Playing an important role in the adoption of Web3, Enjin provides a platform of software products designed to allow anyone to harness the power of NFTs (non-fungible tokens) through the development, trade, monetization, and marketing of blockchain assets.
What is the Enjin platform?
The Enjin platform is an ecosystem of interconnected, blockchain-based gaming products designed for individuals, game developers and businesses to create, manage and trade virtual goods such as digital art, games, or virtual marketplaces using the Ethereum blockchain. Enjin aims to provide users with the tools to implement smart digital solutions for blockchain games within the gaming environment.
Through the platform’s software development kits (SDKs) and APIs, users can build digital assets as well as seamlessly integrate them into their games and applications.
Under the Enjin umbrella is the Enjin Network, a community gaming platform that allows users to create websites, chat, and host virtual stores. Over the course of a decade, the Enjin platform has accumulated over 20 million users.
Powering the ecosystem is the ENJ, a token used to back the value of NFTs and other assets minted on the platform. When an asset is minted it locks ENJ tokens into a smart contract and effectively removes the tokens from circulation.
It’s also worth noting that Witek Radomski, Enjin’s co-founder and the brainchild behind the ERC-1155 Ethereum token standard, wrote the code for the first non-fungible token (NFT). By utilizing its cutting-edge technology, Enjin is revolutionizing the future of gaming and digital assets.
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Who created Enjin?
ENJ was originally founded in 2009 as a gaming community platform by Maxim Blagov and Witek Radomski. Blagov took on the responsibility of being CEO and in charge of the platform’s creative direction while Radomski took on the role of CTO, leading the technical development of the platform’s products.
Following Radomski’s interest in Bitcoin in 2012, the platform explored incorporating blockchain technology into its business model and embraced the world of tokenized digital assets.
Radomski went on to write the ERC-1155 token standard in June 2018, a token standard used for minting both fungible, semi-fungible and non-fungible tokens using the Ethereum network. This token standard is a critical building block in the platform’s design.
In 2017, the Enjin platform launched an initial coin offering (ICO), raising $18.9 million through ENJ token sales. A year later the project went live and in September 2019, the Enjin Marketplace was launched.
How does Enjin work?
The primary goal of the Enjin network is to facilitate the management and storage of virtual goods for games, anything from in-game currencies to unique in-game items. So, how does Enjin work? The process of creating and destroying these tokens involves five steps, as outlined below.
- Purchase
Developers purchase Enjin Coin. - Minting
In-game items are designed and effectively minted with the appropriate amount of ENJ locked into a smart contract. - Utilization
Players use these tokens within the game. - Trading
Players trade the tokens between fellow players or on the internal or external marketplace. - Melting
Players sell the tokens for ENJ, referred to as melting. The token is destroyed and Enjin Coin is released from the smart contract.
SDKs (software development kits) come into play here, with kits designed to fulfill certain functions, such as facilitating a payment platform or being wallet-focused. These kits are designed to minimize costs and simplify the process of creating these virtual goods. APIs (application programming interfaces) work alongside the SDKs to integrate these virtual goods (digital assets) into the game.
The Enjin platform utilizes JumpNet which is integrated with other products in the ecosystem, such as the Marketplace, Enjin Beam, and the Enjin Wallet to allow for gas-free transactions for ENJ and NFTs.
The ENJ ecosystem encompasses the Enjin smart wallet that allows players to store and trade their in-game items with ease. The Enjin wallet is designed to connect all the features, from managing inventory to conducting transactions and selling these tokenized digital assets for ENJ.
Who Are the Founders of Enjin?
ENJ 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 ENJ without even knowing it exists.
ENJ’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 ENJ 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.
What is the Enjin Coin (ENJ)?
ENJ is the native token of the Enjin ecosystem. Built on the Ethereum blockchain and compatible with multiple gaming platforms, the Enjin Coin is an ERC-20 token that allows the in-game items created on the platform to be traded with real-world value. The ENJ token has a maximum supply of 1 billion coins.
The token also allows developers to mint these digital goods. The process requires the users to lock ENJ into a smart contract that automatically assigns value to the in-game item. Players that later use these items can use them in the game, trade them or sell them for ENJ, equivalent to the original minting cost. Once sold, the item is destroyed (known as melting) and the ENJ that was locked in the smart contract is released to the seller.
Distinct Highlights of Enjin
The clear overview of “What is Enjin used for?” shows how it is a productive instrument for creating NFTs and other digital assets. However, it is also important to note how the platform is different from other alternatives for minting digital assets.
Here are some of the unique highlights of ENJ which make it a valuable addition to the emerging digital asset landscape –
- Instant Documentation of Transactions
The average block time on the Ethereum network is around 17 seconds. ENJ used tests on the Raiden Network, a variant of the Lightning Network, prior to development of the scaling solution, Efinity. The platform leverages off-chain alerts for offering a highly responsive experience to all users.
Users can receive instant notifications about transaction requests on their smart wallets. Upon accepting a transaction, the platform registers it on the blockchain, and the smart wallets interact with the Trusted Platform API. As a result, it can help in introducing faster updates in a game or web application.
Similarly, ENJ also ensures prompt updates in user’s in-game currency balance. At the same time, the platform also ensures that users cannot spend unconfirmed transactions before the necessary blockchain confirmations. You can find a detailed overview of verified and unconfirmed balances on the platform’s SDK when you display ENJ and other custom assets. Therefore, you can have the most crucial benefit of easy and simple implementation with reliable levels of transparency.
- Smart Contracts and Tokens
All the virtual assets and the ENJ crypto token are ERC-20 tokens, thereby implying the scope for smart contract functionality. With the help of ERC20, you can have the benefit of seamless integration with different Ethereum-based decentralized apps and smart contracts. Some tokens may not have all the standard functionalities and qualify as partially ERC20 compliant.
The downside for such tokens is the limitations on possibilities of allowing third parties to interact with the tokens. Furthermore, smart contracts on ENJ can also offer distinct functionalities such as payment gateway contracts, mint contracts, smart wallet contracts, and custom coin registry and subscription contracts
- Smart Wallet
Another promising aspect in the features of ENJ refers to the smart wallet, which is a basic blockchain asset wallet. It supports integration with different applications and games. The wallet has an extended array of features and has been downloaded over a million times. Interestingly, the ENJ crypto smart wallet is not just any other crypto wallet.
The wallet offers the facility for creating true subscription services, which can enable server and community owners to offer additional time-limited services. For example, server and community owners can provide time-limited offers for unlocking website content, power-ups, and rankings to their subscribers. In addition, the smart wallet also ensures a link between the user accounts of every trustworthy platform and the Ethereum address of users.
Unique Features of Enjin Coin (ENJ)
Transactions Are Recorded Instantly
The Ethereum network’s average block time is 17 seconds. Enjin was one of the first projects to begin testing the Raiden Network, Ethereum’s version of the Lightning Network, before electing to work on a unique scaling solution known as Efinity.
ENJ uses off-chain alerts to provide a contemporary responsive experience. For each Transaction Request, Trusted Platforms will send an instant notification to the user’s Smart Wallet. 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.
In the event of in-game currency, the user’s balance would be promptly updated in the game, but any unconfirmed sections would be barred from spending until the required number of blockchain confirmations are met.
To make implementation simple and transparent, the ENJ Coin SDK displays verified and unconfirmed balances when displaying ENJ and custom assets.
Smart Contracts and Tokens
The virtual assets and the ENJ Coin are both ERC-20 tokens, which implies that the Enjin project offers not just transactions but also smart contracts. ERC20 will enable seamless integration with other Ethereum blockchain smart contracts and decentralized apps. Tokens that include some but not all of the standard functionalities are termed partly ERC20 compliant and may nevertheless be easily interacted with by third parties.
The smart contracts will also provide the following functionalities: the Mint, Payment Gateway Contract, Smart Wallet Contract, Subscription Contract, Custom Coin Registry, and TopList Contracts.
Public API Accessibility
Enjin offers a public Platform API that utilizes the JSON-RPC protocol to provide ways for checking account balances and accessing each of the smart contracts. This allows websites to display data to internet users without requiring the installation of a web3 wallet extension in the web browser.
Making Virtual Products and Minting Coins
Using Enjin Coins as the parent currency, games and communities may create unique in-game products, currencies, and privilege tokens. Anyone owning these assets can convert them back into Enjin Coins at the original exchange rate when they were produced.
ENJ can be used by developers who use the Enjin platform to mint. The required amount of ENJ tokens is removed from their wallets and locked within the assets they create, removing the tokens from the market and creating scarcity while also providing a clear use case for the token.
Coin Exchange
All ENJ coins used to mint each unit of a custom coin are stored in the mint contract. Enjin wallets function as a gateway for custom coins to be converted back to ENJ Coins included in the Mint contract. This provides liquidity as well as the ability to back bespoke assets with a known ENJ value.
Economically, any bespoke assets developed using ENJ will reduce the quantity of ENJ in circulation, conserving and boosting the long-term value of the ENJ ecosystem.
Marketplace Based on Escrow
An escrow system based on smart contracts enables multiple participants to safely transfer any number of game objects and currencies.
This can be used for basic player-to-player exchanges, with the smart wallet in-game assisting in identifying the relevant item kinds and accepting the deal with a touch or click. It can also be utilized to create an on-chain marketplace for digital items. There will be an online marketplace with over 10 million digital products where users can find, acquire, and sell rare and unusual blockchain assets. ENJ coins or even custom coins can be used to represent digital assets in the market.
Community Engagement
ENJ Coin features will be incorporated across the Enjin CMS platform and will be supported natively by over 250,000 current gaming websites. Enjin will also build phpBB, vBulletin, Xenforo, and other forum and CMS interfaces as part of the open-source platform API, allowing even more online communities to effortlessly integrate Enjin Coins into their websites and games. Web developers will have simple access to all ENJ Coin features and capabilities using open-source PHP and NodeJS SDKs for bespoke website and API integrations.
Multiple SDKs
ENJ offers software development kits for Unity, Java, Android C#, and other platforms. On top of that, they provide a variety of software add-ons such as the Unity plugin, the Minecraft plugin, and others. This enables millions of developers to easily merge current projects or create entirely new ones.
The platform SDK makes it simple to build a complicated decentralized payment gateway. It is intended to enable novel new payment arrangements that can minimize accounting workload while increasing confidence between businesses and customers. One can create a personalized payment gateway as well as their own currency.
The Smart Enjin Wallet
Blockchain asset wallet that integrates with games and applications. It’s one of the most feature-rich digital wallets in the world, with over one million downloads. The Enjin wallet introduces a revolutionary new feature for cryptocurrencies: the possibility to construct true subscription services. Server and community owners will be able to provide time-limited services such as power-ups, rankings, or unlocking website content to subscribers. Each trustworthy platform’s user accounts will be linked to the user’s Ethereum address.
The same functionalities are accessible with the Enjin mobile wallet as well.
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 ENJ 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
How can I buy Enjin Coin?
Anyone can tap into the Enjin ecosystem by acquiring ENJ tokens through the Tap mobile app. Simply create an account and complete the verification process in order to gain access to your unique ENJ wallet, from where you can buy, trade and sell Enjin Coin.
Fully licensed and regulated, Tap provides a secure and convenient means of managing your funds, allowing users to manage and store both crypto and fiat currencies in one location. With a wide range of supported currencies and services, Tap is revolutionizing the financial space.
Take advantage of the power of Enjin Coin on the Tap app – the ultimate platform to buy, sell or hold ENJ. With seamless integration and an intuitive interface, trading Enjin tokens has never been easier. Stay up-to-date with the latest market trends and keep your portfolio on track by monitoring the Enjin Coin price in real-time.
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