The Eniac Network: The True Potential of ENC Part 1

Apr 12, 2018

 

In the deep uncharted reaches of the cryptoworld you can find some real gems, some rougher than others but gems nonetheless, and with a bit of polishing and hard work you can obtain something truly brilliant and of great value, which is why the Eniac Network shouldn’t be overlooked.

The potential in Eniac is almost overwhelming when considering the enormous amount of features that can be implemented, not only for saving precious time but also for unparalleled security, the Eniac wallet could be implemented into exchanges and other e-commerce websites, it could function as a credit scoring system and verify a user’s identity, while at the same time having the added perk of being an accounts manager and ledger for all your banking and cryptocurrency needs. So from what I’ve suggested so far you can see ENC can benefit many sectors including; commercially, consumer and perhaps even private, but for now I’ll just go into detail about a few of these potential functionalities and their benefits.

Cryptocurrency Exchange Eniac Wallet Integration

Traders/User’s:

Currently most exchanges require Google Authenticator to access your balance during trading (some don’t even bother!) and albeit that’s secure for most it’s not bullet proof, not only from attackers but mostly from losing the device or account the authenticator was on, but with the Eniac wallet users will be able to rest assured, knowing the only way to access their funds on exchanges is through explicit authorisation using their facial and/or fingerprint scans. Losing your authenticator is also avoided as you’ll always be able to find and access your wallet as long as you have access to the app and of course your fingers and face, hopefully you won’t lose these.

If exchanges integrate the Eniac Network wallet then users with ENC and the app will be able to view all their balances while out and about, allowing for instance transfer of funds to and from exchanges whenever they want, Eniac could make the entire system universal and user friendly all with heavily increased security and satisfaction.

Exchanges/Platforms:

Some of the biggest concerns and distrusts involving cryptocurrency exchanges and other platforms is their security and how they maintain their wallets, there’s been several cases of attacks and rogue websites cashing out entire wallets in the past. Eniac is determined to dispose of these issues, by allowing exchanges and platforms to integrate with the Eniac Network they will have the ability to set up multiple authorised personnel, meaning it’ll require several verified users permission to gain full access to the exchanges main wallet, all via biometrics and entirely decentralised. Exchanges will also massively benefit from the added trust factor and customer security gained from using the Enaic wallet.

Investors:

For any exchange or platform that uses cryptocurrency to integrate with The Eniac Network they’ll have to accept ENC, this is the case for not only the exchanges, but also for any user that wishes to use the unparalleled security of the Eniac wallet.

KYC, ID verification and Credit Scoring

Users:

For the users this functionality is all about convenience and saving time, the current process for completing KYC and ID verification is a long and tedious one to say the least, with Eniac, users could save valuable time by having access to a One-Click verify system, as long as the user has already set their account up they’ll be able to verify their identity and complete KYC instantly. Everything from Crypto Exchanges, ICOs, Banking, Finance, Credit Scoring and many more could have their lengthy account creation process times cut to a fraction.

Exchanges and Companies:

ENC can be used for the extra functionality of confirming customers through KYC and ID verification, a process that can often turn customers away and one that can take up precious page loading times and server space taken up by endless applications, by integrating the Eniac Network KYC and ID Verification system, exchanges and companies alike could save time and money by simplifying and bolstering this process.

Currently the procedure has significant vulnerabilities, from stolen identity fraud and from data breaches of sensitive information such as passport and ID scans stored on websites, Eniac can remove this threat by allowing users to sign tokens with ID and secure them with facial and fingerprint biometrics, this will enable users to send encrypted verification of their identity.

Using the same system Eniac could also achieve a cryptocurrency credit scoring and finance provisions sector, and assuming that users store their entire portfolio on the Eniac wallet, then customers could give permission to crypto loan providers and credit scorers to score their finances to provide credit.

Investors:

Eniac investors and holders have the same added benefit here as they do with wallet integration, to perform any KYC or ID verification, ENC has to be present, without the ENC token no process can take place, requiring users to not only purchase ENC but to also hold it.

Next Time

Next week we’ll cover more of the other potential uses for the Eniac Network, namely Banking and Accounts Ledger, as well as discuss more about our vision for what the future looks like with Eniac, stay tuned and come join in with the chat over on Telegram.

Written By:

Kieran Hancock,

The Eniac Network, Community Manager

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