Enjin Is House To Over 250,000 Gaming Communities

What Is Enjin Coin (ENJ)?

Enjin Coin is a project of Enjin, a company that provides an ecosystem of interconnected, blockchain-based gaming products. Enjin’s flagship offering is the Enjin Network, a social gaming platform through which users can create websites and clans, chat, and host virtual item stores.

Enjin allows game developers to tokenize in-game items on the Ethereum blockchain. It uses Enjin Coin, an ERC-20 token, to back the digital assets issued using its platform, meaning that items can be bought, sold and traded with real-world value.

Enjin Coin was first announced in July 2017, and it launched on the Ethereum mainnet in June 2018.

Enjin Coin (ENJ) is a digital store of value used to back the value of blockchain assets like non-fungible tokens (NFTs). Every asset minted with the Enjin Platform contains ENJ, a minting resource which is locked inside NFTs and removed from circulation. Minting blockchain assets with ENJ provides a variety of benefits to creators and users:

  • Infuses them with a reserve value
  • Ensures their transparency and scarcity
  • Gives them instance liquidity
  • Provides utility in games and apps
  • Anti-inflationary
  • Enjin’s “melting” functionality allows users to destroy their blockchain assets at any time to retrieve the ENJ value from within.

The Enjin blockchain ecosystem aims to offer software products that make it easy for everyone to develop, trade, monetize, and market with blockchain.

Founded in 2009, Enjin has roots in the gaming industry, with the company’s first product, a gaming community platform called the Enjin Network, growing to 20 million users over the course of a decade.

In 2017 following an ICO, Enjin established itself as a leading blockchain ecosystem developer, building a suite of software products that enable anyone to easily mint, manage, trade, distribute, and integrate blockchain assets.

Enjin’s co-founder Witek Radomski wrote the code for one of the first ever non-fungible tokens (NFTs) and is also the co-author of the ERC-1155 Ethereum token standard.

Built on top of an on-chain infrastructure, the Enjin ecosystem enables game developers and businesses of all sizes to use tokenized digital assets as part of their acquisition, retention, engagement, and monetization strategies. The Enjin ecosystem is fueled by Enjin Coin (ENJ), a cryptocurrency used to back the value of blockchain assets.

History Of Enjin Coin (ENJ)

Maxim Blagov and Witek Radomski originally founded Enjin as Enjin Network, a community gaming platform, in 2009. The company ventured into the blockchain industry in 2017 with an initial coin offering (ICO) of $18.9 million. In 2018, Enjin Network launched its own blockchain wallet called Enjin Wallet. The Enjin platform was also launched in 2018 on Ethereum mainnet. An iOS version of Enjin Wallet was launched a few months later. ENJ was deployed on ERC-1155 standard in June 2018. 

How Are New ENJ Coins Created?

Enjin tokens cannot be staked since they run on a PoW (proof-of-work) consensus algorithm. This means that the ENJ network relies on miners, and the tokens can be created through mining. The mining is done in the same way as it is done for Bitcoin (BTC) or other cryptocurrencies using an ASIC unit or a GPU. Application-specific integrated circuits (ASICs) are the machines designed explicitly to mine cryptocurrencies. The miners need to validate transactions on the ENJ network by solving cryptographic equations.

Consequently, the miners proceed toward the next transaction. ENJ coins can also be mined through personal computers by joining miner pools. However, the effective way to mine ENJ is by using an ASIC mining setup.

Who Are The Founders Of Enjin Coin?

Enjin was founded as a gaming community platform in 2009 by Maxim Blagov and Witek Radomski, with Blagov becoming CEO and assuming responsibility for the creative direction of the company and Radomski serving as chief technical officer, responsible for the technical development of its products. Blagov has described himself as having experience in creative direction, marketing, and software project management and design.

The idea of introducing blockchain to Enjin was first proposed by Radomski after he became interested in Bitcoin (BTC) in 2012, eventually convincing the company to accept it as a payment option. After learning about Ethereum and smart contracts, he decided he wanted to create his own blockchain-integrated software. Radomski is also the author of the ERC-1155 token standard, a new standard for Ethereum-issued tokens that was introduced in June 2018, finalized in June 2019, and is used for minting both fungible and nonfungible tokens.

How Does Enjin Work?


Enjin’s main use case is to enable users to manage and store virtual goods for games. 

These can range from in-game currencies to tokens representing unique game items like swords or accessories for characters.

To create and destroy in-game items, developers complete the following five steps:

  • Acquisition – Developers buy ENJ 
  • Minting – Developers design in-game items using the purchased ENJ
  • Gaming – Players acquire tokens and use them in-game for various functions
  • Trading – Players trade tokens amongst each other
  • Melting – Players sell tokens for ENJ.

The Enjin team has built a variety of SDKs to enable these functionalities, which include kits focused on wallets and payment platforms. (These SDKs minimize the cost and complexity of creating virtual goods by offering common functionalities for creating these items.)

In conjunction with their SDKs, Enjin has also created application programming interfaces (APIs) to help deploy these items in game.

Enjin Smart Wallet

Enjin has its own native wallet where players can store and trade items, and that connects all of the platform’s features together.

The wallet allows users to: 

  1. Assess their inventory, enabling them to connect to multiple games and use their items within each platform.
  2. Transact between themselves through the Enjin wallet, meaning that they can trade coins and items outside of the gaming environment.
  3. Sell their digital goods for ENJ. 

Roadmaps And Updates

The following modifications will be made to the forthcoming Enjin ecosystem:

  • Dungeon Universe is a blockchain game MMORPG project based on Enjin.
  • EnjinStarter, a launchpad for blockchain games, has announced a strategic agreement with Enjin to promote the development of the Enjin ecosystem

What Makes Enjin Coin Unique?

According to co-founder Radomski, Enjin Coin is unique in that every token minted with Enjin Platform, the company’s blockchain asset development platform that launched in February 2020, is directly backed by ENJ, giving in-game items real-world liquidity. Similarly, Blagov has stated that the company is focused on adoption, saying he imagines a future in which millions of gamers use digital items backed by Enjin Coin without even knowing it exists.

Enjin Coin uses a series of smart contracts to which game developers send ENJ to mint new, unique fungible or nonfungible ERC-1155 tokens. These tokens can be traded on the Enjin Marketplace, which launched in September 2019, or exchanged for their backing ENJ at any time. As more custom tokens are minted, more ENJ is removed from the ecosystem, thus making it scarcer.

According to its whitepaper, Enjin Coin uses a series of both on-chain and off-chain processes. When a transaction is completed within the Enjin ecosystem, a Trusted Platform contacts the users’ smart wallets, and the website or game is updated immediately with a placeholder or nontradable version of the digital item until the transaction has been validated by the Ethereum blockchain.

How Many Enjin Coin (ENJ) Coins Are There in Circulation?

Enjin Coin has a fixed maximum supply of 1 billion tokens. However, as the ecosystem grows and more ENJ is locked into in-game digital assets, the number of coins actually circulating will decrease.

Enjin Coin was first made available for purchase during a presale event in September 2017 in which 400 million ENJ was sold for a total of 38,800 Ether (ETH), worth $12 million at the time, with another 100 million ENJ given away as bonuses. In total, the presale sold and gave away 50% of the total supply. An initial coin offering was held in October 2017, with 300 million ENJ — 30% of the total supply — available for sale. The ICO raised 75,041 ETH, worth $18.9 million at the time. Tokens that were not sold during the ICO were locked for six months to be later used for community initiatives and marketing.

10% of the total token supply was reserved for the company for community initiatives, beta testing, marketing and strategic partnerships, while another 10% was reserved for team members and advisors. Team member tokens were locked for the first six months and vested over a period of 24 months, while advisor tokens were locked for two months and fully released afterward.

How Is the Enjin Coin Network Secured?

Enjin Coin is an ERC-20 token issued on the Ethereum blockchain, meaning that any on-chain ENJ transactions are validated and secured by the Ethereum network using a proof-of-work consensus algorithm. Miners compete among each other to add new blocks to the blockchain and a majority of all nodes in the network must confirm a record for it to be posted.

The underlying smart contracts that power Enjin Coin have undergone several audits, including by Ethereum developer Matthew Di Ferrante in September 2017, smart-contract auditor and developer ZK Labs in early 2018, and Castillo Network in July 2019.

In October 2020, Enjin launched a bug bounty program via information security company HackerOne.

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.

Enjin Coin Logo PNG Images | PNG All

Pros And Cons

Transaction Fees

Utility Token For NFTs

Billions of blockchain assets are backed with Enjin Coin. Here’s why:

 
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Trust

Owners can melt their NFTs back into ENJ anytime, increasing confidence in the assets and projects that offer them.

 
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Authenticity

The ENJ stored within NFTs proves their origin and guarantees their compatibility with the Enjin ecosystem

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Value

The perceived value of NFTs is directly correlated with their ENJ backing, making ENJ an effective gold standard.

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Scarcity

When existing NFTs are melted, scarcity increases, thereby lowering the supply and increasing their value.

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Tangibility

Unlike other digital assets, NFTs backed by ENJ are created with something of value and can be destroyed anytime.

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Anti-inflation

Because ENJ is a limited, valuable resource, backing NFTs with it is the only way to regulate asset creation.

Enjin Coin (ENJ) Tokenomics

The Enjin Coin (ENJ) has a maximum supply of 1,000,000,000 and a circulating supply of 846,734,704.57 ENJ.

The ENJ tokens were allocated as follows:

  • 40% (400,000,000) were sold by Enjin during the pre-sale.
  • 40% (400,000,000) were sold by Enjin to Crowdsale purchasers minus any bonuses applied in the pre-sale.
  • 10% (100,000,000) reserved by the Company to incentivize community, beta testers, marketing, and strategic partners.
  • 10% (100,000,000) to be distributed by the Company to the Enjin Coin Team and Advisors.

Enjin Coin (ENJ) Price

The current Enjin price (ENJ) is $1.765 and the 24-hour trading volume of Enjin is $148,740,682.

Enjin Coin (ENJ) Price Prediction And Future Outlook

2021 has been a game-changer for the NFT market which surged to $22 billion, according to a data report from DappRadar. The digital art collections from various artists around the globe went on auctions and sold for millions of dollars. And all of this is pretty good news for ENJ holders as the Enjin network provides a platform where users can integrate their NFTs and build apps on blockchain networks. With Enjin at the core of a multi-billion dollar industry, the chances of Enjin coin hitting $20 is quite possible in the near future, as per many crypto experts.

It should be noted that gaming and gamers have been playing a big part in pushing the world towards cryptocurrencies. This is because if you own an item in a game, you can directly sell it from your e-wallet and use those funds immediately to buy any valuable stuff in the real world. This amazing utility of the ENJ coin makes it into the few coins that offer this feature to gamers worldwide. And with the increased crypto adoption in 2022, the price of the ENJ token may also increase sharply.

It should also be noted that the ENJ token is a metaverse token and is ranked 5th place among all metaverse tokens in terms of market capitalization. With only MANA, AXS, SAND, and THETA ahead of it in the race to become the biggest metaverse token of all time. This huge popularity with the amazing utility as described above makes the Enjin Coin (ENJ) a big attraction for major investors.

Since its inception, the ENJ token has seen a rise of almost 15,000% and went to its all-time high of $4.82 a month ago when Bitcoin (BTC) touched $69,000 before falling back into the 50k zone. The current price of ENJ is hovering around $2.69, however, technical indicators like RSI and CMF indicate a bullish trend. As of now, if BTC makes a big move, ENJ’s price may rise back up and cross the $5 mark. This, however, is not a certainty due to the current market conditions and volatility.

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