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RE: Is Steem finally headed to $10+? And the importance of the Enigma price rise (Enigma is the #3 fastest growing crypto)
Enigma could be a useful protocol, but Enigma token is completely useless. Why would the token rise in value 25x, if it isn't needed for any of the stuff explained above or in their whitepaper? Just because speculators might pump it at some point?
The token is a utility token. Without incentive why would people provide computation resources for the secure multiparty computation portion? That is general computation.
So you think just because you don't issue your own currency, it is impossible to incentivise people with currencies that they are already using?
Yes because the Enigma protocol cannot accept USD, or DAI, so it requires an intermediate token. You can buy the ENG token with those other tokens but in order for the Enigma protocol to provide incentives across all platforms (not just Ethereum) it must have it's own token.
From my perspective it seems necessary. Why don't you think so?
Well, tell me how it is a utility and I will tell you where you are wrong.
Private computation is a novelty. Computation resources are represented by ENG, along with data, which in my opinion makes it backed by something and therefore a utility token.
So you say that it is a utility without saying what the token actually does! It doesn't make any sense.
Come on! It's innovative technology, let's get into technicalities here.