The Enjin network allows its participants, via a social gaming platform, to build and develop systems such as websites and clans. It also lest the users create chat groups as well as host virtual stores where other participants can purchase items.
The Enjin cryptocurrency platform is a subset of the mother company, Enjin which is focused on the delivery of interconnected blockchain gaming solutions. The cryptocurrency allows gamers and game developers to cover items in the games to tokens supported on the Ethereum network. The Enjin network’s digital assets are backed by the ERC-20 standard implying that the tokens can be bought and sold with real money.
The platform is used for real-time tracking and storage of digital assets such as non-fungible tokens. All assets minted on the platform consist of a minting resource known as ENJ which is removed from circulation and locked inside NFTs.
In general, the Enjin ecosystem was created to deliver a software product that makes it easier for everyone on the platform to develop, monetize, and trade within the blockchain.
Who are the Founders of Enjin (ENJ)?
The Enjin network was founded in 2009 and has its roots attached to the gaming industry. The platform was the first product of the Enjin corporation and its user base has currently reached over 20 million users in the world.
The platform was founded by Witek Radomski and Maxim Blagov with Blagov serving as the CEO of the platform as well as the creative director. The co-founder, Radomski is in charge of technical developments on the platform and serves as the chief technical officer. According to Blagov, he is an expert in creative direction as well as software project management and marketing with him having several years of experience in the fields.
The concept of integrating blockchain into the Enjin system was first made by Radomski shortly after he became interested in Bitcoin in 2012, eventually, he was able to convince the company to integrate Bitcoin into the system as a payment option. A few years later, the Ethereum network and the creation of smart contracts became a point of interest for him and then he decided to create his own blockchain integrated platform. Radomski also authored the ERC-1155 token standard, a new specification for tokens issued via the Ethereum network that became available in June 2018, before being finalized in 2019.
What is Enjin (ENJ) used for?
The Enjin network originally was created for gamers but later developed into a platform where game developers can create systems. In addition to their creative power, they can also make purchases with the in-game tokens.
The tokens used in the game have gained value over time and as such have gained value in the real world. Now, the tokens can be exchanged with other cryptocurrency pairs to make a profit for its holders.
The platform offers a series of other advantages to its users which include:
- An anti-inflammatory support system.
- An option that allows users to demolish their blockchain assets whenever they want and get their EJN value from within the system.
- Access to instant liquidity.
- Provides the highest level of scarcity and transparency.
What Is the Unique Point of Enjin (ENJ)?
According to the developers of the Enjin network, its tokens are minted in such a way that all products from the company’s blockchain asset development platform have the direct backing ENJ network, a system that gives the assets within the game a level of real-world liquidity value. Additionally, Blagov also stated that the main focus of the platform presently is mass adoption, further mentioning that the platform is aimed at a future where millions of gamers all over the globe make use of digital assets within their games which are backed by the EJN Coin.
On the Enjin network, developers can create new non-fungible and fungible ERC-1155 tokens that are unique through its smart contracts function. After they have been created, the tokens can then be traded on the Enjin market, a system that was launched in September 2019. As more Enjin tokens are being minted, the same amount of tokens are also removed from the ecosystem resulting in its scarcity.
The Enjin system whitepaper states that the platform has operated by a series of on-chain and off-chain processes. As such, when a transaction on the Enjin network is newly executed, other users of the platform are contacted via their smart wallets and the website or an update of a no tradable version of the digital item is made to the game until the validators are able to confirm the transaction on the Ethereum network.
How many Enjin (ENJ) coins are in circulation?
The Enjin network has a maximum supply capped at 1 billion tokens. However, with each transaction being executed on the platform, more of the tokens are locked inside the game as digital assets, thereby reducing the total amount in circulation.
The first public appearance of the Enjoy coin was in 2017 when a pre-sale event was held which produced a total of 38,800 Ether from the sale of 400 million EJN, an amount with a dollar equivalent of 12 million at the time. The presale also involved a giveaway of 100 million EJN tokens which in total amounted to 50% of the total supply. Later in October 2017, an initial coin offering was held which led to a sale of 300 million tokens, an amount that makes up 30% of the total supply. The offering raised a total of 75.041 ETH, which was worth $18.9 million at the time. The leftover tokens from the ICO were locked up to be used for community investments and marketing six months later.
The platform reserved a total of 10% of the tokens which was directed towards carrying out beta testing, strategic partnerships, and other community initiatives, with another 10% assigned to the platform’s advisors and its team. Tokens assigned to the team members are to be vested over 24 months after being locked for 6 months. For the advisors, they are locked for two months only and then completely released afterward.
Is the Enjin (ENJ) Network secured?
The Enjin tokens are issued on the Ethereum platform following the ERC-20 platform which implies that all on-chain EJN transactions are secured and validated by the Ethereum network which is secured by a proof of work consensus algorithm. As such, the miners constantly have to compete in order to add new blocks to the blockchain and the network requires the majority of its nodes to confirm a transaction before it can be posted.
The smart contract system used by the Enjin network has been validated by several auditors, including Matthew Di Ferrante, the Ethereum developer in 2017, in 2018 by the ZK labs and in 2019 by the Castillo network.
The Enjin network launched a bug bounty program through an information security company known as HackerOne in October 2020.
How do I buy Enjin (ENJ)?
As was the dream of the founders of the Enjin system when it was created, the platform has been well received and gained massive adoption over the years with over 20 million users currently. This has also promoted its availability across several platforms. As such, to buy ENJ tokens, the steps below provide the right direction to purchasing its tokens.
- Open an account with the crypto trading platform.
- Transfer the specific amount of your fiat currency to your account.
- Wait for your deposit to be confirmed and Buy EJN through your trading account.
Which Cryptocurrency Wallet Supports Enjin (ENJ)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as Enjin. Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their Enjin wallet because offers a simple and interactive interface making it easy for people to navigate its system.