What Is Enjin Coin (ENJ)?
Enjin Coin is a challenge of Enjin, an organization that gives an ecosystem of interconnected, blockchain-based gaming merchandise. Enjin’s flagship providing is the Enjin Community, a social gaming platform via which customers can create web sites and clans, chat, and host digital merchandise shops.
Enjin permits recreation builders to tokenize in-game objects on the Ethereum blockchain. It makes use of Enjin Coin, an ERC-20 token, to again the digital property issued utilizing its platform, which means that objects will be purchased, bought and traded with real-world worth.
Enjin Coin was first introduced in July 2017, and it launched on the Ethereum mainnet in June 2018.
Enjin Coin (ENJ) is a digital retailer of worth used to again the worth of blockchain property like non-fungible tokens (NFTs). Each asset minted with the Enjin Platform incorporates ENJ, a minting useful resource which is locked inside NFTs and faraway from circulation. Minting blockchain property with ENJ supplies quite a lot of advantages to creators and customers:
- Infuses them with a reserve worth
- Ensures their transparency and shortage
- Offers them occasion liquidity
- Offers utility in video games and apps
- Enjin’s “melting” performance permits customers to destroy their blockchain property at any time to retrieve the ENJ worth from inside.
The Enjin blockchain ecosystem goals to supply software program merchandise that make it straightforward for everybody to develop, commerce, monetize, and market with blockchain.
Based in 2009, Enjin has roots within the gaming trade, with the corporate’s first product, a gaming group platform referred to as the Enjin Community, rising to twenty million customers over the course of a decade.
In 2017 following an ICO, Enjin established itself as a number one blockchain ecosystem developer, constructing a collection of software program merchandise that allow anybody to simply mint, handle, commerce, distribute, and combine blockchain property.
Enjin’s co-founder Witek Radomski wrote the code for one of many first ever non-fungible tokens (NFTs) and can also be the co-author of the ERC-1155 Ethereum token customary.
Constructed on high of an on-chain infrastructure, the Enjin ecosystem permits recreation builders and companies of all sizes to make use of tokenized digital property as a part of their acquisition, retention, engagement, and monetization methods. The Enjin ecosystem is fueled by Enjin Coin (ENJ), a cryptocurrency used to again the worth of blockchain property.
Who Are the Founders of Enjin Coin?
Enjin was based as a gaming group platform in 2009 by Maxim Blagov and Witek Radomski, with Blagov changing into CEO and assuming duty for the inventive path of the corporate and Radomski serving as chief technical officer, liable for the technical improvement of its merchandise. Blagov has described himself as having expertise in inventive path, advertising, and software program challenge administration and design.
The concept of introducing blockchain to Enjin was first proposed by Radomski after he grew to become fascinated by Bitcoin (BTC) in 2012, ultimately convincing the corporate to just accept it as a cost possibility. After studying about Ethereum and good contracts, he determined he needed to create his personal blockchain-integrated software program. Radomski can also be the writer of the ERC-1155 token customary, a brand new customary for Ethereum-issued tokens that was launched in June 2018, finalized in June 2019, and is used for minting each fungible and nonfungible tokens.
What Makes Enjin Coin Distinctive?
In response to co-founder Radomski, Enjin Coin is exclusive in that each token minted with Enjin Platform, the corporate’s blockchain asset improvement platform that launched in February 2020, is immediately backed by ENJ, giving in-game objects real-world liquidity. Equally, Blagov has said that the corporate is concentrated on adoption, saying he imagines a future wherein tens of millions of players use digital objects backed by Enjin Coin with out even figuring out it exists.
Enjin Coin makes use of a sequence of good contracts to which recreation builders ship ENJ to mint new, distinctive fungible or nonfungible ERC-1155 tokens. These tokens will be traded on the Enjin Market, which launched in September 2019, or exchanged for his or her backing ENJ at any time. As extra customized tokens are minted, extra ENJ is faraway from the ecosystem, thus making it scarcer.
In response to its whitepaper, Enjin Coin makes use of a sequence of each on-chain and off-chain processes. When a transaction is accomplished inside the Enjin ecosystem, a Trusted Platform contacts the customers’ good wallets, and the web site or recreation is up to date instantly with a placeholder or nontradable model of the digital merchandise till the transaction has been validated by the Ethereum blockchain.
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How Many Enjin Coin (ENJ) Cash Are There in Circulation?
Enjin Coin has a hard and fast most provide of 1 billion tokens. Nevertheless, because the ecosystem grows and extra ENJ is locked into in-game digital property, the variety of cash truly circulating will lower.
Enjin Coin was first made out there for buy throughout a presale occasion in September 2017 wherein 400 million ENJ was bought for a complete of 38,800 Ether (ETH), value $12 million on the time, with one other 100 million ENJ given away as bonuses. In complete, the presale bought and gave away 50% of the whole provide. An preliminary coin providing was held in October 2017, with 300 million ENJ — 30% of the whole provide — out there on the market. The ICO raised 75,041 ETH, value $18.9 million on the time. Tokens that weren’t bought in the course of the ICO have been locked for six months to be later used for group initiatives and advertising.
10% of the whole token provide was reserved for the corporate for group initiatives, beta testing, advertising and strategic partnerships, whereas one other 10% was reserved for crew members and advisors. Staff member tokens have been locked for the primary six months and vested over a interval of 24 months, whereas advisor tokens have been locked for 2 months and absolutely launched afterward.
How Is the Enjin Coin Community Secured?
Enjin Coin is an ERC-20 token issued on the Ethereum blockchain, which means that any on-chain ENJ transactions are validated and secured by the Ethereum community utilizing a proof-of-work consensus algorithm. Miners compete amongst one another so as to add new blocks to the blockchain and a majority of all nodes within the community should verify a file for it to be posted.
The underlying good contracts that energy Enjin Coin have undergone a number of audits, together with by Ethereum developer Matthew Di Ferrante in September 2017, smart-contract auditor and developer ZK Labs in early 2018, and Castillo Community in July 2019.
In October 2020, Enjin launched a bug bounty program through info safety firm HackerOne.
The place Can You Purchase Enjin Coin (ENJ)?
Enjin Coin will be bought on cryptocurrency exchanges resembling Binance, Bithumb, Uniswap (V2) and Balancer, amongst others. It may be traded in opposition to fiat currencies such because the U.S. greenback and the euro, cryptocurrencies resembling Bitcoin and Ether, and stablecoins resembling Tether (USDT) and USD Coin (USDC). It may be purchased and bought on each spot and derivatives markets.
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