Enigma Team releases the facts
Enigma Team just released metrics on user acquisition for Enigma Catalyst. This focus on data analysis even in their blogging shows that the Enigma community is shaping up to be very different from most others in the crypto space. Results from these metrics justify the price in relation to user growth. In addition Enigma has been on a serious hiring spree.
Enigma's Discord approaching 5000 members. This is an important milestone because some of the most successful projects typically have large communities early on. For instance Telegram for EOS has over 10,000 members.
Enigma's Reddit grew from only 2000 subscribers to now around 8000.
The more important metric is Telegram, and Enigma's Telegram has over 12,000 members (comparable to EOS months ago).Currently EOS has about double the community size based on Telegram with around 24,000 members. This community size can help justify the price rise in EOS prior to there being a main net. Currently EOS goes for around $11 with a total market cap of approximately $6,822,350,098 and a total supply of 614,919,745 and rising.
Currently Enigma with around half the community size of EOS based on Telegram with around 12,000 members may be under valued. The current price for ENG is around $5 which on the surface people might think is half the price of EOS but this is not so clear. The total market cap of ENG is only $375,316,120. The market cap for ENG is not half of EOS even though the community size is about half of EOS. Finally and most importantly the total supply of ENG is capped at only 150,000,000 , which is around 5x less than EOS which still has an increasing market cap.
What does this mean for the price?
In my opinion Enigma is way under valued. I must disclose that I am biased as I'm both a holder in ENG and directly involved in the promotion of the Enigma Protocol. That being said the numbers represent what they represent regardless of what I have to say. Enigma Catalyst is successful based on the fact that they are achieving a high rate of user acquisition. Whether this translates into user retention is another matter because there is competition but it shows the community is growing quickly. In addition, by hiring more developers it means the probability of successful launch of some of the truly revolutionary features such as homomorphic encryption, complete with masternodes and DHT, could be coming sooner than expected.
Enigma is a great team and I encourage anyone who finds the idea of privacy and security interesting to get involved. Enigma is not just another "privacy coin". Enigma offers something unique in being able to actually analyze confidential data without having to decrypt it. It might resolve the whole debate of "privacy vs security" by allowing privacy and security.
References
Note: The method I use to determine the underlying value of ENG is the same method I used to predict the prices of Bitcoin and Ethereum. Based on the same specific metrics such as user acquisition, developer momentum, brain power, all add up as factors with regard to Metcalfe's law. Not only is Enigma team growing quickly as a community but the sort of people being attracted to the project are genuinely talented, very technical, and data driven (MIT being the main source). Only EOS and Ethereum in my opinion have similar levels of talent and community size (Ethereum has a very large developer community). Do not take this post as investment advice, and do assume that I could be biased. Always analyze the data for yourself, and determine on your own whether the approach to valuation I am taking justifies a higher price.