DEFINITION of Enjin Coin ENJ (Cryptocurrency)
Enjin Coin (ENJ) is the native cryptocurrency of the Enjin network that follows ERC-20 standards and supports a smart contract based blockchain platform. It gives network participants, which include game developers, content creators and members of gaming communities, the necessary virtual token-backed value as well as the functionality to implement, launch, exchange, manage and trade virtual goods linked to games and gaming activities.
BREAKING DOWN Enjin Coin ENJ (Cryptocurrency)
The Enjin network is a virtual goods platform for gaming and claims to be the largest social online gaming platform in the world. It has around 19 million regular gaming participants, and hosts over 250,000 gaming communities. The platform, which handles around 60 million global views every month and accounts for sales of virtual goods worth millions of dollars, is supported by a gaming-centric content management system and a dedicated e-commerce platform.
Enjin Coin fuels activities on the Enjin network, and it trades under the symbol ENJ on popular cryptocurrency marketplaces that include Binance, HitBTC, KuCoin and EtherDelta.
Enjin network also has a dedicated cryptocurrency wallet called the Enjin Smart Wallet, which supports a variety of popular cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Enjin Coin (ENJ) and all ERC-20 tokens. (For more, see What is ERC-20 and What Does it Mean for Ethereum?)
Enjin-Coin Network is Expected to Solve Gaming Platforms' Problems
While there already exist a lot of similar gaming platforms, they suffer from a few performance issues. They include cases of payment fraud where virtual goods purchased were not delivered, issues of high fees and slow processing of transactions, lack of ownership of virtual goods and guarantee of their working, centralization issues like assets linked to a particular game cannot be used elsewhere, and no common standards of transactions.
The blockchain based Enjin Coin-based network is expected to solve these problems by creating a distributed, trustworthy and secure framework that will offer smooth and quick execution of transactions over the network with minimal transaction fees.
For instance, game developers and content creators can now create new tokens or crypto assets that may represent game artifacts, access, entitlements, privileges, and even virtual currencies that can be used for gaming activities, all of which can be easily traded on the Enjin platform. One can easily introduce, manage and trade in virtual goods that are linked to games, like a booster for crossing a game level, or can create time- or attempt-based subscriptions in the form of virtual goods. Online communities and forums can also join the Enjin network, and offer rewards to participants based on their contributions to the online forums or community. Rewards can be in Enjin Coin, or in the form of entitlements represented by certain virtual goods.
With millions of gamers already part of the Enjin platform, Enjin Coin will empower such engaged participants to leverage the large user base and benefit from offering games and related content which will run on the Enjin coin-based virtual economy. The decentralized, autonomous, blockchain-based system will ensure that all deals and offerings are honored.
Enjin is emerging as a dedicated platform that will support open-source software development kits (SDKs), apps, plugins, and payment gateway. It will allow participants to efficiently develop, launch, manage, and trade games and related artifacts and activities on the Enjin network, without getting into the technical complexities.
Enjin was launched in the year 2009 and is based in Singapore. It had a successful initial coin offering (ICO) where 75,084 ETH (around $23 million) were raised from 18,559 participants during October 2017.