What is Enjin Coin?
The Enjin Coin Network is developed specifically for the gaming industry. It a collection of software developing kits (SDKs) for multiple cryptocurrency wallets, multiple games and in multiple languages. As a utility token, Enjin Coin allows for the creation of in-game virtual items and worlds, with ownership information stored in the Ethereum blockchain. It also allows games to trade in-game items from a multitude of games, all while guaranteeing protection from hackers and theft during the trading process. Developers in the platform will be able to create a wide assortment of games, items and virtual currencies. All services are paid for using the platform native currency, Enjin Coin (ENJ).
History of Enjin Coin
Enjin was co-founded in 2009 by application software developers Maxim Blagov and Witek Radomski. It is currently headquartered in Singapore is an information technology company with multiple products. Its main components consist of the Enjin Network, Enjin Wallet, EnjinX, Efinity and Enjin Coin (ENJ). Enjin regards itself as the largest gaming community creation platform online and has a network of millions of active users. The Enjin ICO ran for 1 month, during October 2017, and raised approximately $23 million in token sales. It was listed on exchanged by November 1st, 2017, an in early January 2018 it briefly surpassed a market capitalization of $320 million.
How Enjin Coin Works
The ENJ token is an ERC20 compliant, Ethereum-based token. Virtual asset creation and administration is carried out using an Ethereum smart contract that is accessed through the platform’s SDK-connected API. Developers can also make use of a payment gateway developed by Enjin to accept ENJ or any other cryptocurrency for the purchase of or participation in their games, or for other game-related services. Enjin Coin’s platform is all inclusive of the gaming industry and supports regular video games, DApp games, eSports, and can also be used as a rewards-based token to incentivize user participation and engagement. ENJ is the main method of payment for SDK-related services, as well as for accessing a wide variety of other platform-related features.
Why Enjin Coin?
As the native currency of the Enjin Network, Enjin Coin has a wide variety of uses for the gaming industry, including:
Trading virtual goods. Gamers can buy and sell their virtual goods, either publicly or privately, and securely, with each transaction being recorded on the Ethereum blockchain.
Software development kit for the gaming industry. Enjin Coin can be used by game developers to access a large library of software that aids in the development of items, currencies, and games themselves.
Gaming with true item ownership. Because the Enjin Network records the authenticity and ownership of each in-game item in the blockchain, it makes the forgery of items impossible, and stolen items can be returned to their owners using blockchain records as proof.
Low fees. Since Enjin is helping to create a decentralized digital goods marketplace for in-game items, gamers no longer need to go through a third party to purchase or sell their items, thus allowing them the ability to keep a larger percentage of each sale, free of commission.