on April 2, and the team will provide details on issues such as minimum staking limits and others.
Discovery Network Set To Launch In a Few Days
The most important upcoming event from Enigma is the launch of its Discovery mainnet which is expected to take place over the coming days. The Discovery network is a complex protocol that would allow users to carry out secure computation over encrypted data. The testnet would first be deployed on the Ethereum network before the mainnet is launched.
We’d love to hear your views on that, please share your opinion using the comment section below.
Please take also a moment to complete our online survey, it will be just a few minutes for you, but for us, it will mean a lot and will help us to adjust and make better articles for our readers.
We are coming out with one daily news every day of the week for our loyal followers, so don’t forget to follow us on our social media channels like Twitter, Facebook and Reddit. We also have a Telegram channel where we post our daily articles.