Enjin introduces the Enjin Coin, an ERC20 token that gives content creators, game servers and publishers, an easy solution for implementing virtual goods into their gameplay.
Enjin was founded in 2009 as an IT company by Maxim Blagov and Witek Radomski. It has become one of the largest gaming-community platforms globally, supporting more than 250,000 gamer communities and around 20 million registered players.
Maxim Blagov became Enjin's CEO and assumed responsibility for the company's creative direction. Witek Radomski, as technical director, was responsible for the technological development of Enjin's products.
Radomski proposed to accept Bitcoin as a payment option after he got interested in bitcoin in 2012. After the development of Smart Contracts in the Ethereum blockchain, Enjin began to create his software embedded in the Blockchain. Radomski developed in 2018 the ERC-1155 standard, a new type of token issued inside Ethereum. Developers can use ERC-1155 tokens to mint both fungible and non-fungible tokens (NFT).
Enjin is a company that helps more than 20 million players create sandbox forums and communities around their favorite games. From what Enjin recognized, Internet users, gamers, and developers demand fast and efficient user interfaces, combined with the need for a reliable platform that keeps your data and intellectual property secure.
What is Enjin?
The video game industry is enormous and has grown exponentially over time. The Entertainment Software Association (ESA) reports that 75% of Americans have at least one game lover in their home, and 65% of American adults play video games.
Enjin developers designed the platform to tokenize game elements and give the possibility to exchange them with other players. It is very similar to the Worldwide Asset Exchange (WAX). However, the essential feature of Enjin is the set of partnerships it has, including Samsung, Unity, PC Gamer, and, more recently, Microsoft.
Therefore, the platform offers various products such as:
Enjin Network: It is a content management system that revolves around gaming protocols and platforms.
Enjin Wallet: As its name says, it consists of a wallet where users can store their cryptocurrencies and collectibles.
EnjinX - Consists of a universal Blockchain explorer, built with an approach based on user experience, speed, and ease of use.
Efinity - Developed using Polkadot, Efinity is a blockchain designed explicitly for NFTs.
Enjin has built a complete ecosystem for Blockchain applications, integrating with its open-source token standard and featuring a unique blockchain explorer (EnjinX). Enjin focuses on adoption for non-blockchain participants with various solutions for professionals. The Enjin platform, based on blockchain technology, has the following advantages:
Ownership of virtual assets. You can not delete transactions in the Blockchain, which means that digital assets are safely stored and cannot get lost.
Convenient value exchange. You can trade Digital assets quickly, and Enjin's wallet can interoperate with other Decentralized Exchanges.
Unified wallet. With just one wallet, users can manage all their NFT assets.
ERC-1155 token standard. NFTs, in the form of ERC-1155 tokens) can be backed with Enjin Coin. Being compatible with Enjin, some of the use cases for NFTs range from property certification to Digital Goods tokenization.
Therefore, Enjin Coin's (ENJ) purpose is to be a token that developers can use to carry out transactions related to virtual goods created by them. Game developers can mint coins in the game, including swords, pistols, spaceships, etc. Enjin Coin price rounds $3 and ranks 43th in the cryptocurrency market capitalization ranking. The circulating supply is 823,130,411 ENJ out of a total amount of 1 billion ENJ. Coinbase added Enjin to its crypto offer, but, for now, only on its Pro platform.
How to get and use Enjin Coins
Developers must acquire a certain amount of Enjin Coin (ENJ) to facilitate their operations. There are two ways to get ENJ: through an official association directly with Enjin or through a crypto exchange. Once the token is created, the Mint Smart contract is cloned and registered using a Smart contract registry. Now the question is: How are they used? Well, there are two ways: First of all, as in-game rewards and, second, to make purchases in it.
It is important to note that the ENJ acquired as rewards are not saved on the game servers but stored safely in your Enjin Wallet. Therefore, each transaction that the user wishes to carry out must be confirmed by the player in his wallet.
The safest option to reliably store your digital assets is to keep them offline (cold storage). The further away from the internet, we have them, the safer they will be. A Paper Wallet is nothing more than a critical piece of paper that contains both the private and the public key. You have to be very cautious and keep it well stored so that no one has access to it and can find it when we need it.
There are several alternatives to cold storage (safe but impractical if you are moving tokens or coins around). On one hand, hardware wallets are a highly recommended option regardless of the cryptocurrency you have. These devices are one of the safest ways to store them since both the keys and the cryptocurrencies remain in our custody. Some wallet hardware options are Ledger Nano S or TREZOR.
In addition to the options discussed, generally, the projects themselves put official wallets at our disposal. Enjin Coin makes desktop wallets available for Linux, Mac, and Windows.
With the Enjin provided wallet, you can store and trade Bitcoins, Ether, Polkadot, Litecoin, Binance Coin, Dogecoin, ERC-20 tokens, ERC-721 & ERC-1155 NFTs. It has versions for iPhone and Android.
The wallet has some exciting security characteristics:
The app includes a keyboard that prevents data sniffing and keyloggers.
The Keystore, the part of the storage that keeps the most sensitive data, is encrypted using two military-grade cryptographic layers.
You can link your Blockchain games to your wallet using QR codes.
The video game industry is enormous. Engine Coin leverages the Blockchain applied to games and the people using them. Enjin makes it possible to avoid fraud inside the game industry (a pretty big problem) and gives the gamers the possibility to prove ownership over their digital assets. It was created by Enjin, the gaming giant, in 2009 and is a well-funded and supported project that guarantees its future. The competition is growing around gaming and Blockchain. With the recent Non-Fungible tokens craze, Enjin has become a central actor in this arena.