What is Enjin Coin (ENJ)?
Future of ENJ Cryptocurrency and know how to buy ENJ

#1: Enjin Coin: The Basics

What is Enjin Coin?

  1. Enjin is a Singapore-based information-technology company founded in 2009. It is one of the largest gaming community platform that supports over 250,000 gaming communities and around 20 million registered gamers.
  2. Internet users, gamers and developers demand fast and effective user interfaces that not only appeal to the human eye but also make operations efficient. This is coupled with the need for a trustworthy platform that keeps their data and intellectual property safe.
  3. As an all-in-one website platform, Enjin can help build websites, forums, voice servers, donation stores among others. It has various products like Enjin Network, Enjin Wallet, EnjinX and Efinity.
    1. Enjin Network is a content management system & social platform that revolves around gaming protocols and platforms.
    2. Enjin Wallet is the official Enjin wallet that can store cryptocoins and collectibles.
    3. EnjinX is a web-based universal blockchain explorer, built with focus on user experience, speed and ease of use.
    4. Efinity is Enjin’s solution to the scaling problems in the Ethereum blockchain. It supports various Ethereum tokens and provides end to end ecommerce solutions.

Enjin Development

  1. The Enjin team comprises of technology and cryptocoin enthusiasts. With Maxim Blagov and Witek Radomski as the founders of the company, they intend to introduce decades of experience in the field of gaming technology, game development and security.
  2. The team at Enjin developed a cryptocoin called Enjin Coin for transactions related to the virtual goods created by them. The developers of the digital currency envision it to be the most usable cryptocoin for the gaming industry.

 

#2: What are the benefits of Enjin Coin?

Enjin Coin Features

  1. The introduction of blockchain technology to the gaming world brings in the element of security and trust. It also improves the throughput with an average block time of 17 seconds.
  2. The Enjin Coin (ENJ) can serve the following purposes:
    1. Trade and exchange virtual goods on the Blockchain: Enjin coin provides a new model of virtual ownership to the gamers and content creators. It can be used as a decentralized platform to manage, distribute, earn and trade virtual goods.
    2. Provides SDKs for the Gaming Industry: Enjin Coin provides extensive support to online gamers and has been specifically built for the game industry. This open-source cryptocoin comes along with SDKs with support for multiple languages, wallets and payment platforms.
    3. An effective solution to fraud and high fees: Statistics say that for every legitimate virtual item purchase, around 7.5 items are lost to cases of fraud and malpractice. Enjin Coin minted tokens aim to reduce that by creating trust and security with minimal transaction fees.
    4. Create a new gaming experience with real ownership & value: With Enjin Coin, online gamers can exchange or trade their assets across games and communities thus,, growing their digital wallet with real value as they play.

Enjin Coin Technology

  1. With Enjin’s other products like Enjin Network, the community wants to bring in the aspect of effective and improved user experience. Enjin offers a website builder for the community which the users can customize to suit their requirement, along with the built-in donation system will help fund servers for various groups of players. The entire content management system (CMS) of the Enjin website builder is custom-tailored to Minecraft enthusiasts, thus.
  2. While the Enjin Coins and other virtual assets like the ERC20 token are deployed on the Ethereum blockchain, a combination of smart contracts like Subscription Contract, Smart Wallet Contract, the Mint, Payment Gateway Contract and TopList contracts for the core functionality of the Enjin Network
  3. Enjin hosts a public platform API using the JSON-RPC protocol to facilitate functions like checking account balances, accessing the above smart contracts and even reaching out to the community members using a clean and efficient website that does not need a web3 wallet extension added to the web browser.
  4. Enjin Coin’s biggest contribution to the gaming community is its creation and management of virtual goods. This concept allows game developers on every platform to design and create a currency unique to their respective community which is in turn backed by Enjin Coin as the parent currency. This gives the cryptocoins all the benefits of the blockchain while also allowing room for customization as per the respective platforms.
  5. Since each asset is recorded on a single Registry smart contract, they are recognized by all Enjin Smart Wallets. Furthermore, the infrastructure allows a user to exchange virtual goods for Enjin Coins at any point of time. This creates a healthy interconnected ecosystem of games and communities where one can even transfer assets across platforms.
  6. Beyond the virtual assets, the Enjin Coin SDK also includes a decentralized payment gateway. This gateway is robust and allows a user to create customized carts, invoices and refund plans. To promote the improved user experience, it also provides a widget to trade and exchange Enjin Coin and/or Customized Coin payments on the users’ website. The payment gateway so designed, charges a very nominal fee in Ethereum on each transaction.
  7. A user can access the Smart Wallet functionality to set up automatic payments to games and websites that are listed as Trusted Platforms. This makes transactions faster and more trustworthy.
  8. Another component is the Enjin Smart Wallet. This part of the network connects all the modules to each together by supporting the virtual goods from all Trusted Platforms of the user. It is also synced to your Ethereum address and hence allows a user to access coins and assets stored there as well.

Transactional Processes

  1. The entire process of utilization of Enjin Coins[1] by game developers can be broken down into the following steps:
    1. Acquisition: This is the process of acquiring a certain amount of ENJ coins to facilitate their other operations. Currently, the game developers can acquire Enjin Coin from the following channels:
      1. An official partnership with Enjin.
      2. Purchase from a cryptocurrency exchange
    2. Minting: Web, mobile app and API-based user interfaces to the Mint smart Contract allow users to create and manage assets easily. Several parameters like the name, icon, exchange rate and some other data points can be defined to create a customized asset. Once it is created, the Mint smart contract is cloned and registered using the registry Smart contract.
    3. Gaming: There are several ways in which gamers can use Enjin Coin-based digital assets in the gaming operations:
      1. In-Game Rewards: finishing a quest and getting awarded, referral bonuses in the form of in-game currency
      2. Purchases: both in-game purchases and/or transactions across official marketplaces from game developers, along with peer-to-peer exchanges (either directly or through approved, regulated secondary marketplaces)
    4. Trading: Enjin Wallets provide the users with a functionality to trade custom coins and Enjin Coins across platforms and communities. This can be used to purchase virtual goods and offers easy liquidity to all users.
    5. Melting: The term melting refers to the process of converting Enjin Coin-backed virtual items into Enjin Coins. This is thus, the reverse of minting, but might differ on the percentage of Enjin Coin that can be obtained by melting an asset. This percentage is subjective and depends on the choices made by the game developer who minted the virtual asset.
  1. Users can also trade coins and items outside of the gaming environment with other users using a Smart Wallet. Transactions are sent via a Transaction Request that the other party can either approve or deny. This framework also allows a member to set rules and thresholds that will prevent undesired transactions automatically.

 

#3: How to Buy & store Enjin Coins?

Where can one buy Enjin Coins?

  1. Enjin Coins can be bought in exchange of other cryptocoins like Bitcoin and Ethereum. It is available for trades on major exchanges such as Binance, Qryptos and Kucoin.
  2. CoinSwitch, the largest cryptocurrency exchange platform, supports over 300 cryptocurrencies. One can trade or exchange ENJ tokens at competitive prices through CoinSwitch using simple and fast steps. All a user needs to do is access the CoinSwitch website and select the best exchange as per the exchange rates and user interface provided to him/her.

How to store ENJ

  1. Since ENJ is an ERC20 token, a user can avail multiple wallets to support and store the coin. MyEtherWallet is a popular online wallet along with other options like Jaxx and Eidoo. Ledger Wallet provides extensive support as a hardware wallet for ENJ coins
  2. Besides all the above wallets, one is also advised to use the official Enjin Wallet[2] which is available for Android and iOS mobile devices.

 

#4: What is the future of Enjin Coins?

Also Read: Complete Analysis of Enjin Coin | Live Enjin Coin (ENJ) Price Charts And Predictions

Historical Data for Enjin Coins (ENJ): April 2018 to July 2018

Month

Open*

High

Low

Close**

Volume

Market Cap

July 2018

$0.059424

$0.061107

$0.057153

$0.057260

17,75,330

4,49,36,300

June 2018

$0.056096

$0.056980

$0.049395

$0.055872

16,22,900

4,24,19,000

May 2018

$0.119531

$0.121145

$0.0.112770

$0.114312

18,86,490

9,03,88,300

April 2018

$0.157474

$0.158669

$0.132708

$0.135890

1,12,10,000

11,90,80,000

Historical trends

  1. The ENJ token saw very erratic movement between April to July 2018, with steep declining trends.
  2. The price of 1 ENJ token has fluctuated minimally in the range of $0.05-$0.06 during June and July 2018.
  3. The market cap is approximately 48 million USD in July 2018.

Future Trends

  1. Investment researchers and market players like Walletinvestor.com predict a continuous decline in the forecasted performance of Enjin Coins for the next 1 year.
  2. However, on the other end of the spectrum, several experts are placing their bets on the ENJ token to see a healthy performance by 2020.
  3. Digitalcoinprice.com[3] expects the coin to reach a price of $0.15 by December, 2020
  4. With this divided opinion on the cryptocoin, the deciding factors of the performance of the currency are the evolving trends in the gaming industry. With the introduction of blockchain technology to the gaming industry, many gamers will start adopting the coin in their regular activities. This might boost the performance of the Enjin Coins thus contributing to its growth.
  5. However, this predicted improvement in the performance is subjective and is not expected to occur in the next 1 year.

 

#5: How is Enjin Coin different from other cryptos?

  1. Enjin Coin is one of the authentic and efficient cryptocoins built exclusively for the gaming community. It aims to introduce and explore new technologies in the space of gaming and game development. With the introduction of blockchain technology to the industry, Enjin Coin has already lent some efficiency and trust to the members of its community.
  2. The manifesto[4] of the Enjin Coin community declares its aim to make gaming a safer and fairer place. It also aims to bring purpose to the industry, enrich a game developers’ experiences, protect them from players with malicious intent and enable them to truly own their items and characters. This is being done by creating a framework that creates ethical monetization models which do not take undue advantage of human psychology, but are powered by intrinsic value.
  3. The coin has a good intent and underlying concept. With the motive and strong technological foundation, Enjin Coin is expected to create a better gaming community.

 

#6: Should you invest in Enjin Coins?

  1. As of July 2018, Enjin Coin[5] tokens have a total supply of 1 billion coins, of which ~756 million coins are already in circulation.
  2. Multiple market analysts and enthusiasts believe that ENJ should be approached with caution Due to its erratic historical trend and predicted decline over the near future, it would not serve heavy returns on the current investments.
  3. However, with multiple experts predicting an improvement in the performance of the Enjin Coin by 2020 after it hits a low in 2019, it might be a good investment option next year (2019).
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