Enjin introduces the Enjin Coin, an ERC20 token that gives content creators, game servers, and publishers an easy solution for implementing virtual goods into their gameplay.
Introduction
Enjin was founded 2009 as an IT company by Maxim Blagov and Witek Radomski. It has become one of the largest gaming community platforms globally, supporting more than 250,000 gamer communities and around 20 million registered players.
Maxim Blagov became Enjin’s CEO and assumed responsibility for the company’s creative direction. As technical director, Witek Radomski was responsible for the technological development of Enjin’s products.
Radomski proposed accepting Bitcoin as a payment option after he became interested in Bitcoin in 2012. After the development of Smart Contracts in the Ethereum blockchain, Enjin began to create his software embedded in the Blockchain. Radomski developed 2018 the ERC-1155 standard, a new type of token issued inside Ethereum. Developers can use ERC-1155 tokens to mint fungible and non-fungible tokens (NFT).
Enjin is a company that helps more than 20 million players create sandbox forums and communities around their favorite games. From what Enjin recognized, Internet users, gamers, and developers demand fast and efficient user interfaces, combined with the need for a reliable platform that keeps your data and intellectual property secure.
What is Enjin?
The video game industry is enormous and has grown exponentially over time. The Entertainment Software Association (ESA) reports that 75% of Americans have at least one game lover in their home, and 65% of American adults play video games.
Enjin developers designed the platform to tokenize game elements and give the possibility to exchange them with other players. It is very similar to the Worldwide Asset Exchange (WAX). However, the essential feature of Enjin is its set of partnerships, including Samsung, Unity, PC Gamer, and, more recently, Microsoft.
Therefore, the platform offers various products such as:
- Enjin Network is a content management system around gaming protocols and platforms.
- Enjin Wallet: As its name says, it consists of a wallet where users can store their cryptocurrencies and collectibles.
- EnjinX – Consists of a universal Blockchain explorer, built with an approach based on user experience, speed, and ease of use.
- Efinity – Developed using Polkadot, Efinity is a blockchain designed explicitly for NFTs.
Enjin has built a complete ecosystem for Blockchain applications, integrating with its open-source token standard and featuring a unique blockchain explorer (EnjinX). It focuses on adoption for non-blockchain participants with various solutions for professionals.
Enjin advantages
The Enjin platform, based on blockchain technology, has the following advantages:
Ownership of virtual assets. You can not delete transactions in the Blockchain, meaning digital assets are safely stored and cannot get lost.
Convenient value exchange. You can trade Digital assets quickly, and Enjin’s wallet can interoperate with other Decentralized Exchanges.
Unified wallet. With just one wallet, users can manage all their NFT assets.
ERC-1155 token standard. NFTs, in the form of ERC-1155 tokens) can be backed with Enjin Coin. Being compatible with Enjin, some use cases for NFTs range from property certification to Digital Goods tokenization.
Therefore, Enjin Coin’s (ENJ) purpose is to be a token that developers can use to carry out transactions related to virtual goods they created. Game developers can mint coins in the game, including swords, pistols, spaceships, etc. Enjin Coin price rounds $3 and ranks 43rd in the cryptocurrency market capitalization ranking. The circulating supply is 823,130,411 ENJ out of a total amount of 1 billion ENJ. Coinbase added Enjin to its crypto offer, but, for now, only on its Pro platform.
How to get and use Enjin Coins
Developers must acquire enough Enjin Coin (ENJ) to facilitate their operations. Two ways to get ENJ are through an official association with Enjin or a crypto exchange. Once the token is created, the Mint Smart contract is cloned and registered using a Smart contract registry. Now the question is: How are they used? Well, there are two ways: First, as in-game rewards, and second, to make purchases.
It is important to note that the ENJ acquired as rewards is not saved on the game servers but stored safely in your Enjin Wallet. Therefore, the player in his wallet must confirm each transaction the user wishes to carry out.
Storage options
The safest option to reliably store your digital assets is to keep them offline (cold storage). The further away from the internet we have, the safer they will be. A Paper Wallet is nothing more than a critical piece of paper that contains both the private and the public key. You have to be very cautious and keep it well stored so that no one has access to it and can find it when we need it.
There are several alternatives to cold storage (safe but impractical if you are moving tokens or coins around). On the one hand, hardware wallets are a highly recommended option regardless of the cryptocurrency you have. These devices are one of the safest ways to store them since the keys and the cryptocurrencies remain in our custody. Some wallet hardware options are Ledger Nano S or TREZOR.
In addition to the options discussed, the projects generally put official wallets at our disposal. Enjin Coin makes desktop wallets available for Linux, Mac, and Windows.
Enjin Wallet
With the Enjin-provided wallet, you can store and trade Bitcoins, Ether, Polkadot, Litecoin, Binance Coin, Dogecoin, ERC-20 tokens, ERC-721 & ERC-1155 NFTs. It has versions for iPhone and Android.
The wallet has some exciting security characteristics:
- The app includes a keyboard that prevents data sniffing and keyloggers.
- The Keystore, the storage part that keeps the most sensitive data, is encrypted using two military-grade cryptographic layers.
- You can link your Blockchain games to your wallet using QR codes.
Conclusion
The video game industry is enormous. Engine Coin leverages the Blockchain applied to games and the people using them. Enjin makes it possible to avoid fraud inside the game industry (a big problem) and allows gamers to prove ownership of their digital assets. It was created by Enjin, the gaming giant, in 2009 and is a well-funded and supported project that guarantees its future. The competition is growing around gaming and Blockchain. With the recent Non-Fungible tokens craze, Enjin has become a central actor.
Resources
- Enjin white paper [PDF].
- Enjin Platform Documentation.