One of the biggest problems for a new-comer of the crypto market is the presence of so many cryptos providing almost the same services. There are 2000+ crypto tokens and coins listed on www.coinmarketcap.com. So how to decide which crypto to adopt? Most of the digital cryptocurrencies provide almost same and redundant services and as time moves forward, not all of these are expected to survive. One cryptocurrency among a plethora of others is Enjin Coin, a platform aimed at revolutionizing the gaming industry through the usage of blockchain technology. In order to get to know about this cryptocurrency, BlockPublisher got in touch with the Chief Executive Officer of Enjin Coin, Maxim Blagov.
Talking to BlockPublisher regarding the difference of Enjin Coin with the rest of the cryptos, Maxim stated:
Enjin Coin’s core function is not as a currency, but as a material that can be used to create blockchain assets. For example, if a game developer wants to create a special sword on the blockchain, he or she can buy Enjin Coin and use our development tools to mint the sword’s identity and metadata into a token.
Adding on to his statements, he said:
Creating blockchain assets using our toolset requires Enjin Coin—except the Enjin Coin isn’t given back to us and placed back into circulation (which is how all other utility coins function). It is instead removed from circulation and placed into the blockchain asset as a way to guarantee the asset’s value, certify its authenticity, and provide access to our ecosystem of smart contracts, wallets, APIs, web interfaces, and scaling solution.
Enjin Coin is essentially a gaming-oriented platform and aims to make it easier for the users to develop decentralized blockchain-based games with as less effort as possible. Rewards for participation in the ecosystem provided by the platform are given in ENJ.
Maxim also stated:
Backing items with Enjin Coin is also an important way to curb hyperinflation of the growing digital asset economy by setting a standard control over production and issuance. The owner of each blockchain asset can now send, receive, trade, loan, and lease the assets to each other. They can even melt down the items down to retrieve the Enjin Coin from within.
Blockchain can revolutionize a variety of industries with the prospects that it provides. Enjin Coin has its eyes set on the gaming industry as of now. How it fares with the trials of time and market saturation? That still remains to be seen.