An Ultimate Guide to Enjin Coin—The Gaming Crypto
Enjin is the world-renowned crypto and gaming company. For gamers, Enjin is the ultimate sponsor. With over 250,000 gaming communities, it has become the largest online gaming summation platform of the world. It has 18.7 million registered gamers!
The gaming body, Enjin has created a cryptocurrency for virtual goods by the name, Enjin Coin. Even for its cryptocurrency, the community is designing the platform completely around gaming. The idea of bringing blockchain to gaming is pushed up to lower down the high fees. Even, the fraud that has a good chance to operate while transferring virtual goods can be reduced with the evolution of Enjin’s blockchain. They want to make Enjin Coin the most usable cryptocurrency for the industry.
The scheme of Enjin’s blockchain includes Enjin Coin as well as a suite of software development kits. This kit can be unified into the games and communities of the gamers.
The working of Enjin Coin is based on the fact that it is an ERC20 token built on the Ethereum. This allows the plan to have smart contracts capabilities besides being a cryptocurrency. Enjin Coin is also a project that will test Ethereum’s version of the Lightning Network—the Raiden Network. It is interesting to note that this project is one of the first scheme doing so.
List of features
With the help of its public API and SDKs, the platform of Enjin Coin provides a long list of remarkable and latest technical features. In this context, we will discuss only a few of them to keep the article brief, and simple.
- Virtual Goods
The virtual goods created by the gaming commuting are exceptionally remarkable and the way it manages these goods are appreciated by considering it—the largest value the Enjin Coin brings to the gamers community. Enjin Coin, working as the parent currency, helps the developers create a unique currency associated with their community on each platform. Hence, staying accommodated to their respective platforms, the coins can provide one, all the advantages like speed, time and security that he can acquire from a general blockchain.
In this scheme, each asset is recorded on a single Registry smart contract. Due to this, all the smart wallets of Enjin easily recognize them. Hence, one can easily exchange virtual goods for Enjin Coins at any time. This way, an interconnected ecosystem of games and communities gets established. So, transferring even assets across platforms is easily possible.
Along with acting as a currency, it makes tokens convenient and also offer weird game items. Be ready to get swords and attack attributes!
- Ecosystem (Payment Gateway)
Unlike Libra, and like most of the digital currency platforms, Enjin Coin SDK is a decentralized robust payment gateway. This feature allows you to create customized carts, refunds, invoices, etc., on its top. To say more about the Enjin gateway environment, it supplies a widget on your website. Through these widgets, one can accept Enjin Coin and/or customize his coin payments.
And the most delicious fact about the ecosystem—Ethereum charges only a small fee that indicates, Enjin payment gateway will ask for no additional charge!
Next comes the automation. One feels extreme pleasure when things happen according to him but on their own. In this platform, there are settings to automate payments to game and website on which you trust listing them in the category of Trusted Platform. Such functionality can be utilized to add quick and more trustworthy payment to general subscription services using the Smart Wallet.
- Smart Wallet
The responsibility of an Enjin Smart Wallet is to tie up everything together. It is synced to your Ethereum address. To support the virtual goods offered to you by your Trusted Platforms, is one of the prominent function of Smart Wallet. Besides this, a Smart Wallet allows you to trade coins and items outside of the gaming environment to any other user. Transaction Request is sent by the holder to ask for approval or rejection from the other party. One can also customize and set rules and thresholds for controlling the transactions using the smart wallet.
Efinity is a channel network solution that is consisted of plenty of game channels where even a single game can operate over infinite amount of transactions. It is built to help Enjin scale more effectively. The plans for Efinity were announced by Enjin Coin team in the beginning of 2018. Efinity is like the Lightning Network of Bitcoin. It makes transactions faster and with negligible cost.
- Other features
In addition to the features listed above, there are a hand full of other specifications that Enjin Coin offers. It includes virtual goods store, trading escrows, subscription service, servers, teams, games and “top lists” for items.
Let’s explore more!
Additionally, there are many other factors on which the progress and future of a blockchain depends upon. This includes the Supply, team, and trading. Let’s discuss briefly on these subjects.
Enjin Coin (ENJ) Supply
Four-fifth part of ENJ are owned by the participants from crowdsale distributed by the team, and remaining are split between advisors, incentive programs, and the team themselves from the lot of 1 billion Enjin Coins. However, just 760 million are currently in circulation. The value of each ENJ token increases when users create custom assets. When custom assets are formed, the ecosystem removes the corresponding value of ENJ. This lowers down the circulating supply which in turns increases the value of token.
Team and Progress
As already discussed, Enjin—the company that developed Enjin Coin, has made a great name in the gaming sector. It is the largest online gaming community creation platform. Its popularity can be estimated by the fact that each next month, the views of the company increase by 60 million! It was started in 2009 and now, each month it transacts millions of U.S. dollars in its community stores. Now, the platform of Enjin CMS has widen itself into a noticeable area with over 250,000 gaming websites. And, the team has decided to deploy Enjin Coin across the entire platform.
Sponsors and Important personalities
The co-founder of Ethereum, Anthony Diiorio and previous producer, and technical director at Bioware, Pat LaBine are the advisors of this project. And, the partners of Enjin in this plan are Unity, PC Gamer, and NRG eSports.
Since the launch of Enjin Coin in November 2017, the business is running as per predictable expectations. It followed the market in December 2018 with huge acceleration. Before its fall in 2018, its current price was ~ $0.038 (~ 0.0000096 BTC). The price of ENJ has also seen some convergent spikes from the end of January to February and in the middle of April after all, ups and downs are a part of the business. However, these do not seem particularly related to any news. We may prepare these movements for overall market trends.
In a market that is characterized by rising share prices, on the release of new product or even when any additional partnership is announced, the price is sure to increase. Also, if the number of people who are using Enjin Coin in online gaming increases more, the price as well, will get positively affected for sure.
Best platform to buy ENJ from
Like most of the digital currency communities, one can buy ENJ easily on Binance with BTC and ETH. Though one can purchase the same from Liqui and Kucoin too but this is less beneficial as it will get purchased with much less volume. To buy ENJ, you should first own BTC or ETH. If you don’t have any of these currencies to exchange with ENJ, better buy some. From a platform like GDAX, you can buy BTC or ETH with U.S. dollars.
Best place to store ENJ
There are numerous options you can use to store your ENJ since it is a ERC20 token.
- MyEtherWallet- Most popular online option.
- Ledger Nani S- a solid choice for a hardware wallet
- Official Enjin Wallet- the wallet you should use ideally.
The wallet you should ideally use for storing ETH is Official Enjin Wallet which is available for both—Android and iOS devices. It’s not only ENJ that you can store in this wallet, but also BTC, ETH, LTC and even ERC20, ERC721, and ERC1155 tokens can be stored in it. And, this is not enough for the team as it aims to add other altcoins support too.
Enjin Coin has contributed a new blockchain to over $17 billion virtual goods market. It has benefitted the industry by providing it with a platform that can make faster transactions and transparent records. Continuously, the workers are modifying the technologies used to prevent fraud in the gaming industry. A solid foundation of the support is owned by this payment gateway by gaming giant Enjin to provide true ownership to the holders of virtual goods. If the current achievements and hard work of the team, continues, nothing can stop Enjin from having a bright future.