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Enjin Coin

Enjin Coin

Enjin is a software in which developers can design and oversee virtual items on the Ethereum network.

Enjin seeks to reduce the excessive costs and fraudulent activities associated with the virtual transfer of in-game commodities and collectibles by implementing blockchain technology to manage in-game items across multiple platforms.

In achieving that goal, Enjin has developed software development kits (SDKs) that enable users to generate digital assets on Ethereum and incorporate them into apps and games.

How Does Enjin Work?

Being an ERC20 token developed on the Ethereum network, Enjin Coin offers smart contracts and transactions. Enjin was among the first companies to begin testing the Raiden Network, Ethereum’s version of the Lightning Network.

The Enjin platform’s software development kits (SDKs) and public API offer a long variety of features. Among these features are:

Creation and management of virtual goods: The primary functionality provided by the Enjin project to its users is the creation and management of virtual products. The Enjin Coin allows developers to introduce their coins, which simplifies the process of gamification and incorporates cryptocurrencies into the gaming industry.

Multiple SDKs: For Unity, Java, Godot, and other platforms, Enjin offers software development kits. Millions of developers now have a simple way to incorporate brand-new or ongoing projects.

Marketplace: An online store where users can find, purchase, and sell rare and distinctive blockchain assets. It has over 10 million digital products.

Enjin Beam: With only a quick scan of a QR code, developers can distribute thousands of NFTs/FTs to users through Enjin Beam, a digital asset distribution system.

Efinity: Free and quick transactions of both ERC-20 and ERC-1155 tokens will be possible with this next Ethereum scaling product.

Who Are the Founders of Enjin?

Co-founded by CEO Maxim Blagov and CTO Witek Radomski, Enjin is a project that is still growing. Established in 2009 as a community gaming platform, Enjin is a for-profit company.

Approximately $18.9 million was raised by the project during its 2017 initial coin offering (ICO). Enjin was launched in 2018 after the successful ICO.

What Makes Enjin Unique?

Co-founder, Witek Radomski claims that one distinctive feature of Enjin Coin is that any token created using the Enjin Platform is directly backed by ENJ, the platform’s token. It effectively provides real-world liquidity to in-game items, which in turn creates opportunities for blockchain-powered and cryptocurrency gaming as well as gamified real-world platforms.

Furthermore, according to Blagov, the company’s present priority is getting the new platform adopted. In his vision of the future, millions of gamers would use digital goods supported by Enjin Coin without even being aware that it exists.

The intrinsic scarcity of the ENJ token combined with Enjin’s strong use case makes for an excellent value proposition for the project as a whole.

How Many Enjin (ENJ) Coins Are in Circulation?

While 823,130,411 ENJ tokens are in circulation, Enjin Coin has a total supply of 1,000,000,000 ENJ tokens.

According to the most recent data, there are 65,902 Enjin Coin holders. Furthermore, more than 10 million ENJ tokens have already been removed from circulation and locked into ERC-1155 tokens, which are possessed by 127,616 collectors.

Can Enjin Be Integrated With The Actual Game?

Yes. Most of the popular games available today can be integrated with the Enjin CMS due to its available plugins. Supported games include Battlefield 1, World of Warcraft (WoW), and Minecraft. You can import and synchronize guild characters and ranks from World of Warcraft to the Enjin platform. Every day, the character and guild data are updated automatically.

How to Use Enjin

Enjin is investigating use cases in the real estate and loyalty reward sectors in addition to the gaming industry, where it is primarily providing tokenization of the value of in-game assets. For example, a partnership with BMW tokenizes loyalty points, which may subsequently be exchanged for ENJ or used to pay for parking, gas, and road tolls. Tokenizing real estate through a different collaboration with LABS Group is creating a massive new market for individual investors through fractionalized deeds.

Further utility has been added by Enjin’s compatibility with Ethereum-based defi platforms, which enables users to deposit ENJ and earn interest while others can borrow their ENJ. Other liquidity pools on decentralized exchanges can also benefit from the addition of ENJ, providing even more options for yield farming.

NFT Droppers Team

Disclaimer: The information presented here may express the authors personal views and is based on prevailing market conditions. Please perform your own due diligence before investing in cryptocurrencies. Neither the author nor the publication holds responsibility for any financial losses sustained.