Enjin Coin

24Hr

Low:$0.3567

High:$0.4524

Enjin is the local currency of the Enjin platform. It is an ERC20 token built on the Ethereum blockchain that brings the power of smart contracts to the gaming world for game developers, gamers, and gamers to manage and create virtual crypto assets. By bringing blockchain to the gaming space, Enjin enables the system to be transparent, trustworthy, and fraud-free online.

As explained earlier, Enjin coins will provide good value for goods sold on the network since Enjin coins are listed and can be exchanged for any other cryptocurrency.

History of Enjin Coin

Founded in 2009 by Maxim Blagov and Witek Radomski, Enjin was built to serve the gaming community. The year is a part of the real world that has gained a lot of momentum in video games and online players have become very popular. Initially, to build a solid foundation and generate income, the company launched an initial offering (ICO), raising about $18.9 million from the sale of ENJ tokens to build its new blockchain, which is why Enjin was launched in 2018.

From non-fungible tokens (NFTs) to digital licenses that are spreading their wings and commodities, Ecosystem Engine strives to serve a large community that can also take advantage of multiple channels in many video games. Backed by a quality product offering, an existing user community and strategic partnerships with leading brands, as well as exposure to the fast-growing NFT market, Enjin Coin has made it possible to create a digital environment around it and to make its presence felt on all platforms, from. PC and mobile.

Working Principle of Enjin Coin

Enjin Coin is an ERC20 token built on the Ethereum network. In this case, the project not only acts as a cryptocurrency but has smart contract rights. It is also one of the first projects to test the Raiden network, Ethereum’s version of the Lightning Network.

The Coin Engine platform offers a long list of features through its public API and SDK. However, to keep it short, we will consider only a few of the main ones in this article.

Virtual products

The biggest benefit that Coin Engine brings to the gaming community is in the creation and management of its virtual goods. Developers from any platform can create a special currency for their community, which is supported by Enjin Coin as the parent currency. This gives all coins the advantages of blockchain (speed, cost, security, etc.) while being suitable for their own platforms.

Since each asset is registered in a single smart contract, all smart wallet engines recognize them.

But, you can exchange virtual goods for Engine coins at any time. This creates an interconnected game and community where you can transfer assets between platforms (more on that below). Besides money, this feature also applies to symbols and special toys such as swords or fighting qualities.

ENJ Coin supports the creation of virtual assets

One of the useful features of using the Coin Engine is its implementation as a basis for creating and managing game-related virtual assets. Since the ENJ coin can act as a parent currency, users of the Enjin platform can create unique merchandise that suits a particular gaming community:

Something in the game. These refer to the things that the players use during the game, such as things that provide money for their character’s abilities, such as virtual weapons, loot, etc.
Custom money. Being a supporter of Enjin Coin means that bespoke coins can use the advantages offered by the blockchain (such as those related to payment, security, speed of transactions) while maintaining their unique characteristics based on the game they are designed for. The platform offers its own version for issuing tokens if users do not need their own smart contract code.

A show of privilege. Custom coins can be used to control and power agent tools in games and Engine-based communities. In games, for example, access to a virtual box with hard and rare items can be protected by placing them behind a “key” in the form of a privilege token. Similarly, at the community level, one token can be purchased from website owners for the right to advertise their products on the site’s message board. These tokens can be exchanged for ENJ coins whenever a user holds these tokens.

This is done through the power of the Mint project of a smart contract that allows to save all ENJ coins that participated in the creation of custom coins.

Creating personalized virtual goods will also reduce the number of ENJ coins in circulation, thus protecting the economy and the value of the Enjin ecosystem in the long run.

Exchanges between ENJ coins and virtual assets will occur at a constant exchange rate during the time the tokens are generated. Also, this transfer should allow these assets to be transferred to different platforms in a flexible manner.

Top features of Enjin coin

Smart contracts and tokens

The open source and Enjin coin is an ERC-20 token, which means that the Enjin service not only offers transactions but also offers smart contracts. ERC20 will enable seamless integration with Ethereum blockchain smart contracts and decentralized applications. Tokens that include some, but not all, of the standard features are referred to as ERC20 supported components and can easily be used by others.

The smart contract will also provide the following services: currency, payment gateway contract, smart wallet contract, subscription contract, custom ledger, and TopList contract.

Make virtual products and mint coins

By using Enjin coins as parent currency, games and communities can create special products, currencies and privileges. Anyone who owns these assets can convert them back to Engine Coins at the original exchange rate when created.

Enjin Coin can be used by developers who use the Enjin platform to make mints. The required amount of ENJ tokens is taken out of their wallets and locked into the assets they generate, eliminating the market elements that create scarcity while providing a clear use for the token. display.

Community Involvement

The Enjin Coin feature will be integrated into the Enjin CMS platform and over 250,000 gaming websites will now support it. Enjin will also build phpBB, vBulletin, Xenforo and other forums and CMS as part of the open platform API, allowing other online communities to actively invest in Enjin coins. in their websites and games. Web developers will have access to all the features and capabilities of the Coin Engine using open source PHP and NodeJS SDKs for bespoke websites and API integration.

The Smart Wallet Enjin

Blockchain wallet connects to games and apps. It is one of the most featured digital wallets in the world, with over a million downloads. The Enjin Wallet introduces a revolutionary new feature for cryptocurrencies: the ability to build real subscription services. Server owners and communities will be able to provide time-limited services such as firewalls, leaderboards, or open website content to subscribers. The user account of each trusted platform will be linked to the user’s Ethereum address.