The guide deals with Enjin Coin (ENJ) — a simple solution for communities, content creators, game servers, and game publishers to implement virtual goods and real value into their gameplay and communities.
Since 2019, non-fungible tokens (NFTs) have been experiencing a market boom, taking the world by storm with numerous news and reports on record-breaking collectibles sales. One project that has been strategically placed in an advantageous position to profit from this development is Enjin with its native Enjin Coin (ENJ).
The History of Enjin Coin
Headquartered in Singapore, Enjin was established back in 2009. Its founders were Maxim Blagov, now the CEO of Enjin, and Witek Radomski, at present Enjin CTO. The company made a remarkable entry into the market. ENJ coin came in 2017, amidst an Initial Coin Offering (ICO) that raised as much as $18.9 million. Currently, ENJ is among the most talked-about coins on crypto platforms and social media.
The Enjin Platform: Functioning and Features
Enjin platform has many functions and features. First of all, it is a blockchain Platform as a Service (PaaS) that allows creating and managing blockchain games without the need to build and maintain any blockchain infrastructure or write a blockchain-related code. In addition, it employs the Ethereum-based ERC-1155 token standard. In contrast to ERC-20 and ERC-721 standards that require the deployment of a new smart contract for each new “class” of tokens, ERC-1155 is far more flexible. It allows the governance of an infinite number of tokens by a single smart contract, and these tokens can be both fungible and non-fungible.
Enjin platform’s main tools are the Trusted Cloud, Platform API, Wallet Daemon, and Blockchain SDKs.
The platform’s trusted cloud serves as a proxy that accepts users’ feedback and takes the data back to the game servers. It also links users’ game accounts and their blockchain identity.
To eliminate the need to sign every in-game blockchain transaction, Enjin Platform has Wallet Daemon – an automated blockchain wallet that controls an Ethereum address linked to a Trusted Cloud identity.
Enjin is also making an ETH scaling solution called Efinity. The company expects the scaling solution will aid in obtaining a sharp or fast user interface for users.
Finally, Enjin has blockchain software development kits (SDKs) to allow developers to integrate blockchain into their games. In particular, it is collaborating with Unity, Godot, and Java.
Enjin Coin (ENJ) Review
Easily accessible, Enjin Coin (ENJ) is an altcoin that brings a simple solution into user games. It exchanges virtual products and other services to gamers, content makers and distributors, and the player society as a whole.
You can gain ENJ by collaborating, crypto exchange, or crowdfunding on the platform. Minting of Enjin Coin is possible as well.
A total supply of Enjin Coins makes up 1,000,000,000 tokens.
Speaking of trading, users can buy ENJ with ETH and BTC on Binance as well as purchase it on Qryptos and KuCoin, with fewer volumes. Users can deposit their ENJ tokens to gain interest or even borrow ENJ tokens, all secured by the Ethereum smart contracts. You can also include your ENJ into your portfolio on decentralized exchanges to additionally gain from greener pastures.
In case you don’t possess BTC or ETH, you should initially get some ENJ tokens in U.S. dollars. Since it’s an ERC20 token, you have a lot of alternatives on where to store ENJ. Preferably, it would be best if you utilized the Official Enjin Wallet. It’s accessible on Android and iOS. You can also store BTC, ETH, LTC, and all ERC20 tokens in the Enjin wallet, with other altcoins coming in soon.
Enjin Coin’s Pros / Cons
The most noteworthy advantages of Enjin Coin are its backup value and the opportunity for players to own authentic items. Further, Enjin offers a suitable quality exchange and allows storage of all items in a single secure wallet. Above all, Enjin Coin has a number of interesting use cases. For instance, it can be “attached” to in-game items and give them Enjin-backed value which you can redeem back anytime.
There are also some disadvantages to consider. Firstly, Enjin does not bring anything new to the table. The project has no new and unique idea, and it depends heavily on one game. In particular, Minecraft is the primary target for adoption on Enjin. Besides, the project is still in its early development stage. As the online gaming industry grows, there would be much competition on the market for Enjin.
Undoubtedly, Enjin has a lot to offer. The cryptocurrency with continuous adoption and popularity guarantees massive growth in the short term. The Coin brings interesting differentiating features and value propositions beyond what competitors currently offer. Besides, it has a capable team to execute on the vision and a sizable community that is ready to adopt its technology.