A Platform For Creation: Enjin
Enjin is a platform that allows programmers to create and manage virtual commodities on the Ethereum network. It’s a rapidly expanding project co-founded by CEO Maxim Blagov and CTO Witek Radomski. It’s a for-profit corporation that began in 2009 as a community gaming platform. In 2017, the project held an initial coin offering (ICO), raising $18.9 million. Here’s everything to know about Enjin (ENJ) and how to buy the Enjin crypto token.
What is Enjin?
The Enjin platform is a multi-product ecosystem that allows you to create, distribute, store, trade, and even integrate tokenized digital assets.
The platform’s adopters are creating ENJ-backed digital assets and using them in unique ways — ranging from art NFTs (non-fungible tokens) to digital vouchers to goods that can be utilized across numerous video games. The Enjin network is also being used to tokenize commercial real estate.
Key Features Of The Project
The Enjin cryptocurrency project was created as a complete ecosystem that gives its users a robust suite of commodities that allows anyone, regardless of blockchain knowledge, to access the world of blockchain.
The project is based on Ethereum and follows the ERC-20 token standard. So ENJ crypto token is an ERC20 token, which means you can utilize it for both transactions and smart contracts.
Through its public API and software development kits (SDKs), the platform offers various functions.
Developers can create NFTs with in-game or in-app usefulness using the Enjin Platform API.
As of April 2022, 10.3 million ENJ coins have been spent on digital assets through the marketplace, most of which were one-of-a-kind, programmable assets that could be used in virtual gaming environments.
The Enjin wallet, a mobile software accessible on both the Google Play and Apple App Stores, is required to purchase NFTs on the marketplace.
Enjin established the Efinity Metaverse Fund. This money from the fund will help the company expand its network and support its “ecosystem partners.” This refers to Enjin’s Efinity NFT blockchain, which is based on Polkadot.
ENJ Coin will participate in the Metaverse’s evolution, making it a Metaverse coin.
The Enjin ecosystem is filled with over 250,000 gaming communities and 18.7 million registered gamers, as the platform provides the best set of NFT creation tools in the field.
Here are the top 5 games to play to earn ENJ:
- Kingdom Karnage
- Age of Rust
- Space Misfits
- 9 Lives Arena
Enjin Coin Review
ENJ Coin is an Ethereum-based cryptocurrency that aims to simplify using non-fungible tokens (NFTs) for individuals, brands, and organizations. To directly support the value of NFTs or blockchain-based assets created within the Enjin ecosystem, $ENJ is required. The Enjin crypto coin is used as a minting resource in every asset created using the Enjin Platform. The ENJ coins held within these assets are taken out of circulation.
The maximum supply of ENJ coins is 1 billion coins. Because $ENJ is a finite and valuable resource, backing with $ENJ can provide real-world liquidity to blockchain-based assets and NFTs.
ENJ price is $1.50 at the time of writing, with a 24-hour trading volume of $209,520,971 and a market capitalization of $1,401,676,320. Enjin’s governing token is Efinity (EFI). Participants can vote with ENJ tokens on recommendations for network optimization initiatives. It’s also used to pay transaction fees, provide liquidity, and reward community members.
According to the Roadmap released by Enjin in April 2022, Enjin has a packed roadmap and development plans for the Enjin & Efinity ecosystem.
Enjin is revising its development platform to accommodate Efinity and will beta-test it with a few users. This updated version will be released as open-source software.
Enjin wants to upgrade work on its chain on the Efinity platform, and users who participated in the Efinity crowd loan will start collecting their vested EFI incentives.
The project includes the launch of Closed Beta 2 on the NFT.io platform, which will include complete ERC-721 and ERC-1155 functionality and user rewards.
Is Enjin Coin An ERC20 Token?
Yes, ENJ coin is an ERC-20 token and the Enjin technology that underpins it enables an ecosystem for NFTs, gaming, and other distributed apps.
A Look Into Alternatives
Here are some competitors/alternatives to the Enjin network.
Mana vs. Enjin
The following are the Decentraland’s (MANA) distinguishing characteristics:
- Decentraland (MANA) is a platform for businesses, creators, and individuals seeking new business prospects, artistic mediums, and entertainment sources.
- Decentraland is one of the projects that governs itself through a decentralized autonomous organization (DAO).
Let’s see the ENJ coin’s distinguishing characteristics:
- The purpose of Enjin Blockchain is to provide software products that make it simple for anyone to construct, monetize, trade, and market blockchain.
- Every token created on the platform is directly backed by ENJ, providing real-world liquidity to in-game items.
Enjin vs. Decentraland vs. Sandbox
All three are metaverse cryptocurrencies with significant profit potential in the future.
Enjin is a blockchain-based gaming company that aims to have individuals, brands, and organizations use non-fungible tokens (NFTs) with ease. ENJ has the potential to become the top crypto coin in the Metaverse.
Decentraland (MANA) is a popular metaverse game that allows users to play games, attend virtual events, and exchange products in digital marketplaces, potentially adding much more in the near future.
Sandbox is a virtual world-built blockchain that allows users to create and explore universes.
Staking ENJ is a fantastic method to contribute to the network’s security while also earning rewards. Thus, you can stake your ENJ and start receiving rewards by following the procedures below.
1: Download the Enjin Wallet.
2: Open an account.
3: Select “Stake.”
4: Enter the amount of ENJ you want to stake.
5: Click “Stake.”
6: Confirm the transaction.
Your ENJ crypto token will be locked for a while, and you will be unable to sell it. However, following the completion of the staking procedure, you will get a reward for your contribution to the network.
There is currently no method to mine ENJ token directly because it does not run on its blockchain. Instead, the cryptocurrency exists on the Ethereum blockchain. As a result, Ethereum miners must put in a lot of effort to mine ENJ.
This blockchain employs the Proof-of-Work consensus of its parent blockchain to keep the network secure. Miners are responsible for validating network transactions. Solving cryptographic equations is how they do it; this permits them to build the next block’s header.
One of the most secure consensus processes is the Proof-of-Work consensus. However, it necessitates a significant amount of computer power. In addition, it contains some security flaws.
For starters, miners have no vested interest in this consensus. As a result, they have nothing to lose if the network comes under attack. Thus, mining is vulnerable to cyber-attacks and double expenditures. It’s also subjected to Sybil attacks.
Where To Buy Enjin Coin At The Best Rate?
There are a few options for getting the best deal on ENJ. And so the most typical method is to use an ENJ-supporting exchange, such as Swapzone.
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