What is Enjin?

The Enjin project is a blockchain-based platform that allows developers to create and manage virtual goods. It was created by the Singapore-based company Enjin in 2017 and is designed to be used in various applications, including games, social networks, and online marketplaces.

One of the primary goals of the Enjin project is to provide a decentralized solution for the creation and management of virtual goods. It was one of the earliest projects to adopt the ERC-1155 standard, which Enjin uses to support the NFTs issued on its platform, allowing users to easily buy, sell, and trade these virtual assets. This is facilitated by using multiple software development kits (SDKs). These SDKs allow developers to seamlessly integrate blockchain technology into their own games and applications.

The Enjin project also includes a marketplace where users can buy and sell virtual goods using the ENJ token. The platform also includes a feature called Enjin Beam, which allows users to easily share their virtual goods with others.

Enjin History and Team

Enjin is a Singapore-based company that was founded in 2009. It initially started as a gaming community platform, but has since evolved into a full-fledged blockchain project focused on the creation and management of virtual goods.

The team behind Enjin is led by CEO Maxim Blagov and CTO Witek Radomski, both of whom have a background in the gaming industry. The Enjin project has received funding from several notable investors, including the Korean gaming company Nexon.

The Enjin project was officially launched in 2017 with the release of its Enjin Coin (ENJ) cryptocurrency. Since then, it has gained a strong following and has been adopted by some developers looking to incorporate blockchain technology into their games and applications.

In addition to its core team, the Enjin project has several advisors, including Anthony Di Iorio, co-founder of Ethereum, and Patrick Dai, CEO of Qtum. Overall, the Enjin team has a strong track record and a clear vision for the project’s future.

How does the Enjin Coin work?

Enjin is made to work with games; you can purchase, sell, and trade NFTs using the Enjin wallet and Enjin Coin as payment. For instance, MMORPG gamers may purchase an item in Enjin that can be used in several games and is simple to trade or sell online.

Enjin’s Features: from Virtual Goods’ Creation to a Whole Marketplace

Virtual Goods’ Creation and Management

The Enjin project provides a platform for the creation and management of virtual goods. These virtual goods can be anything from in-game items to event tickets, and they can be easily traded and exchanged by users.

One of the key benefits of using the Enjin platform for virtual goods creation and management is that it allows developers to issue unique, non-replicable virtual goods that can be easily tracked and verified on the blockchain. This ensures that virtual goods cannot be counterfeited or duplicated, which is a common problem in the traditional gaming industry.

Multiple SDKs

The Enjin platform allows developers to create and manage virtual goods through the use of multiple software development kits (SDKs). They include a range of pre-built functions and libraries that allow developers to quickly and easily create and manage virtual goods on the Enjin platform.

The Enjin SDKs are also highly customizable, allowing developers to tailor them to the specific needs of their projects. This enables developers to create unique and immersive experiences for their users, and to fully leverage the capabilities of the Enjin platform.

Marketplace

The Enjin marketplace is a feature of the Enjin project that allows users to buy and sell virtual goods using the ENJ token. It is a decentralized platform that is built on top of the Ethereum blockchain, and it utilizes smart contracts to facilitate the buying and selling of virtual goods.

Source: EnjinX - Marketplace

The Enjin marketplace provides a secure and transparent way for users to buy and sell virtual goods. Since the transactions are processed on the blockchain, they are transparent and cannot be tampered with or altered. This ensures that users can trust that their transactions will be processed fairly and securely.

The Enjin marketplace also provides a convenient way for users to buy and sell virtual goods. The platform has a user-friendly interface and allows users to easily search for the items they want. It also provides a range of payment options, including the ENJ token and other cryptocurrencies, making it easy for users to buy and sell virtual goods regardless of their preferred payment method.

Enjin Beam

Enjin Beam is a feature of the Enjin project that allows users to easily share their virtual goods with others. A QR code-based system enables users to scan a code with their smartphone or other devices to instantly transfer a virtual good to someone else.

One of the key benefits of Enjin Beam is that it allows users to easily and quickly share their virtual goods with others. This is particularly useful for virtual goods meant to be shared or gifted, such as event tickets or in-game items.

Source: Help Center - Enjin

Enjin Beam also provides a secure way for users to share virtual goods. The QR codes used by Enjin Beam are encrypted, ensuring that the virtual goods cannot be intercepted or stolen during the transfer process.

Enjin Wallet 2.0

The Enjin Smart Wallet is a feature of the Enjin project that securely stores users’ virtual goods and ENJ tokens. It is a decentralized wallet built on top of the Ethereum blockchain, and it utilizes smart contracts to manage and track users’ assets.

The Enjin Smart Wallet provides a secure way for users to store their virtual goods and ENJ tokens. It uses state-of-the-art security measures to protect users’ assets, including advanced encryption techniques and secure storage systems.

The wallet is also highly user-friendly. It has a simple and intuitive interface that makes it easy for users to manage their assets, and it includes a range of useful features, such as the ability to view transaction history and manage multiple accounts.

Another key feature of the Enjin Smart Wallet is Efinity, designed to scale the number of transactions processed on the Enjin platform. This ensures that the Enjin Smart Wallet can handle a high volume of transactions, making it a reliable and efficient way for users to store and manage their virtual goods and ENJ tokens.

Source: Enjin Wallet

Efinity: the infrastructure that backs Enjin

Efinity is a feature of the Enjin project that is designed to scale the number of transactions that can be processed on the Enjin platform. It is a decentralized network that is built on top of the Ethereum blockchain, and it utilizes smart contracts to manage and track transactions.

Efinity allows the Enjin platform to handle a high volume of transactions, making it a scalable and efficient solution for developers and users. This is particularly useful for applications that require fast and efficient transaction processing, such as games and marketplaces.

It provides a secure and transparent way for transactions to be processed on the Enjin platform. It utilizes smart contracts to ensure that transactions are processed fairly and securely and provides a transparent record of all transactions on the blockchain.

It includes some features that contribute to its scalability and efficiency, including:

• Cross-chain bridge: Efinity includes a cross-chain bridge that allows it to connect with other blockchain networks. This enables Efinity to handle transactions from multiple blockchains, making it a more flexible and scalable solution.
• Incentives: Efinity utilizes incentives to encourage users to participate in the network and to help ensure that transactions are processed efficiently. These incentives may take the form of rewards or discounts, and they are designed to encourage users to contribute to the network and to help ensure that transactions are processed in a timely manner.
• Decentralized governance: Efinity is designed to be a decentralized network, meaning that it is not controlled by a single entity. Instead, it is governed by the community of users who participate in the network. This decentralized governance model ensures that Efinity is fair and transparent, and that it is aligned with the interests of its users.
• Fuel tanks: Efinity includes fuel tanks, which are pools of ENJ tokens used to pay for the cost of transactions on the network. These fuel tanks help to ensure that Efinity can scale and handle a high volume of transactions, and they also provide users with a way to pay for transactions using ENJ tokens.
• Price discovery: Efinity includes a price discovery mechanism that helps ensure that transactions are processed at a fair market value. This mechanism is designed to help ensure that transactions are processed efficiently and fairly and that users can get the best possible price for their virtual goods and ENJ tokens.
• Crafting: Efinity includes a crafting feature that allows users to create new virtual goods by combining existing ones. This enables users to create unique and customized virtual goods, and it provides a way for developers to monetize their creations.

Efinity: the Infrastructure That Backs Enjin

Efinity is a feature of the Enjin project that is designed to scale the number of transactions that can be processed on the Enjin platform. It is a decentralized network that is built on top of the Ethereum blockchain, and it utilizes smart contracts to manage and track transactions.

Efinity allows the Enjin platform to handle a high volume of transactions, making it a scalable and efficient solution for developers and users. This is particularly useful for applications that require fast and efficient transaction processing, such as games and marketplaces.

It provides a secure and transparent way for transactions to be processed on the Enjin platform. It utilizes smart contracts to ensure that transactions are processed fairly and securely, and it provides a transparent record of all transactions on the blockchain.

It includes several features that contribute to its scalability and efficiency, including:

• Cross-chain bridge: Efinity includes a cross-chain bridge that allows it to connect with other blockchain networks. This enables Efinity to handle transactions from multiple blockchains, making it a more flexible and scalable solution.
• Incentives: Efinity utilizes incentives to encourage users to participate in the network and to help ensure that transactions are processed efficiently. These incentives may take the form of rewards or discounts, and they are designed to encourage users to contribute to the network and to help ensure that transactions are processed in a timely manner.
• Decentralized governance: Efinity is designed to be a decentralized network, meaning that it is not controlled by a single entity. Instead, it is governed by the community of users who participate in the network. This decentralized governance model ensures that Efinity is fair and transparent, and that it is aligned with the interests of its users.
• Fuel tanks: Efinity includes fuel tanks, which are pools of ENJ tokens that are used to pay for the cost of transactions on the network. These fuel tanks help to ensure that Efinity is able to scale and handle a high volume of transactions, and they also provide users with a way to pay for transactions using ENJ tokens.
• Price discovery: Efinity includes a price discovery mechanism that helps to ensure that transactions are processed at a fair market value. This price discovery mechanism is designed to help ensure that transactions are processed efficiently and fairly, and that users are able to get the best possible price for their virtual goods and ENJ tokens.
• Crafting: Efinity includes a crafting feature that allows users to create new virtual goods by combining existing ones. This enables users to create unique and customized virtual goods, and it provides a way for developers to monetize their creations.

Source: Enjin

Enjin Launches a Blockchain Dedicated to NFTs

Enjin Blockchain Goes Live: On September 13, 2023, Enjin launched a Layer 1 blockchain specifically designed for NFTs and digital assets, aiming to reduce the cost and complexity of creating and distributing NFTs. Here are its features:

• High Performance and Scalability: This blockchain supports the minting of over 2,300 NFTs per second and can handle over 5,000 transactions per second, with transaction times averaging around 6 seconds and an average transaction cost of approximately $0.0008. This makes it highly suitable for the demands of gaming and applications.
• NFT Transfers: Enjin’s blockchain can support the transfer of 200 million NFTs, demonstrating its potential and capability for large-scale operations.
• Ecosystem Integration: The Enjin Blockchain uses the Substrate framework, allowing developers to easily integrate NFTs into various games and platforms without deep blockchain programming knowledge, which helps promote the widespread adoption of NFTs.

Enjin Joins the Crypto Climate Accord

The Crypto Climate Accord is a global initiative aimed at encouraging the cryptocurrency and blockchain industry to take action to reduce its environmental impact, particularly concerning climate change. The Accord urges companies and organizations within the industry to reduce carbon emissions and achieve carbon neutrality or negative carbon emissions by adopting renewable energy and other sustainable practices. Enjin has joined the Crypto Climate Accord, intending to achieve near-zero carbon emissions by 2030:

• Environmental Commitment: Enjin has joined the Crypto Climate Accord, a global initiative aimed at reducing the carbon footprint of the cryptocurrency industry. The Accord’s goal is to promote the use of renewable energy to support the sustainable development of blockchain technology.
• Green Technology: The Enjin Blockchain, leveraging Proof-of-Stake technology, is recognized as one of the most eco-friendly options available, offering significant advantages in minimizing energy consumption. This aligns closely with the environmental objectives of the Crypto Climate Accord.

Enjin’s blockchain prioritizes both high-performance NFT solutions and environmental sustainability, positioning it as a key and influential force in the blockchain ecosystem.

What is the Enjin Coin (ENJ)?

Enjin Coin (ENJ) is the native cryptocurrency of the Enjin project, a decentralized platform for the creation and management of virtual goods. It is built on top of the Ethereum blockchain and is designed to be used in a variety of applications, including games, social networks, and online marketplaces.

The main utility of ENJ is to facilitate transactions on the Enjin platform. It can be used to buy and sell virtual goods on the Enjin marketplace, and it can also be used to pay transaction fees on the platform.

Source: Enjin Coin

One of the main use cases for ENJ is in the gaming industry. It allows developers to easily incorporate blockchain technology into their games and applications, enabling them to create and manage unique, non-replicable virtual goods. This can be used to create immersive and engaging experiences for players and to monetize in-game content.

Other potential use cases for ENJ include social networking, online marketplaces, and other applications that involve creating and managing virtual goods. It can also be used as a general-purpose cryptocurrency and may be accepted as a form of payment by merchants and service providers.

Overall, ENJ is a versatile cryptocurrency with various potential use cases and applications. Its main utility is facilitating transactions on the Enjin platform, and it is particularly useful for developers looking to incorporate blockchain technology into their games and applications.

Dual tokens: Enjin Coin (ENJ) and Efinity Token (EFI)

Efinity is a feature of the Enjin project that is designed to scale the number of transactions that can be processed on the platform. It includes a native cryptocurrency called EFI that is used to facilitate transactions on the Efinity network.

EFI is a dual token, which means that it is closely tied to the Enjin Coin (ENJ). EFI can be converted into ENJ at a 1:1 ratio, and ENJ can also be converted into EFI at the same ratio.

This allows users to easily move between the two tokens, depending on their needs and preferences.

One of the main benefits of the dual token relationship between EFI and ENJ is that it allows users to take advantage of the benefits of both tokens. EFI is designed to be a fast and efficient way to process transactions on the Efinity network, while ENJ is a more general-purpose cryptocurrency used to facilitate transactions on the Enjin platform. By using both tokens, users can take advantage of the best features of both.

ENJ Tokenonomics

Here’s an overview of Enjin (ENJ) tokenomics, detailing token distribution and fundraising information:

Token Basic Information

• Token Name: Enjin Coin (ENJ)
• Token Standard: ERC-20
• Total Supply: 1 billion ENJ

Token Distribution

• Community and Ecosystem: 50% (500,000,000 ENJ) will be allocated to the development of the community and ecosystem, including rewards for users and developers.
• Early Investors: 20% (200,000,000 ENJ) is allocated to early investors to incentivize their support for Enjin’s growth.
• Team and Advisors: 14% (140,000,000 ENJ) will be distributed to the Enjin team and advisors as compensation and incentives.
• Marketing and Promotion: 10% (100,000,000 ENJ) is designated for marketing and promotional activities to expand the user base.
• Reserve Fund: 6% (60,000,000 ENJ) will be kept as a reserve fund to address future market demands and uncertainties.

Fundraising Information

• Initial Fundraising: Enjin conducted an initial coin offering (ICO) in 2017, successfully raising approximately $18 million. These funds were primarily used for platform development and promotion.
• Use of Funds: The raised funds will be used for technology development, team expansion, marketing, and supporting the ecosystem’s growth.

Token Purposes

• Asset Backing: ENJ tokens are used to back the digital assets issued on the platform, providing real value support for each NFT.
• Transactions and Circulation: Users can use ENJ to buy, sell, and trade in-game items and conduct various transactions within the platform.
• Staking and Rewards: Users can stake ENJ to earn rewards and participate in platform governance.

In essence, Enjin’s tokenomics are structured to ensure the long-term growth of its ecosystem, enhancing platform development and user involvement through carefully considered token allocation and fundraising efforts.

Is Enjin Coin (ENJ) a good investment?

Enjin Coin (ENJ) may be a good investment for several reasons. First, the Enjin project has a strong track record of delivering on its goals and objectives. The team has consistently released new features and updates to the platform, and has demonstrated a strong commitment to improving and expanding the Enjin ecosystem.

The Enjin project has many potential applications, particularly in the gaming industry. The ability to easily create and manage unique, non-replicable virtual goods can revolutionize how games are developed and played, and could create new revenue streams for developers.

How to own Enjin Coin (ENJ)?

One way to own ENJ is to go through a centralized crypto exchange. The first step is to create a Gate.io account and complete the KYC process. Once you have added funds to your account, check out the steps to buy ENJ on the spot or derivatives market.