What is Enjin?

Enjin is a favored option among investors looking to trade altcoins. However, before you Trade ENJ, Trade ENJ, it is vital that you understand what you are investing in. Let's find out what's ENJ and how it functions.

The Enjin Coin was developed by Enjin, a startup offering complementary blockchain-based video game services. The Enjin Network is Enjin's most well-known product; it is a social gaming platform where players may make their own websites and clans, talk to one another, and run virtual item shops.

The Enjin platform facilitates the tokenization of in-game assets on the Ethereum network. The digital assets created on the Enjin platform are backed by the ERC-20 token known as Enjin Coin, allowing them to be purchased, sold, and traded much like traditional products.

Initial plans for Enjin Coin were unveiled in July 2017, and the cryptocurrency went live on the Ethereum mainnet in June 2018.

Enjin Coin (ENJ) is a cryptocurrency used to secure the value of other blockchain assets, such as NFTs (NFTs). By design, the ENJ minting resource is sequestered in NFTs and withdrawn from circulation for all assets created on the Enjin Platform. Minting blockchain assets using ENJ offers developers and consumers a number of advantages:

Infuses them with a reserve value

Ensures transparency and scarcity

Supplying them with instant liquidity

Provides utility in games and apps

Anti-inflationary

The melting feature in Enjin enables users to permanently destroy blockchain assets and recover their ENJ value.

To make it simple for anybody to create, trade, monetize, and advertise using blockchain, the Enjin blockchain ecosystem provides a suite of software tools.

The gaming sector is where Enjin got its start; the company's original product, a gaming community platform known as the Enjin Network, had 20 million users in only a decade after it was released in 2009.

The initial coin offering (ICO) that launched Enjin in 2017 propelled the company to the forefront of the blockchain ecosystem development space, where it has since spent considerable time and resources creating a suite of software products that allows anyone to mint, manage, trade, distribute, and integrate blockchain assets with ease.

Witek Radomski, the co-founder of Enjin and co-author of the ERC-1155 Ethereum token standard, created the first non-fungible token (NFT).

Tokenized digital assets may be used for user acquisition, retention, engagement, and monetization in the Enjin ecosystem since it is built on top of an on-chain infrastructure and is accessible to game creators and enterprises of all sizes. Supporting the value of blockchain assets, Enjin Coin (ENJ) is the driving force behind the whole Enjin ecosystem.

How is Enjin different?

Founder Radomski claims that ENJ backs every token created on the Enjin Platform (the company's blockchain asset development platform, released in February 2020), making ENJ the only cryptocurrency that gives virtual goods real-world value. The company's emphasis, according to Blagov, is on widespread usage; he foresees a day when millions of players consume virtual goods backed by Enjin Coin without realizing what it is or where it came from.

When creating a new game, creators may utilize Enjin Coin to create their own custom ERC-1155 tokens by sending ENJ to a sequence of smart contracts. These tokens can be traded on the recently created Enjin Marketplace or converted back to their underlying ENJ at any time. When new tokens are created, they take ENJ out of circulation, increasing the value of ENJ and its scarcity.

In its whitepaper, Enjin Coin explains how it employs a mix of on-chain and off-chain operations. Any time a transaction is finalized inside the Enjin ecosystem, the user's smart wallets are notified by the Trusted Platform, and the corresponding website or game is updated with a nontradable version of the digital object until the transaction is confirmed by the Ethereum blockchain.

How many ENJ Tokens are there?

There will never be more than 1 billion Enjin Coins created. Nonetheless, the total quantity of ENJ in circulation will gradually decline as the ecosystem develops and more ENJ is permanently bound to digital goods within the game.

Initially, 400 million ENJ were sold at a presale event in September 2017 for a total of 38,800 ETH, worth $12 million at the time, and another 100 million ENJ were distributed as bonuses. In all, 50% of the supply was sold or given away during the presale. In October 2017, an ICO was held with 300 million ENJ (or 30% of the entire supply) up for grabs. A total of 75,041 ETH, or about $18.9 million, was raised during the ICO. Any unsold tokens from the initial coin offering (ICO) period were frozen for six months and were set to be utilized for community projects and promotion.

10% of the token supply was designated for community projects, beta testing, marketing, and strategic partnerships, while 10% was earmarked for team members and advisors. Team member tokens were locked for six months and vested over 24 months; advisor tokens were locked for two months and released subsequently.

Networksecurity

Any on-chain ENJ transactions are verified and safeguarded by the Ethereum network thanks to the use of a proof-of-work consensus process, as ENJ is an ERC-20 token issued on the Ethereum blockchain. The process of adding new blocks to the blockchain is a competitive one, and each new block needs to be confirmed by the network's majority of nodes before it is added

Enjin Coin's smart contracts have been certified by many third-party auditors, including Ethereum developer Matthew Di Ferrante, ZK Labs, and Castillo Network

Through the help of cyber security firm HackerOne, Enjin introduced a bug bounty program in October 2020.

Founders

Enjin was co-founded in 2009 by Maxim Blagov (CEO) and Witek Radomski (CTO), who were both passionate about the gaming industry. Blagov is in charge of the company's creative direction, while Radomski is in charge of the technical development of Enjin's products. Blagov's experience includes creative direction, marketing, software project management, and design.

After Radomski's interest in Bitcoin (BTC) piqued in 2012, he pitched the notion of bringing blockchain to Enjin, and he ultimately succeeded in getting the firm to accept BTC as payment. His interest in developing blockchain-integrated software was sparked by his studies of Ethereum and smart contracts. Radomski also authored the ERC-1155 token standard, a new protocol for Ethereum-issued tokens that was first proposed in June 2018 and ratified in June 2019 and is used to mint both fungible and nonfungible tokens.

Where can you buy ENJ?

ENJ is available on the licensed cryptocurrency exchange CryptoForce and several other national and international exchanges.

Disclaimer:Cryptocurrencies are highly volatile and subject to market, technical, and regulatory risks. Crypto trading requires one’s own diligence, and Cryptoforce will not be responsible for any losses incurred. Any information provided here should not be regarded as Cryptoforce’s technical or financial advice.