What is Enjin Coin?
Enjin is an NFT-oriented platform that runs on the Ethereum blockchain and powers the Ethereum-based NFTs. Founded by Maxim Blagov and Witek Radomski in 2009, the Enjin was initially a gaming community platform, with its current gaming community exceeding 20 million users distributed among 250,000 gaming sub-communities. In 2017, the network launched the Enjin Coin cryptocurrency (ENJ), an Ethereum-based token that aims at facilitating the creation, trade, and storage of in-game virtual goods in the form of non-fungible tokens or NFTs across multiple platforms.
Enjin enables gamers to trade their in-game items on not only one gaming platform, but across many games, platforms and communities. This ERC-20 token also provides users with smart contracts, as well as the ability to make transactions on the Ethereum blockchain. The smart contracts technology enables Enjin users to mint their digital assets into NFTs which are then available for trading.
Enjin tokens can be mined in the same way Bitcoin and Ethereum are mined. ENJ uses the Proof of Work consensus algorithm of Ethereum to be created and has a limited supply of only 1 billion tokens, of which %89 or 889,989,955.57 tokens are in circulation as of this moment.
What smart contract does Enjin use?
The creation of Enjin-powered NFTs such as real-estate and in-game items is enabled by ERC-1155, the smart contract used by the Enjin cryptocurrency. The ERC-1155 allows fungible tokens and non-fungible tokens to be defined by the same smart contract.
The value of Enjin
The Enjin Coin has essentially only one use case, a pretty significant one in the age of NFTs, cryptocurrencies, metaverses, and crypto-oriented games nonetheless. Add this to the fact that Enjin has a limited supply of tokens, you begin to realize the huge potential and value behind the platform. As of June 2, 2022, ENJ is trading for $0.64 USD with a market cap of over $566 million, with the current CoinMarketCap ranking of #80.
The Enjin ecosystem
The Enjin tokens were introduced way after the Enjin platform had grown firm roots into the gaming industry. So there are other components which the Enjin ecosystem relies upon. Let’s briefly go through some of the most crucial ones.
The creation of game content is facilitated by SDKs or software development kits that are provided for game engines such as Unity, Godot, Java and so on. Thanks to these SDKs, game developers can integrate their existing projects into the platform or even start one from scratch!
The Enjin ecosystem has its own Mintshop in which you can create your desired game tokens. These tokens can then be traded in the Enjin marketplace.
The Enjin smart wallet enables users to store and trade Enjin-minted NFTs and all the ERC-20 tokens including ENJ, plus many other cryptocurrencies such as Bitcoin, Polkadot, Litecoin, Binance Coin, and Dogecoin. The Enjin wallet is available both as a mobile app and as a desktop application. The mobile app allows for immediate storage and trading of your NFTs, while the desktop application is ideal for trading NFTs.
To address its scaling issues, the Enjin platform announced the creation of the Efinity network which is similar to what Bitcoin did with the Lightning network. The Efinity network is based on the network of game channels which perform transactions between millions of players and game servers and enable fast and free transactions of both ERC-20 and ERC-1155 tokens.
What are some of the benefits of Enjin Coin?
• Fast and efficient development of monetizable games on the blockchain
• Security and transparency
• Scarcity
• High liquidity
• Low transaction fees
Best wallets for ENJ
Aside from the Enjin ecosystem’s own robust and secure wallet, wallets such as Exodus and Coinomi also support and hold Enjin Coin tokens. Of course reliable hardware wallets are almost always the better option and in fact many popular hardware wallets support Enjin Coins including Trezor, Ledger, KeepKey, and Archos.
Recap
The Enjin Coin is the native token of the Enjin ecosystem, which is a veteran gaming ecosystem that allows for the creation, customization, storage, trading and integration of in-game items in the form of non-fungible tokens or NFTs. Enjin runs and operates on the Ethereum blockchain which makes it an ERC-20 token. Enjin Coin allows for the cross-platform trading of NFTs and benefits from the smart contracts technology to mint their in-game assets into NFTs. The platform has shown huge potential for growth and becoming the number one gaming platform which according to its performance so far, is definitely not a far-fetched idea.
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