What is cryptocurrency Enjin (ENJ) Coin and how does it work?

What is Enjin?

The Enjin platform is a holistic ecosystem of products designed to enable the creation, distribution, storage, trade, and even integration of tokenized digital assets.

Primarily focused on both gaming and enterprise use cases, Enjin adopters are using the platform to create ENJ-backed digital assets and using them in creative ways – everything from art NFTs (non-fungible tokens), to digital vouchers, to items that can be used across multiple different video games. One Enjin adopter is even using the platform to tokenize commercial real estate.

The cryptocurrency Enjin (ENJ) itself was created on the Ethereum blockchain and came to life through an ICO that raised $18.9 million in late 2017. However, it dates back to 2009 when its gaming community platform was launched.

Enjin’s community management tools helped over 20 million Minecraft users stay connected and form robust networks of like-minded players.

Taking this user-first approach and applying it to the realm of blockchain, they set about creating the ultimate all-in-one tokenization platform.

The Enjin cryptocurrency project was created as a complete ecosystem that offers its users a powerful suite of products designed to allow anyone to jump into the world of blockchain, no matter their knowledge of how blockchain works.

How Does Enjin Work?

Enjin Coin is an ERC20 token built on the Ethereum network, which means that the project provides not only transactions but smart contracts as well. Enjin is also one of the first projects that started testing the Raiden Network, Ethereum’s version of the Lightning Network before ultimately deciding to work on a custom scaling solution, dubbed Efinity.

The Enjin platform provides an extensive list of features through its public API and software development kits (SDKs). These features include:

• Virtual goods creation and management: the main feature that the Enjin project offers its users is the ability to create and manage virtual goods. Developers can launch their own cryptocurrencies backed by the Enjin Coin, which makes adding cryptocurrencies to the gaming world and gamification itself much more straightforward.

Developers that mint with the Enjin platform have to use Enjin Coin too. The required amount of ENJ tokens is removed from their wallets and locked inside the assets they create, effectively eliminating the tokens from the market and creating scarcity as well as providing a clear use case for the token.

• Multiple SDKs: Enjin provides software development kits for Unity, Java, Godot, and more. This provides millions of developers an easy way to integrate their existing projects, or completely new ones.
• Marketplace: an online marketplace with over 10 million digital items that allows users to discover, buy, and sell rare and unique blockchain assets.
• Enjin Beam: a digital asset distribution system, allowing developers to send thousands of NFTs/FTs to users with a simple QR code scan.
• Smart wallet: Blockchain assets wallet that seamlessly links with games and apps. With over 1 million downloads, it’s one of the most feature-packed digital wallets in the world.
• Efinity: An upcoming Ethereum scaling product will enable fast and free transactions of both ERC-20 and ERC-1155 tokens.

Who Are the Founders of Enjin?

Enjin is a growing project, co-founded by Maxim Blagov, CEO, and Witek Radomski, CTO. Enjin is a for-profit company that first started as a community gaming platform in 2009.

The project launched an ICO in 2017, raising around $18.9 million in the process. Enjin went live in 2018.

What Makes Enjin Unique?

According to co-founder Witek Radomski, Enjin Coin is unique in a way that every token minted with Enjin Platform is directly backed by ENJ, the platform’s token. It essentially gives in-game items real-world liquidity, which then opens up the possibility for crypto-powered and blockchain gaming and gamified real-world platforms.

Besides, Blagov has stated that the company is currently focused on the adoption of the new platform. He imagines tomorrow’s future where millions of gamers use digital items backed by Enjin Coin without even knowing it exists.

Enjin’s solid use case, along with the inherent scarcity of the ENJ token, creates a great value proposition for the project as a whole.

Kriptomat has utilized the Enjin platform to provide its users with a reward system – The Dragon Riders. Using our exchange or any of our partnered sites will earn you a cryptocurrency called Kripto. Then it can be used for accessing various rewards, such as trading discounts or collectibles which can be owned, used in various games, or of course traded freely as a cryptocurrency.

What Gives Enjin Value?

Developers need to lock ENJ tokens in order to mint virtual items. When a player obtains these items, they can use them ingame, trade them, or even sell them for ENJ.

On top of that, Enjin has a limited supply, with the maximum supply locked to 1 billion.

How Many Enjin (ENJ) Coins Are in Circulation?

Enjin Coin has a total supply of 1,000,000,000 ENJ tokens with only 823,130,411 ENJ tokens in circulation.

The current data shows that there are 65,902 Enjin Coin holders. On top of that, over 10 million ENJ tokens have already been taken out of circulation and locked into ERC-1155 tokens that are being held by 127,616 collectors.

How to Choose an Enjin Wallet

There are many wallets that can store Enjin Token as the infrastructure around ERC-20 tokens is well-developed. Depending on their need for security and functionality, users will choose the wallet that suits them.

Kriptomat exchange is a great place to store your ENJ, as it offers great functionality (buying, selling, exchanging for other cryptocurrencies) without ever compromising on security.

Other Technical Data

Enjin Token (ENJ) reached an all-time high value of $0.72 on 8 February 2021. The price growth came as a result of network expansion and the rise in crypto sector popularity.

How to Use Enjin

Though the principal use cases surround the gaming market delivering tokenization of the value of in-game assets, Enjin is also exploring use cases in the loyalty rewards and real estate sectors. A partnership with BMW, for example, is tokenizing loyalty points that can then be used to pay for fuel, road tolls, and parking fees, or swapped for ENJ. Another partnership with LABS Group is tokenizing real estate, with fractionalized deeds opening up a huge market for retail investors.

Enjin’s compatibility with Ethereum-based defi platforms has provided further utility, allowing users to deposit ENJ to earn interest while others borrow their ENJ, protected via Ethereum smart contracts. ENJ can also be added to other liquidity pools on decentralized exchanges to gain from further yield farming opportunities.

Enjin Use Cases

The project has cooperated with various well-known multinational corporations, including:

• Atari: Enjin partnered with Atari to integrate the iconic brand into blockchain games throughout the ENJ Ecosystem.
• BMW: Enjin partnered with BMW to enable BMW Vantage app users to convert their BMW Coin reward points into Enjin Coin.
• Microsoft: Microsoft uses Enjin’s technology to run a social rewards program called Azure Heroes.
• Samsung: Enjin partnered with Samsung to integrate Samsung Blockchain Keystore on S10 into the Enjin Wallet.
• Unity: Enjin partnered with Unity to launch an SDK that would make it easy for Unity’s 4.5 million ecosystem developers to integrate blockchain into their apps and games.
• Aave Protocol: Enjin’s first step into the DeFi space enabled its users to deposit ENJ tokens in the Aave Protocol and earn interest by letting others borrow them.

As of December 2020, Enjin has onboarded over 35 app and game developers as part of the official Enjin Adopter program, helping them to build, fund, monetize, and market their blockchain games.

Cryptocurrency companies like Kriptomat, Binance, Kyber, Changelly, and Swissborg have used Enjin’s products to launch blockchain-powered marketing campaigns and gamify user engagement through the creation and distribution of branded blockchain assets.

How to Choose an Enjin Wallet

There are many wallets that can store Enjin Token as the infrastructure around ERC-20 tokens is well-developed. Depending on their need for security and functionality, users will choose the wallet that suits them.

Kriptomat exchange is a great place to store your ENJ, as it offers great functionality (buying, selling, exchanging for other cryptocurrencies) without ever compromising on security.

ENJ is an ERC20 token, running on top of the Ethereum (ETH) blockchain. As such, it is not possible to mine or stake ENJ directly as it was minted when the ERC20 contract was launched.

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Ethereum itself uses the Ethash Proof-of-Work algorithm and ETH can currently be mined using specialist hardware in the form of Graphics Processing Units (GPUs) or Application-Specific Integrated Circuits (ASICs).

The Beacon Chain launch in December 2020 has also begun the path to Ethereum 2.0 deployment, transitioning from Proof-of-Work to Proof-of-Stake consensus and allowing holders of ETH to stake tokens for the first time. The minimum stake required is a hefty 32 ETH, however, and tokens will initially be locked for many months, if not years until Ethereum 2.0 is fully deployed.

While ENJ cannot be staked directly, there are third-party platforms, like exchanges and wallets, that allow you to lock up ENJ tokens with them to earn a yield, often described as “Soft Staking.” It is also possible to generate income by depositing ENJ tokens on defi protocols like Aave and Bancor.

A High-Horsepower Crypto Enjin

Enjin is an interesting platform, to say the least. Its approach towards gamification is unique, as it tries to give every in-game or platform-based item a real-world value.

This unique approach has reached some adoption and is growing in popularity every single day. On top of that, the platform that preceded the Enjin token is only solidifying Enjin’s place as one of the top cryptocurrencies.

Enjin Coin FAQ

Can I Mine Enjin tokens?

Yes, Enjin tokens can be mined. Enjin uses a Proof of Work consensus algorithm. The mining setup is almost the same as with Bitcoin, or other cryptocurrencies mined with an ASIC unit or a GPU (though this way is less profitable).

Can I Stake Enjin tokens?

No, Enjin runs on a PoW consensus algorithm, which means that the ENJ network relies on miners rather than stakers.

How To Buy Enjin Coin

Buying ENJ is as easy as visiting the Kriptomat buy Enjin page and choosing a method of payment. Kriptomat enables its users to buy Enjin with MasterCard or Visa, SEPA transfer, Skrill, Neteller, or Sofort.

How To Sell Enjin Coin

If you already own Enjin and hold it on the Kriptomat exchange wallet, you can easily sell it by navigating the interface and choosing your desired payment option.

Enjin Coin Price

The current Enjin price (ENJ) is EUR.

The 24-hour trading volume of Enjin is EUR. Enjin is currently ranked of all cryptocurrencies by total market capitalization, with a market cap of EUR. It has a circulating supply of Enjin and the max. Supply is 1,000,000,000 ENJ.

Your Crypto Adventure Awaits

We’ve made it as easy and exciting as possible to jump in and purchase Enjin Coin (ENJ) and any other cryptocurrency. Our team is committed to offering the best products on the market, having taken everything we learned in 2020 about currency and crypto-related products and fine-tuning our technology.

Register now to begin your journey into the world of Enjin and cryptocurrencies with Kriptomat!

If you’re experiencing any issues or have any questions at all, please don’t hesitate to reach our Customer Support Team. We’re always here to help!