What is Enjin (ENJ)?

What is Enjin (ENJ)?

What is ENJ and does the blockchain-based Enjin gaming platform work?



Enjin is a gaming platform where players can trade in-game assets via blockchain technology. With a mechanism  that gives ownership rights on items through the Smart Contract function, this means that in-game assets are directly owned by the players.



Currently, 15 games have been created using Enjin technology and ENJ coins as the medium of exchange within the game. Enjin can support more than 250,000 games with over 20 million users.

 

 

What is ENJ? 



Enjin Coin is a token created to use within the online gaming community and facilitate the transfer of virtual assets between different platforms.

Moreover, ENJ is an ERC-20 standard token built on the Ethereum network, enabling Enjin users to use smart contract functions that help game developers, content creators and the gaming community to have digital currency as a  backup to its value and a tool for managing virtual goods.

 



What is Enjin platform?

  

Enjin Network is a platform that supports the creation, development, exchange of cryptocurrencies  and also giving value to in-game assets in the form of NFT(Non-fungible Tokens) ERC-1155 standard ,which is  created by Witek Radomski, one of Enjin's co-founders.

 

NFT is a token that can be used to contain the value of a wide range of assets and specialize in making an item unique because the token can not be destroyed, change and being the only token that exists in the world resulting in rarity and value.





Interesting Technology

 

In addition to NFTs, Enjin also offers a variety of services and many interesting technological implementations that promote a high quality gaming ecosystem and can generate income for players as well.

 

1. Virtual Goods

 

Enjin Coin allows players to create and exchange virtual assets, where players from different platforms can trade and exchange virtual goods using Enjin Coin as medium of exchange.

 

2. Payment methods

 

Enjin Coin SDK is a decentralized payment gateway that facilitates the creation of invoices, refunds, etc with mechanisms that accept Enjin Coins or other self-created coins that can be used in conjunction with other websites with very low transaction fees but it needs to be paid in Ethereum.

 

3. Smart Wallet

 

Enjin Smart Wallet is a virtual wallet that is linked to the address of its users’ Ethereum wallet, allowing them to trade coins and in-game assets to other Smart Wallets, and is able to make transactions with the special feature where It can be set to automatically block unwanted transactions.

 

4. Efinity

 

The Enjin Coin team announced in 2018 that they plan to launch Efinity, a mechanism that allows the network to scale to accommodate the growing number of users. Efinity consists of various channels that can carry out large volumes of transactions at low prices and fast transactions. 

 

5. Shop and trading feature

 

Enjin Network is a platform that provides a wide range of functions including virtual goods shops, reservation service, purchase contract, item listing system and other games as well which all features promote Enjin to become the top gaming platform. 





Conclusion

 

Enjin Coin (ENJ) is an example of the application of blockchain technology with virtual goods and online gaming marketplaces. It is used to prevent fraud that may occur in the gaming community along with enhancing the experience of gamers, where Enjin coin or ENJ is used as the platform's medium of exchange. ENJ still has a long way to develop, but it could become a global cryptocurrency used and accepted by the gaming community.

 

 

Reference:



Coindoo , Siamblockchain , Podtail 

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