By Nathan Ferguson
Enjin Coin is a digital currency built upon the Ethereum blockchain that aims to provide users with a reliable, real-time cryptocurrency and online gaming platform. This item has been crafted for online gamers in hopes of creating an all-inclusive virtual ecosystem where players can exchange items and the value they have earned from virtual gaming platforms. Via this platform, users are given the power to manage and fully protect their blockchain-powered assets.
Enjin is a platform that can be used to bring to life just about anything you have imagined. At the platform of the Enjin Coin, this team makes communities, games, and trading that goes hand-in-hand with blockchain technology which is an innovative way of storing information. This company’s parent firm provides numerous blockchain products that are aimed at both developing and general enthusiasts to increase knowledge surrounding cryptocurrency.
The ENJ utility token can be bought or sold in exchange for fiat currencies or other cryptocurrencies. The Enjin Coin is available on major exchanges like Coinbase and Binance. They support over 200 countries, so it’s easy to get your hands on some ENJ if you choose to do so after purchasing your first cryptocurrency!
Working of Enjin Coin
EnjinCoin (ENJ) is a cryptocurrency that has taken inspiration from the other large-cap coins in the market. Enjin has created an ingenious solution to its scaling problem called Efinity, and through its public API and open source SDKs, it offers its users a plethora of functionality that is at times hard to find in competing platforms.
Enjin Coin is the first cryptocurrency to be backed by a platform for creating and managing virtual goods. The platform allows gamers to create, customize, trade, sell and consume digital assets without third-party intervention. Its main feature is the smart contract functionality that allows setting up rules for how virtual items can be used within secured game environments.
Enjin Coin is highly cost-efficient. Normally in the gaming industry, virtual goods are kept separate from other big platforms like digital assets or loyalty points. Enjin Coin is trying to change this by removing third-party intermediaries while still keeping all of the valuable aspects that gamers use to engage with publishers and content creators such as control, transferability, utilization flexibility, and liquidity.
This approach to blockchain making brings attributes that gamers have longed for directly into the hands of each contributor – leveling the playing field without giving one more power than the other because, unlike many rivals, Enjin Coin doesn’t require anything extra like fees or gadgets.
The company’s mission is to create an ecosystem that involves participation and collaboration between industry-leading partners. They strive to build a strong gaming community by offering crypto developers all the tools they need to succeed and indie game publishers and their communities the ability to be rewarded for what they do best.
What are NFTs?
Non-fungible tokens, or NFTs, are units of data that contain unique identification codes. As a type of crypto-economic token, every NFT is like its own cryptocurrency but cannot be exchanged for any other. They tend to have their private keys and addresses generated when executed on the blockchain and are activated by signing with an event-identifying key. Examples of NFTs include artworks, music files, images, and more. The number of NFTs has increased substantially since their debut in 2014 with more than 23,000 NFTs being sold as of April 12th, 2021!
Games on Enjin Coin
- Space Misfits
Space Misfits is a blockchain-powered space exploration and trading game where gamers can mine, trade, and fight their ways across the galaxy to build their very own empire on the blockchain. Using Enjin’s custom ERC1155 NFT tokens for in-game items and currency (BITS), the most powerful ships in each fleet are held by Treasure Trove Ships that you can own. In this game, you’ll progress from fighting pirates as an easy way to get PVP practice to trading goods on your spaceship taking control of all aspects of your journey toward making it big in the universe.
- 9Lives Arena
A new mobile game allows you to earn rewards just by playing! 9Lives Arena is a fun and immersive 3D multiplayer online battle arena game featuring powerful weaponry. This online game can be played on iOS and Android-powered devices and it allows players the chance to make their weapons, armor and so much more. One way that this game differs from other online games is that it doesn’t feature a chatbox for chatting but has direct messages between other players instead.
- Six Dragons
The Six Dragons is a community with 3 character classes: warriors, mages, and the third one are clerics. Character advancement occurs only through the community and is determined by the collective pursuit of community goals. The Six Dragons Community consists of members who can interact directly with one another – either on-site or via an online forum – yet all actions within the game world are governed by in-game, blockchain smart contracts. By playing Six dragons, users don’t just create new tokens for existing in-game assets (swords, armor, potions), but for new types of assets (new AI behaviors) that can be traded with other players who might want to adopt them into their games or projects.
- War of Crypto
War of Crypta is a PvP-based game. Players can collect and customize their cards, that they can level up. They can strategize and adapt to any situation by selecting which card works for their team based on their battling needs and put those cards to a test in a live battle against another player’s cards.
Unique Features
- Recorded Transactions
As a Decentralized Virtual Currency, Ethereum has various features which provide users with an excellent environment for development and innovation. One of the key attributes that it prides itself on is being a quick coin – the average block time (the amount of time it takes from when one block of transactions is completed to the next block) is 17 seconds. This is almost twice as fast as Bitcoin’s block-time of approximately 10 minutes per block. And Enjin is one of the first platforms which is been utilizing this.
Enjin Coin uses off-chain alerts to provide a contemporary responsive experience. For each Transaction Request, the Trusted Platforms will send an instant notification to the users’ ERC20 compatible SmartWallet. When the user accepts the transaction and it is created on the blockchain, the wallet will contact the Trusted Platform API with the transaction to observe. The game or website can then be immediately updated with a placeholder item or non-tradeable version of the asset until sufficient confirmations are obtained to authorize full ownership of the item.
If the in-game currency becomes available, a player’s balance will be promptly updated, but any unconfirmed portions of this currency will be barred from spending. For example, if a user sends 1 bitcoin to one of their friends via an instant transaction, then that user cannot trade it back or use it for any other purpose until its confirmations number meets the minimum required total.
To make the implementation of their blockchain-powered functionality simple and transparent, the Enjin Coin SDK displays verifiable active and inactive user balances on the blockchain.
- Token as well as smart contracts
Enjin is both a platform and a token. They are based on the Ethereum blockchain which means that Enjin offers not just transactions but smart contracts too. Users can spend their tokens to purchase digital assets from gaming creators in exchange for Enjin coins. ERC20 will enable seamless integration with other Ethereum blockchain smart contracts and decentralized apps.
The Mint Contract is used to create new coins, whether they are physical or virtual – the Mint will take care of them. The Payment Gateway Contract is a platform that will run cross-platform apps by keeping deposits until payments have been pre-verified and scheduled. The Smart Wallet Contract allows for direct transactions between customers and contractors with no third party involved.
- API Accessibility
Enjin gives developers a REST API (Application Programming Interface) to use at their disposal as they see fit with their development work. This way, websites can display data and information about the Enjin website without being reliant on users having to install a web3 extension in the first place. This opens up new opportunities for interconnectivity between platforms that were never previously possible or thought of!
- Minting Coins
Enjin Coin is built upon the premise that unrestricted ownership of game items, currencies, or any other types of virtual goods will not be achievable until a strong blockchain solution has gained widespread adoption by the industry. Hence, there are solutions described in their Whitepaper for every type of game and community to use ENJ tokens based on specific functions available depending on the size and maturity of their operations as well as their plan for scalability using sidechains and even off-chain functionality for long-term sustainability and stability.
Enjin Coins are minted when an asset is created on the Enjin platform, and some of these coins will automatically lock themselves as soon as they are created. This removes Enjin Coins from the market, making them scarce. If a player wants to purchase an item and minters have created items with Enjins inside, that new item can now be purchased by paying ENJ back to the creator to release their hard work into circulation.
- Coin Exchange
When a custom coin is minted using the Enjin Smart Wallet, the configuration settings for that particular coin’s Mint process are transferred to an Ethereum smart contract. This allows you to store those settings in your Enjin Smart Wallet and submit them right to the Ethereum blockchain – allowing you to benefit from all of the features of this process. Each time a transaction is completed through your Enjin Smart Wallet interface, it will update your Custom Coin Mint Contract by minting and delivering newly generated tokens as configured by you.
By using ENJ to create bespoke assets and distribute them on the platform, you will benefit the entire Enjin Ecosystem with more ENJ remaining in circulation which ultimately boosts the long-term value of every token!
- Escrow system
By using an escrow system based on smart contracts, multiple parties can safely and securely transfer game objects and currencies without any worry.
This can be used for basic p-to-p exchanges. By utilizing smart contracts, transactions are secure, transparent, and efficient on the blockchain. Smart contracts work great for simple buy/sell transactions. This can be extended to allow players to purchase and sell rare and unusual blockchain assets in an online marketplace.
- Community Engagement
Enjin is proud to present its blockchain-based currency for gaming. It will bring endless possibilities for every gamer and developer! Enjin Coin has already been implemented into over 250,000 websites. They admirer have created more than a thousand Games, Wallets, and Marketplaces; millions of products now have Enjin Coin embedded in them just waiting to be discovered by you. However, this is just the beginning! They plan to finish creating an all-inclusive blockchain-powered development ecosystem, SDKs (software developer kits), wallets, games, marketplaces, and communities!
- Multiple SDKs
Enjin offers developers lots of options when it comes to including their application into the blockchain with a special API that is available for Unity, Java, and C#. This software framework will make it easier for hobbyists as well as professional game developers to bring their creations to life and store relevant information in the blockchain. Not only can gamers benefit from this, but other app developers too!
With the decentralized platform SDK, you can build your payment gateway easily. It will enable new forms of transactions that could minimize accounting efforts and increase confidence between businesses and customers. A personalized payment gateway, as well as your currency, is possible to be made.
- Smart Wallet
The Enjin asset wallet is a revolutionary platform that lets users manage, store and track their cryptocurrency holdings. One of the coolest features of this asset wallet is that it helps users integrate cryptocurrencies into their gaming worlds through virtual item tokenization! It’s available for Android, or iOS devices and supports over 1300 different tokens which can be used in your next multiplayer game design. It also allows users to set up subscriptions for timed content like power-ups to increase replay value.
The Enjin Wallet allows you to access the same functionalities on both Android and iOS devices.
Price and the future of Enjin Coin
As per a recent report Enjin coin, a popular cryptocurrency projected to hit $20 in the next year, can transform the NFT market with its ability to provide users with a safe and secure means of exchanging their digital goods. This is likely due to Enjin’s current position as the top gaming blockchain technology which already provides secure support for hundreds of thousands of active developers producing millions of USD in goods each year. Taking into consideration ENJ’s partnership with Minecraft, it would be foolish not to take note of how much value such projects have for both parties and how far the potential between them could grow over time!
The ENJ utility token has intrinsic value as it is used to purchase goods and services within the Enjin network – a game development platform with an integrated social community, forum, and marketplace. Games released on the platform are designed in such a way that they can be transferred from one user to another or from one game item to another through innovative blockchain technology. As more games implement the Enjin Coin, there will be increased gaming activity on their platform and thus an increase in real-world purchases of ENJ tokens.
The ENJ token is a Metaverse (Digital asset) token and currently ranks 5th place for overall cryptocurrency market capitalization. With only MANA, AXS, SAND, and THETA ranked ahead of it as big players in the race to become the biggest digital asset of all time by market capitalization. This great popularity will make this coin appealing to major investors.
Since its inception in late 2017, ENJ’s price has been going strong with rapid appreciation, peaking at $4.82 a month ago when Bitcoin broke $6K and eventually fell back into the $5k range as of this writing. However, technical indicators like RSI and CMF indicate that market is turning bullish again now that Bitcoin dominance eases up. If Bitcoin breaks out to new highs as it did previously over $7K, then ENJ could see new lofty heights as well hitting for example above $5. As of now, however, the uncertainty of the current market is keeping it from reaching this mark barring any major BTC breakthroughs but they are keeping an eye on all charts for a potential breakout!
Conclusion
Intending to simplify the use of Non-fungible Tokens, Enjin has created ENJ. The platform’s native cryptocurrency, ENJ is an ERC20 token that runs on top of the Ethereum blockchain. As an ERC20 compatible coin, it can be sent and received through Ethereum wallets. It is used to support the value of NFT virtual goods in the Enjin ecosystem. Furthermore, ENJ is protected by Ethereum smart contracts and works well with Ethereum-based Decentralized Finance (Defi) solutions.