Enjin Coin Review: Introduction to ENJ
What Is Enjin Coin?
Enjin is a social gaming platform in the world, which has more than 19 million users in over 250,000 gaming communities.
Enjin Coin (ENJ) is a token that runs on the protocol of the Ethereum blockchain which was created to serve as a customizable cryptocurrency for gaming platforms. The tokens can be used in trading virtual goods and assets on the Enjin platform, in addition to a number of other functions.
Enjin Coin’s pre-sale phase occurred in August and September 2017, in which it raised $12 million, and the public crowdsale took was in October 2017, bringing another $23 million in funds.
How Enjin Coin Works
Enjin Coin is an Ethereum based token created to have various use cases on different websites and online games. Its goal is to become a coin used by the entire online gaming community and to facilitate virtual asset transfers across platforms.
The whitepaper of Enjin Coin states that ENJ is “a cryptocurrency (ERC20 Token) and smart contract platform that gives game developers, content creators, and gaming communities the required crypto-backed value and tools for implementing and managing virtual goods”.
The platform enables users to perform the following tasks:
- Mint in-game items, currencies, and virtual tokens by using ENJ as the parent currency.
- Reconvert the created items back into ENJ.
- Trade in-game assets.
- Trade assets between different games and communities.
- Set up a virtual store that accepts ENJ and all custom coins.
Enjin Coin enables the gaming community to create and distribute virtual assets. Developers from various platforms are able to create a unique currency for their community by using Enjin Coin as the parent currency.
Enjin Coin SDK has an integrated decentralized payment gateway. The gateway facilitates the creation of customized carts, invoices, refunds, and many others on top of it. There is also a widget to accept Enjin Coin and/or Customized Coin payments that can be incorporated on your website.
The only fee charged for each transaction by the payment gateway is a small fee in Ethereum.
By using the Smart Wallet, you can set subscription/automatic payments for games and websites that are listed as Trusted Platforms.
The Enjin Smart Wallet is where the virtual goods from each of the Trusted Platforms are stored. The wallet is synced to the user’s Ethereum address.
From here, you can trade coins and items outside of the gaming medium to other Smart Wallets. The wallet allows you to send transactions via a Transaction Request which can be approved or denied by the receiving party. You are also able to set rules and thresholds to automatically block unwanted transactions.
The Enjin Coin team announced in 2018, that they plan on introducing Efinity, a network solution designed for efficient scaling. Efinity is made up of numerous game channels in which a game can execute a high number of transactions in a cheap and fast manner.
In addition to the above-mentioned features, Enjin Coin also incorporates virtual goods stores, subscription services, trading escrows, and a listing system for items, servers, teams, and/or games.
Enjin Coin (ENJ) Supply
The total supply is set at 1 billion Enjin Coins (ENJ), having more than 760 million in circulation. 80 percent of ENJ was distributed to crowdsale participants, and the rest of the tokens went to the team, advisors, and incentive programs.
When a custom asset is created, its value in ENJ is eliminated from the ecosystem. This decreases its circulation supply and should lead to an appreciation in value for individual ENJ tokens.
Where to Buy ENJ
The most common pairs are with BTC and ETH, but ENJ can also be traded against USD and USDT.
Where to Store ENJ
It is recommended that you use the official Enjin Wallet. It is compatible with Android and iOS systems, and also supports BTC, ETH, LTC, and all ERC20, ERC721, and ERC1155 tokens.
Enjin Coin adds blockchain to the virtual goods and gaming market in hopes of preventing fraud in this industry and also provides an enhanced experience for all gamers.
But Enjin still has a long way to go in order to become a universal crypto coin for all gaming platforms and communities.