Upcoming: Enigma Unveils Economic Structure Ahead of Discovery Protocol
Enigma, a blockchain project developing a scalable “privacy layer for the decentralized web,” has revealed final details concerning its secret nodes ahead of the launch of the Discovery protocol.
Enigma’s network of “secret nodes” can perform computations over encrypted data at scale without ever exposing the raw data itself. By finally enabling decentralized applications to use private and sensitive data, smart contracts built with Enigma become “secret contracts”, allowing developers to create thousands of new, valuable solutions.
The minimum requirement for operating a secret node on the mainnet is 25,000 ENG tokens, with no maximum cap for a single node. The dev team noted that while this has been done to ensure decentralization and preserve the integrity of the network, the minimum staking requirement will be reduced over time.
Node operators will receive a share of block rewards and transactional fees on the network. For the first year, the block reward has been set at 750,000 ENG, with a 10 percent annual decrease. In total, the dev team has allocated 7.5 million ENG to block rewards.
There is an important clause to the launch of Discovery and that is the fact that only 50 secret nodes will be selected to participate in the initial phase. These nodes have been dubbed “Genesis Nodes”. The criteria for selection include the amount staked, as well as the performance of a node during the Discovery testnet. Nodes will be assigned weighted scores based on their uptime and amount of ENG staked. Only 30 nodes will be selected through this system. The remaining 20 will be selected via lottery.