A built-from-scratch blockchain aiming to enable private contracts between users has officially entered testing.

Guild of Guardians Built to 'Win' the Web2 Mobile Space: Game Director

13:18

Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO

05:10

Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny

04:07

The first video of the year 2024

40:07

The last regression video of the year 3.67.0

, the news marks the latest step in a journey for startup Engima to launch its own technology – developed at the MIT Media Lab, the project is based on a white paper published in 2015. Initially aimed at the hedge fund sector, Enigma now brands itself as a protocol for "secret contracts," which it demonstrated last month at CoinDesk's Consensus 2018 event.

As such, the announcement means that the technology, a form of modified smart contracts designed to obfuscate the origin of a transaction, as well as allow a blockchain to compute contracts without decrypting them, is now closer to real-world use.

However, in remarks, project leaders were quick to caution expectations.

Stressing the novel nature of the technology, they wrote:

"We acknowledge that development of these types of innovative technologies is non-linear and an ongoing, iterative process. We're not simply forking an existing platform – we're building something completely new and essential, something that will take (and has taken) many people and many days and nights to build."

Still, signs are others are beginning to take an interest in the technology, even at this early stage.

Earlier this month, Enigma announced it was working with technology giant Intel to further develop its platform, as well as applications to run on the protocol.

STORY CONTINUES BELOW

Recommended for you:

After the testnet launch, Enigma plans to prepare for a mainnet launch within the next three months, according to its roadmap.

Decryption image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.