What is Enjin Coin (ENJ) ?

Enjin Coin (ENJ) is a cryptocurrency for virtual goods created by Enjin. Enjin is the largest online gaming community platform online with over 250,000 gaming communities and 18.7 million registered gamers.

The Enjin team is designing the coin entirely around gaming with the goal of being the most usable cryptocurrency for the industry. The project includes Enjin Coin as well as a software development kit (SDK) that developers can integrate into their games and communities. Bringing blockchain to the game reduces the high fees and fraud that are common in the transfer of virtual goods.

How does Enjin Coin work?

Enjin Coin is an ERC20 token built on the Ethereum blockchain network. With that, the project not only functions as a cryptocurrency, but also has smart contract capabilities. It is also one of the first projects to test Raiden Network, Lightning Network.

Virtual goods

The greatest value that Enjin Coin brings to the gaming community lies in the creation and management of virtual goods. Developers on each platform can easily create a unique currency for their community that is backed by Enjin Coin as the base currency. This gives the coins all the benefits of blockchain (speed, cost, security, etc) while still being customized for their respective platforms.

Since each asset is recorded on a single register smart contract, all Enjin Smart Wallets recognize them, and you can exchange virtual goods for Enjin Coin at any time. any. This creates an interconnected community and game ecosystem in which you can even transfer assets across platforms (more on this below).

In addition to currency, this functionality also applies to privilege tokens as well as unique game items such as swords or attack attributes.

Payment gateways

In addition, the Enjin Coin SDK includes a decentralized payment gateway. Powerful portal, allowing you to create custom carts, invoices, refunds, etc., on top. It also provides a widget to accept payments of Enjin Coin and/or other custom coins on your website.

The payment gateway only charges a small fee in Ethereum per transaction – nothing extra.

Using functionality from Smart Wallet, you, as a user, can set up automatic payments for games and websites that you list as Trusted Platform (Trusted platform). This adds faster and more reliable payments to regular subscription services.

Smart Wallet (Enjin Smart Wallet)

Enjin Coin Wallet
Enjin Coin Wallet

Enjin Smart Wallet is the component that connects everything together. The wallet supports virtual goods from all of your Trusted Platforms and is synchronized with your Ethereum address.

You can trade coins and items outside of the gaming environment with any other user using the Smart Wallet. Through the wallet, you send a transaction via a transaction request that the other party can approve or deny. On top of that, you can also set rules and thresholds to automatically prevent unwanted transactions.

Effective

In early 2018, the Enjin Coin team announced plans for Efinity, a channel network solution to help Enjin scale more efficiently. Efinity, like Lightning Network, includes multiple game channels where a single game can execute a near-infinite amount of transactions quickly and at almost zero cost.

Other features

In addition to these three features, Enjin Coin includes virtual goods stores, subscription services, trading margin, and top lists for items, servers, teams, and/or games.

Total Supply of Enjin Coin (ENJ)

There is a total supply of 1 billion Enjin Coins (ENJ) with over 760 million currently in circulation. The team distributed 80 percent of ENJ to the crowdsale participants and split the remaining tokens between themselves, the advisors, and the incentive programs.

When users create custom assets, the corresponding value in ENJ is removed from the ecosystem reducing the circulating supply. This, in turn, will increase the value of individual ENJ tokens.

Team & Road map

Enjin, the company behind Enjin Coin, is the largest online gaming community creation platform. Started in 2009, the company receives 60 million views per month and trades millions of US dollars per month in their community stores. The team is implementing Enjin Coin across the entire Enjin CMS platform – over 250,000 gaming sites.

Advisors on the project include Anthony Diiorio (Ethereum co-founder) and Pat LaBine (previous producer and technical director at Bioware). Enjin has also established partnerships with Unity, PC Gamer, and NRG eSports.

The team held a successful ICO in late 2017, in which they raised ~$35 million between private and public sales rounds. While it’s still a relatively young project, the team spent the last quarter of 2017 building the platform API, Mobile Smart Wallet, and Java SDK along with creating the Minecraft plugin. They have been busy in 2018, creating various platform plugins, Efinitiy, many other SDKs, and the EnjinX blockchain explorer.

No project dominates this market yet. Enjin Coin’s biggest competitors are GameCredits and WAX, but there are significant differences between them. According to Enjin CMO Elija Rolovic, Enjin Coin is the “Ethereum of Gaming,” while competitors are simply tokenizing their games/centralized marketplace.

Trading

Enjin Coin has had a fairly predictable trade since its launch in November 2017. It followed the market with a massive bull run in December and early January 2018 before falling throughout 2018. ENJ price has seen a few converging spikes in mid-to-late January as well as February and April, which do not appear to be related to any news.

At the end of February 2019 when Samsung Galaxy S10 was about to launch, leaked information said that Enjin wallet was integrated into Samsung’s latest phone, causing the Korean coin trading community fomo, pushing the price of ENJ up. up to 500%. Currently the price is trading at $0.16 with a total capitalization of $139 million.

In a more bullish market, additional partnership announcements and product releases could lead to price increases. And, of course, more people using Enjin Coin in online gaming will also positively affect the price.

Conclude

Enjin Coin is adding the benefits of blockchain to the over $17 billion virtual goods market. The team is working to prevent fraud in the gaming industry and provide real ownership to owners of virtual goods. Created and backed by the gaming giant Enjin, the project has a solid support base.

However, Enjin still has much to prove. It is impossible to predict how successful it will be, but if its current and team performance are any indicator, Enjin Coin may have a bright future ahead of it.

SN_Nour

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