Cryptocurrencies

Enjin Coin – ENJ (Cryptocurrency)

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Enjin Coin – ENJ (Launched in 2009) is an Ethereum-based cryptocurrency used to directly back the value of blockchain assets like Non-Fungible Token (NFT).

Enjin Coin is a project of Enjin, a company that provides an ecosystem of interconnected, blockchain-based gaming products. Enjin’s flagship offering is the Enjin Network, a social gaming platform through which users can create websites and clans, chat, and host virtual item stores.

Enjin allows game developers to tokenize in-game items on the Ethereum blockchain. It uses Enjin Coin, an ERC-20 token, to back the digital assets issued using its platform, meaning that items can be bought, sold, and traded with real-world value.
The ticker symbol is ENJ and its total supply is 1,000,000,000 ENJ.

History of Enjin Coin (ENJ)

Enjin was founded as a gaming community platform in 2009 by Maxim Blagov and Witek Radomski, with Blagov becoming CEO and assuming responsibility for the creative direction of the company and Radomski serving as a chief technical officer, responsible for the technical development of its products. Blagov has described himself as having experience in creative direction, marketing, and software project management and design.

The idea of introducing blockchain to Enjin was first proposed by Radomski after he became interested in Bitcoin (BTC) in 2012, eventually convincing the company to accept it as a payment option. After learning about Ethereum and smart contracts, he decided he wanted to create his blockchain-integrated software. Radomski is also the author of the ERC-1155 token standard, a new standard for Ethereum-issued tokens that was introduced in June 2018, finalized in June 2019, and is used for minting both fungible and nonfungible tokens. ,

Overview of Enjin Coin (ENJ)

Enjin is an established all-in-one website content management system (CMS) for the gaming community.

It was first announced on July 24, 2017, and the development team is located in Singapore. As of December 28th, 2017, the circulating supply was 756,192,535 ENJ.

The most common use of Enjin is for building community/clan/guild websites. The modules built on the Enjin platform such as Wiki page, support ticket system, forum board, and application system, allow users to create a highly customized website specifically, for their communities.,

Some of the popular communities on Enjin are games such as Minecraft, World of Warcraft, Guild Wars, Rust, etc.
Enjin is the largest gaming community creation platform online with the following data on user base/usage:-

  • 250,000 gaming communities across thousands of games.
  • 18.7 million registered and 3.5 million active gamers.
  • 60 million global views per month.
  • Millions of USD per month in virtual goods sales across Enjin community stores.

Enjin Coin uses a series of smart contracts to which game developers send ENJ to mint new, unique fungible, or nonfungible ERC-1155 tokens. These tokens can be traded on the Enjin Marketplace, which launched in September 2019, or exchanged for their backing ENJ at any time. As more custom tokens are minted, more ENJ is removed from the ecosystem, thus making it scarcer.

According to its whitepaper, Enjin Coin uses a series of both on-chain and off-chain processes. When a transaction is completed within the Enjin ecosystem, a Trusted Platform contacts the users’ smart wallets, and the website or game is updated immediately with a placeholder or nontradable version of the digital item until the transaction has been validated by the Ethereum blockchain.

Enjin Coin Tokens Use

Enjin Coin aims to be a common currency between multiple games that implement it, providing portability and transferability of virtual goods and digital assets.

ENJ tokens can be used for various things including the following:-

  • Trade between gaming items from the same or different games for liquidity.
  • Tie-in the community rewards with in-game goods on servers or games.
  • Create new tokens to represent virtual currencies, game items, or privileges.
  • Setup a virtual goods store.,
  • Ability to take the token across any community or game and retain value.,

As ENJ tokens can be used to perform various actions on the Enjin platform, the more usage of ENJ tokens and integration of ENJ tokens to the Enjin platform, the more valuable ENJ tokens should be.

Enjin Coin (ENJ) Circulation

Enjin Coin has a fixed maximum supply of 1 billion tokens. However, as the ecosystem grows and more ENJ is locked into in-game digital assets, the number of coins circulating will decrease.

Enjin Coin was first made available for purchase during a presale event in September 2017 in which 400 million ENJ was sold for a total of 38,800 Ether (ETH), worth $12 million at the time, with another 100 million ENJ given away as bonuses. In total, the presale sold and gave away 50% of the total supply. An initial coin offering was held in October 2017, with 300 million ENJ — 30% of the total supply — available for sale. The ICO raised 75,041 ETH, worth $18.9 million at the time. Tokens that were not sold during the ICO were locked for six months to be later used for community initiatives and marketing.

10% of the total token supply was reserved for the company for community initiatives, beta testing, marketing, and strategic partnerships, while another 10% was reserved for team members and advisors. Team member tokens were locked for the first six months and vested over 24 months, while advisor tokens were locked for two months and fully released afterward.

How to Buy Enjin Coin (ENJ)

How do I buy Enjin Coin (ENJ) Token?

While some cryptocurrencies, including bitcoin, are available for purchase with U.S. dollars, others require that you pay with bitcoins or another cryptocurrency.

To buy cryptocurrencies, you’ll need a “wallet,” an online app that can hold your currency. Generally, you create an account on an exchange, and then you can transfer real money to buy cryptocurrencies such as bitcoin or Ethereum. Here’s more on how to invest in bitcoin.

Coinbase is one popular cryptocurrency trading exchange where you can create both a wallet and buy and sell bitcoin and other cryptocurrencies. Also, a growing number of online brokers offer cryptocurrencies, such as eToro, Webull, and Sofi Active Investing. Robinhood offers free cryptocurrency trades (Crypto.com is available in most, but not all, U.S. states).

The Author

Oladotun Olayemi

Dotun is a financial enthusiast who specializes in first-in-class financial content, including crypto, blockchain, market, and business, to educate and inform readers.