Enjin Coin: The Token that powers the Enjin Ecosystem
Enjin Coin is an Ethereum-based utility token that aims to become the gold standard for in-game digital assets. The token is used on the Enjin platform as a deflationary store of value to back non-fungible tokens (NFTs) built in the Enjin ecosystem.
The Enjin ecosystem is an open-source platform that gives game developers the tools necessary to create next-generation in-game collectible items without the need for any technical knowledge of how blockchain works. This makes it easier for game developers to create virtual in-game collectible items or NFTs that are not only secured by blockchain but also enhance the overall gaming experience.
Enjin’s deflationary mechanism is designed such that for every NFT created, an equivalent amount of Enjin coins are removed from circulation and locked. This introduces scarcity to Enjin Coin’s circulation further adding to its overall increase in value not to mention the coin’s utility on the platform.
An Overview of the Enjin Platform
The Enjin platforms is a suite of tools and blockchain-based services that altogether make it easy for the app and game developers to create cryptocurrencies and NFTs for their games and applications. These NFTs and cryptocurrencies can be distributed on any software.
Built on the belief that blockchain technology will power the advancement of the virtual economy to the next level, Enjin aims towards becoming more like a browser that gives non-blockchain participants solutions for creating tokens and cryptocurrencies on the blockchain. With Enjin, developers can create virtual assets with real-world value. For example, a game could have rare in-game collectible items such as a sword or a card that can be traded or earned by players in the game.
Enjin goes a step further to give the user full ownership of the in-game item as the in-game item is backed by Enjin Coin. Enjin’s blockchain secures ownership and prevents double-spending. These virtual assets can then be sold or traded in exchange for other virtual assets or cryptocurrencies of equal value.
The overall aim of Enjin’s platform is to build a virtual universe where players trade in-game items with the same ease as they would in physical collectibles.
To enable this infrastructure, Enjin was launched in March 2019 as a PaaS (Platform as a Service) for creating and managing blockchain games without the complexity of blockchain development and maintenance.
Enjin Coin’s Utility
Enjin Coin fuels the entire Enjin ecosystem. The coin has a total supply of 1 billion ENJ tokens and a current circulating supply of 823,130,411 tokens. At the time of writing the supply that has so far been removed from circulation to back NFT development amounts to 10,561,205 ENJ tokens.
Apart from its use as a deflationary store of value that enables scarcity and true ownership, Enjin Coin is also used on the Enjin marketplace and dApp (decentralized application) browser.
Enjin Coin Price Performance
Since the Initial Coin Offering (ICO) of 2017, Enjin’s price has followed the broader market volatility as highlighted by the bull run of December 2017 and the following bearish trend that lasted throughout 2018 and 2019.
In 2019 the price of ENJ soared by 70 percent with the announcement of Enjin’s partnership with Samsung.
The Enjin Marketplace is a solution to fraud and high fees associated with trading in-game items. With over 10 million digital items on-board and over 20,000 users since its launch on September 30th, 2019, the Enjin Marketplace offers users a great platform for discovering unique blockchain based asset that can be bought or sold.
The Enjin Marketplace eliminates the risk of getting scammed by rogue traders as the marketplace allows users to verify token ownership, rarity, and authenticity. Thanks to its intuitive user interface, a user can find on-sale assets seamlessly, view how many times the asset has been transferred, and even view the holders of that asset.
The Enjin Wallet
The Enjin Smart Wallet is the centerpiece of the Enjin ecosystem. The wallet is capable of supporting popular cryptocurrencies such as Bitcoin Litecoin and Ethereum as well as a variety of Ethereum-based tokens. However, what makes the wallet stand out from the rest is the fact that users can trade cryptocurrencies like Bitcoin as well as virtual in-game items with other users without leaving the platform.
What’s more, the wallet allows you to set up thresholds and rules to prevent unauthorized transactions from happening. For instance, a user can send you a request for a transaction at the touch of a button similar to how you would send a text message. The receiver on the other hand can cancel or accept that request accordingly.
The Enjin wallet also comes with a native keyboard that adds a layer of security to the application to prevent snoopers and hackers from capturing your password and private keys as you type on the wallet.
The Enjin Network is a CMS (Content Management System) designed for game developers to build robust websites and cultivate online communities for their games and applications. The platform was only launched on March 1st, 2019 and already boasts of over 20 million users.
The network is an all-in-one platform for developers looking to create modern-looking forums and stunning websites and group chats or even donation stores for their communities.
Users can also build a Minecraft server and grow or join a community for an optimal gaming experience. With over 300,000 gaming communities hosted on the network so far, the Enjin Network was voted the best website host for gaming groups by PCGAMER.
Enjin Coin’s Real-world use cases
Value-based in-game items
Through the Enjin coin, forums and other content management systems can introduce a value-based gamification feature to their communities. Currently, there is a lack of value-based gamification as users do not get rewarded with real-world valuables for participation and contribution. However, through Enjin Coin and the Enjin network, users will get to benefit from in-game items that have real-world value.
Solving Blockchain’s complexity
Even the world’s best developers will admit that creating a functioning blockchain-based platform is expensive and time-consuming due to the complexity of the technology. Furthermore, managing a virtual economy can take a lot of time before the product is ready for the market. The Enjin coin through the Enjin platform simplifies the entire process while guaranteeing security and efficiency.
A solution to payment fraud
With an estimated 7.5 virtual assets lost to fraud with every legitimate virtual purchase made, Enjin’s platform is a great solution for eliminating this level of fraud. It is often easy for scammers to manipulate any asset stored and managed on the internet. For both merchants and customers, manipulation of chargebacks and supply of digital assets damages the game’s reputation. However, with the Enjin coin, in-game assets are protected by the blockchain immutability. The Enjin ecosystem allows developers to run a decentralized payment gateway without any interruption from middle-men. This in turn gives players the confidence to buy and sell without the risk of fraud.
True Ownership of in-game items
Without Enjin’s platform, virtual items in a game will only be available on a centralized proprietary platform. Therefore, users will not be able to own their virtual assets. Plus, this level of centralization puts the entire system at risk of manipulation. However, through the Enjin platform, users get to enjoy the transparency of setting up a virtual goods store that they control from their wallets. Enjin’s smart wallet, together with the Enjin Coin also makes it possible for a user to take their in-game items across any community or platform while retaining original value.
Enjin’s Mission and Partnerships
Enin is ushering in the next phase of the virtual economy. Through the Enjin platform, gaming cryptocurrencies and in-game items will become easy to use and manage with minimal risks.
As the virtual goods market is estimated to be worth US$17.4 billion, Enjin is poised towards offering a reliable source of monetization for the global social gaming market through Enjin Coin.
So far the Enjin team has done well to secure partnerships in a move to increase the adoption of the Enjin platform. Some of the platform’s notable partnerships include a recent partnership with Atari which is a known giant in the video gaming world. Atari’s partnership with Enjin will enable the development of three games on the Enjin ecosystem.
Enjin has also partnered with BMW where the BMW Vantage app users will now be able to convert BMW coins into Enjin Coin. Microsoft is also is using Enjin’s technology to facilitates rewards on its social rewards program called Azure Heroes and Samsung has integrated the Enjin wallet into their flagship blockchain-enabled Samsung Galaxy S10 smartphone.
Enjin Community: Top influencers in the Enjin Ecosystem
Enjin Coin and the Enjin platform remain relevant with the backing of a growing crypto community. In addition to the millions of visitors the platform receives, continued mention from influencers has also driven attention to the project and Enjin Coin. A few examples include a video by Coin Bureau (a YouTube channel with 200,000 subscribers) where he reviews the Enjin platform giving a detailed guide of how the platform works and the purpose of Enjin Coin. Another YouTuber by the name AltcoinBuzz gives 10 reasons to buy Enjin Coin and BitBoy Crypto highlights why Enjin is the number one best-kept secret in crypto. Enjin also benefits a lot from Ethereum’s large community as it is an ERC-20 token that supports other versions of Ethereum-based tokens on its wallet.