Enjin Coin is a cryptocurrency for virtual goods. It is the largest gaming creation platform online on which users create community websites, forums and stores to socialize and monetize their gaming experiences with over 250,000 gaming communities and 18.7 million registered gamers.
It’s designing team aims for it to become the most used cryptocurrency and has developed it completely around gaming platforms. The project includes Enjin Coin and a suite of software development kits (SDKs) that developers can introduce into their gaming communities. The arrival of blockchain in gaming is surely going to help reduce a lot of high costs and cut down fraud and scam politics that are prevalent in the exchange world of virtual goods.
Enjin Coin Features and Specifications
Enjin Coin is an ERC20 token and is built on the Ethereum Network. It not only acts as a cryptocurrency but also carries smart contract capabilities. It also stands as one of the first projects working on the Raiden Network, which is the smart and scalable transfer of ETH tokens.
Enjin Coin holds a list of distinct features through its public API and SDKs. It also includes virtual goods stores, subscription services, trading escrows and other desirable for the gaming community. A few of these are mentioned below.
Management of Virtual Goods
The largest value Enjin Coin brings is for the gaming community and its service to the management of virtual goods. Developers on every platform can use Enjin Coin as the parent currency to develop a currency that is unique to their community. This gives the currencies all the benefits of the blockchain (speed, cost, security, etc) while still staying customized to their respective platforms.
Moreover, all these assets are recognized by Enjin Smart Wallets and one can exchange virtual goods for essentially Enjin Coins at any time. This creates a closely connected ecosystem of games and communities across which there is a pertinent transfer of assets.
The Enjin Coin SDK includes a decentralized payment gateway that allows users to create customized carts, invoices, refunds, etc. It also provides a widget to accept Enjin Coin or some other customized coin backed by ENJ on the website. This payment only charges a small amount in Ethereum on each transaction.
The Enjin Smart Wallet is the component that connects everything together. The wallet supports virtual goods from every one of the user’s trusted platforms and is synced to their Ethereum address. Users are able to trade coins and items outside of the gaming environment or to any other user via the Smart Wallet. It is done by sending a transaction request that the other party can approve of or deny. Moreover, one can also set rules and thresholds to automatically prevent undesired transactions.
Enjin Coin Supply and Market
There’s a total supply of 1 billion Enjin Coins, with around 750 million currently in circulation. The team distributed 80% of the ENJs for the crowdsale participants and split the remaining tokens between the team, advisors, and incentive programs.
When users create custom assets, the corresponding value in ENJ is removed from the ecosystem decreasing the circulating supply. This, in turn, increases the value of individual ENJ tokens.
The team held a successful ICO in Singapore in late 2017 in which they raised around $35 million. The last quarter of 2017 was spent building the platform API, Mobile Smart Wallet and a Java SDK alongside a Minecraft plugin. Efinity release and numerous other SDKs lie in the platform’s road map for 2018.
While there are not many major competitors in the blockchain gaming market as of yet, Enjin Coin’s largest competitors are GameCredits and WAX.
According to Enjin’s CMO Elija Rolovic,
Enjin Coin is the “Ethereum of Gaming” while the competitors are just simply “tokenizing their centralised games/marketplaces.”
From the market point of view, ENJ had a fairly predictable trading run since launch in November 2017. It followed the market with a huge boom in December and early 2018, before falling to its current price. The prices saw a few convergent spikes in mid to late January.
In a more bullish market, additional partnership announcements and product releases may lead to an increase in the price. And, of course, more people using Enjin Coin in online gaming should positively affect the price.
Enjin Coin Team
Enjin, the company behind Enjin Coin, is the largest online gaming community creation platform. Started in 2009, the company receives 60 million views per month. The team is deploying Enjin Coin across the entire Enjin CMS platform – over 250,000 gaming websites.
Its team has proven capabilities and experience in software engineering, marketing, blockchain technologies, and business operations. They have a solid reputation in the industry, and a long work history together. The team consists of CEO Maxim Blagov, CTO Witek Radomski and advisors Anthony Diiorio (Ethereum co-founder) and Pat LaBine (ex-producer and technical director at Bioware). Enjin has also formed partnerships with Unity, PC Gamer, and NRG eSports.
Enjin Coin is adding the benefits of blockchain to the over $17 billion virtual goods and the gaming market. The team is working to prevent fraud in the gaming industry and provides true ownership to virtual goods holders. Created and backed by gaming giant, Enjin, the project is expected to make greater strides with every passing virtue of blockchain being integrated (and accepted) by the mainstream society.
However, as a relatively new project, it still has much to prove. It’s impossible to predict how successful it will be, but if it’s ICO achievements and team statistics are anything to go by, Enjin Coin might just have a bright future ahead.