Cryptocurrency has come so far and every aspect of the industry has incorporated the revolutionizing features of digital assets. One particular market cryptocurrencies have changed is the gaming world. Nowadays, you can find tokens designed for gaming to make players’ experiences more exciting and profitable. Enjin coin is one of these tokens.
Are you curious to know more? Find out more about this groundbreaking technological innovation here at Cryptoshimbun and start trading today!
What is Enjin Coin?
Enjin Coin is a cryptocurrency built on top of Ethereum designed as an ERC-20 token. It offers businesses and individuals an opportunity to create, distribute and integrate Non-Fungible Tokens (NFT) which are collectable digital assets such as physical items like art, music, in-game items and more.
These items can be bought online using cryptocurrencies and have the same underlying software as other altcoins since they are produced on the blockchain.
Launched in 2017 by a Singapore-based company Enjin, Enjin Coin was the result of a successful ICO that raised $18.9 million. Its native token is an Ethereum-based cryptocurrency with a ticker symbol of ENJ, which can be bought and sold for fiat currencies and other altcoins. Apart from the developer platform, Enjin also supports marketplace and wallet as part of its services.
While the Enjin Coin was introduced in 2017, the company’s beginnings can be traced back to 2009 during the launch of its gaming community platform. It was co-founded by the current CEO, Maxim Blagov and CTO, Witek Radomski.
With the use of blockchain technology, Enjin can manage integrated products and make it easy for users to develop, trade and market with blockchain. Due to this, Enjin helps reduce the high fees that come with the traditional system of selling goods. For instance, artists can now sell their art outside galleries and auction houses which are known to be the traditional way of selling art to consumers.
With this in mind, Enjin has produced software development kits (SDK) that allow users to create digital assets and blend them into applications and games. Now, users can manage in-game currencies and tokens for various game items like accessories and weapons.
How does Enjin work?
Since Enjin Coin was built on top of the Ethereum blockchain which allows the creation and management of virtual goods which is known to be the platform’s main feature. With this, users can launch their own cryptocurrencies backed by the Enjin Coin. This allows users to ‘melt’ their in-game assets and keep them even if the game they’re playing becomes obsolete.
Moreover, Enjin has software development kits for software developers like Unity, Java, Godot and more. This allows developers to integrate new projects and existing ones. Apart from SDKs, Enjin also has a marketplace with over 10 million digital items, allowing users to buy and sell various blockchain assets.
Enjin aims to make it easier for individuals to use NFTs. With that in mind, Enjin has a digital asset distribution system called Enjin Beam which allows users to send thousands of NFTs with the use of a simple QR code.
Other features of Enjin Coin
Like other cryptocurrencies, Enjin Coin offers tons of features that each of its users will benefit from. If you’re new to Enjin Coin, here are the features you should look forward to:
Enjin Coin first launched Efinity in 2018 which is a channel network solution of the cryptocurrency that helps with effective scaling.
This is a bit similar to Bitcoin’s Lightning Network which sits on top of the Bitcoin blockchain as its second layer, allowing fast transactions among participating nodes. Efinity consists of multiple channels where games can perform tons of transactions faster and with cheaper fees. That’s why Enjin is known for having a quick system and affordable costs.
Part of the Enjin Coin is the SDK which is a decentralized payment gateway that allows users to create customized carts and invoices. When utilised on a website, you will have a widget that accepts Enjin Coin cryptocurrency and customized coin payments which makes it easier for you to accept the payments.
What makes this a good feature for users is that it only charges a small fee for each transaction. Additionally, this feature allows you to organize automatic payments on the games and websites that you have considered as a trusted platform.
Another impressive feature of Enjin Coin is its smart wallet which supports virtual goods within the gaming community running on the network. What adds to this is that it’s synced to your Ethereum address which lessens the trouble of setting everything up manually.
With Enjin Coin, you can trade coins and items not just in the gaming ecosystem of Enjin but also to other users that also have a Smart Wallet. Enjin Coin’s wallet allows you to send a transaction request in which the other party will either accept or reject. This is a good feature of the smart wallet because you can prevent wrong transactions.
Additionally, you can be sure that the person who’s trying to send a request is someone you know and you can also set some rules so this can be avoided.
Where to buy ENJ
There are tons of crypto exchanges available today and each one offers features that will benefit its users. If you already have a preferred crypto exchange, you can opt to use that to make it easier for you to buy and sell ENJ. But if you don’t have one, here are some crypto exchanges offering ENJ that you can choose from:
Binance is one of the most popular crypto exchanges to date. It supports more than 45 cryptocurrencies including Bitcoin (BTC), Ether (ETH), Cardano (ADA) and ENJ. It also has its own crypto wallet where you can buy and sell altcoins. Additionally, this exchange also has its own token called Binance Coin. If you want lower transaction fees and a faster process, Binance is the exchange you should use.
Also known as ‘The People’s Exchange’, KuCoin is another top crypto exchange that offers ENJ tokens. This exchange is based in Singapore and offers more than 200 cryptocurrencies, allowing you to buy and sell them to other users on the platform. If you’re looking for a place to purchase Enjin tokens, KuCoin is one of the exchanges you can visit.