What is Enjin Coin (ENJ)?
ENJ Coin Price
What is Enjin Coin? A Quick Overview
Enjin coin is a cryptocurrency made for gaming and a virtual goods marketplace with complete customizability. It's built with an ERC20 smart contract system for trust and transparency.
This allows for true item ownership and the ability to get rid of fraud and high fees that come from buying virtual items on a digital marketplace.
The History of ENJ Coin
In 2009 Singapore, Enjin gaming company was started.
It started as a platform for developing any game that someone wanted to, allowing for the ease of building a community.
Then it took until 2017 for them to hop on the cryptocurrency band-wagon.
ENJ started with a pre-sale and token sale that lasted from August 21st to Oct 31st, 2017.
In Q4 of 2017 they launched a few items on their roadmap:
- Core Smart Contracts
- Platform API
- Mobile Smart Wallet (Core features)
- Minecraft Plugin
- Java SDK
Enjin Gaming Company
Enjin is one of the largest gaming companies in the world.
They have over 250,000 gaming communities across the globe, with over 18.7 million registered users.
Their package includes a gaming-focused content management system and forum creator as well.
The Founders of Enjin Coin
Maxim Blagov - Linkedin - CEO
Visionary and creative director with 15 years of expertise in creative direction, project management, and UX design. Expert in concept & strategy development for large interactive applications, specializing in the video gaming industry. (From Enjin)
Witek Radomski - Linkedin - CTO
Witek has overseen the technical engineering of Enjin for nearly a decade. He champions best-practices in software design, security, and testing. Leading the Enjin Coin currency implementation and integration within the online gaming ecosystem. (from Enjin)
The Purpose of ENJ Cryptocurrency
Enjin has been around since 2009.
Although, the gaming industry itself has been around for a lot longer.
We are all familiar with using tokens, or game credits, or anything like it when playing a video game.
They are a foundation to how most games work now.
Get more points and level up, or buy weapons, etc…
And this allows people to move through games easily.
Despite that, many problems have come about such as high fees, no complete ownership, duplicate items, etc…
Now for the average person this may not seem like a big deal.
But the gaming industry is quickly becoming a multi-billion dollar industry that is incredibly surpassing many.
Heck, the gaming competitions are advancing to be like the Olympics in due time.
There isn’t a way, currently, to create standardized customizable tokens or credits within a game that allows you to ensure that you have the coins, and then cement into your account that you bought or own an item.
This is a different way to think about gaming.
And yes, it is very similar to the book Ready.Player.One if you have read it because it is mostly creating a VR that has a limited supply of items, goods, and coins.
Utilizing ENJ coin, in this environment, allows the user to have complete ownership of a coin, purchase virtual goods on an exchange and use their SDK for multiple languages and customization.
That’s why ENJ was created...
To help Enjin community work and flow more efficiently.
The Features of Enjin Cryptocurrency
True Item Ownership and Escrow
In video games, this is the difference between winning and losing.
When someone gets an item, often it costs a lot for them in the game, or it took a lot of work to get it.
Now, without item ownership, the game could mess up and then get rid of the item, and there isn’t a way to prove it is yours.
Although, with smart contracts and the ability to put the trades into a blockchain, people will own and hold their digital items.
Yes, it sounds crazy, but it is needed in the industry.
Create, Manage, and Trade Virtual Goods with The Marketplace
Enjin offers the ability to create and manage virtual goods from scratch.
That means someone could earn an income off of creating and managing these goods.
Then they are sold on the Enjin marketplace.
It is a decentralized payment processing marketplace that allows for people to trade and buy virtual goods, which they are “owned” by the person buying them.
A Solution To Fraud and High Fees
Enjin has a statistic that for every one legitimate virtual good purchase, 7.5 are fraud and loss.
That is a pretty bad profit/loss type statistic.
By having ENJ coins minted and on the blockchain, it ensures that fraud is reduced or wholly eradicated in the gaming and virtual good trading industry.
And it also helps cut down high fees for trading as the coin utilizes minimal transaction fees.
What We Think of ENJ Coin
ENJ coin is a play at an interesting idea.
The connection and creation of new video games with a systematic coin that can be measured and used across multiple platforms.
Which is eerily similar to Ready.Player.One
But this is something that can help the gaming industry drastically, cutting fraud and helping people truly hold their items.
Ultimately, there are going to be many coins like ENJ operating on different gaming systems and blockchain.
For now, we do not hold ENJ Coin but like the project and idea and will be watching it shortly.
If you liked this review and want to help support the academy donate some ENJ below!
MORE FROM THE CRYPTOCURRENCY INDEX
What is Quantstamp (QSP Coin)? QSP Coin Price What is Quantstamp | A Quick Overview Quantstamp is a smart contract security-auditing protocol designed to secure all smart contracts, cost-effectively, in a scalable manner. This is an Ethereum ERC-20 based coin, that is aiming to help improve smart contract infrastructure in the fast-growing cryptocurrency and blockchain…
What is Digibyte (DGB Coin)? DGB Coin Price What is Digibyte? A Quick Overview Digibyte is a secure, highly decentralized and fast blockchain cryptocurrency with a big community of holders. DGB coin has been around for over four years and was created as a way to bring cryptocurrency to the public with quicker transaction times…
What is PO.ET (POE Coin)? POE Coin Price What Is POE Coin? A Quick Overview POE coin is a shared universal ledger used to track creative assets, their ownership, and the attribution of them. Essentially, PO.ET is aiming to help reclaim the value for content creators, publishers, and consumers. The History of PO.ET PO.ET started…