Enjin Coin (ENJ) has exploded in value since it was released on October 3, 2017, hitting an all-time high of over $0.39 per coin on January 5, 2018—an impressive 1,670% increase in just under two months! But what is Enjin Coin? How do you buy Enjin Coin? And should you invest in this cryptocurrency that’s been compared to Dogecoin and Auroracoin? To answer these questions and more, let’s take a closer look at the Enjin Coin project and its potential value in the future.
What is Enjin Coin?
Enjin Coin is a cryptocurrency for gaming. It allows gamers to trade virtual goods on a decentralized platform. Enjin Coin is built on the Ethereum blockchain and uses ERC-20 tokens. The Enjin Coin team has created a suite of tools to help developers create, manage, and trade virtual goods on the blockchain. The Enjin Wallet is a mobile wallet that supports Enjin Coin and other Ethereum-based tokens. The EnjinX marketplace is a decentralized exchange where gamers can buy and sell virtual goods.
What are the benefits of using Enjin Coin? (three sentences):
Enjin Coin allows gamers to trade virtual goods on a decentralized platform. This means that there is no need for a central authority to manage the exchange of items. Instead, transactions are handled by smart contracts. In addition, items can be traded across different games without any issues.
This offers game developers an alternative to in-game purchases as well as frees them from worrying about managing virtual economies or worrying about chargebacks from credit cards.
What are ENJ Tokens?
ENJ tokens are the native cryptocurrency of the Enjin ecosystem. They’re used to back the value of virtual goods and gaming assets, and can also be used to make in-game purchases. ENJ tokens are based on the Ethereum blockchain, and each token is backed by a real-world asset. For example, if a gamer has one gold token in their game inventory, they have exactly one gram of gold stored in our vaults that we provide from LBMA-approved refineries. If a gamer wants to trade their gold for an Xbox One S 1TB console, they would need to first convert the gold into ENJ tokens through our wallet and then use those tokens to purchase an Xbox One S 1TB console on an ecommerce website or through an online store. We want gamers to use ENJ tokens for all of their gaming needs so that we can protect gamers’ data with zero knowledge storage systems.
I believe this project will set new standards when it comes to creating a sustainable economic model which rewards players and content creators without taking away incentive to continue playing games. It’s still unclear how this will play out but I am hopeful this new model will change the landscape.
How does ERC-1155 work?
The ERC-1155 standard is a new standard for tokens on the Ethereum blockchain. The standard allows for the creation of tokens that represent both fungible and non-fungible assets. This means that you can create things like in-game items, loyalty points, and more. The standard also allows for the easy transfer of these assets between different games and platforms. As mentioned earlier, this is particularly beneficial for game developers who want to monetize their in-game content. These transactions are not limited to just two parties either, as any user can be an issuer or recipient of such assets. For example, if Alice was creating a mobile phone app which required payment in gems from her game, she could issue those gems as one of her ERC-1155 tokens. Another developer who wanted to use those gems for their own game could then purchase them from Alice with Ethereum instead of needing to make his own gems.
How does ENJ benefit game publishers and gamers?
ENJ is a new cryptocurrency that has been designed specifically for the gaming industry. ENJ can be used by game publishers and developers to create in-game items that can be purchased, traded, or sold by gamers. ENJ can also be used by gamers to purchase in-game items, exchange them with other gamers, or sell them for cash. In addition, ENJ can be used to pay for gaming services, such as subscriptions, tournament entry fees, and in-game purchases. Finally, ENJ can be used to donate to game development projects and support the gaming community. Some of these communities have already been set up on Enjin’s website, including one called Blockchain Pioneers where they post news articles and YouTube videos related to blockchain technology and cryptocurrencies. These communities will continue to grow over time as more content is added. The ultimate goal of this feature is to educate gamers about cryptocurrencies and blockchain technology so that when games come out with their own tokens, it will seem like a natural progression from what they are already familiar with.
The main objective behind ENJ is to provide players across all gaming platforms (PC, console, mobile) an easy way to monetize their efforts. It provides everyone involved in the game industry ecosystem – game developers, influencers, content creators and players – an opportunity to earn tokens without any upfront cost.
Is there a whitepaper available?
Yes, there is a whitepaper available that goes into great detail about the project. The Enjin Coin project is a gaming community platform that uses blockchain technology to create, manage, and trade virtual goods. The platform will enable gamers to earn rewards, trade virtual goods, and participate in gaming communities. The team behind Enjin Coin is experienced in the gaming industry and has created successful gaming communities in the past. They have also partnered with Unity Technologies, which supports millions of games developed on their engine including Candy Crush Saga, Hearthstone: Heroes of Warcraft, and Warhammer 40K: Eternal Crusade. Gamers can use ENJ coins to purchase new weapons, gear and abilities for their characters. The website for the project lists more than 120 game developers who have already committed to integrating support for ENJ coins at launch. Some of these include Aika Online, Albion Online, ARK: Survival Evolved, Chivalry: Medieval Warfare, Dungeon Defenders II, Life is Feudal, Warframe, Trove and Unturned.
Where can I get more information about ENJ?
If you’re looking for more information about ENJ, the best place to start is the official website. From there, you can also find links to the white paper, social media channels, and community forums. For a more in-depth look at the project, check out some of the independent websites and YouTube channels that cover ENJ. Finally, be sure to stay up-to-date on the latest news by following the official blog and Twitter account. These sources provide important updates about the project’s progress, new partnerships, development updates, and much more.