What is Enjin Coin?

Token: ENJ
Blockchain: Ethereum
Standard: ERC20
Company: Enjin
Total supply: 1,000 million
Status: Live
Raise: $35 million
Token Sale %: 80%
Mining: N
Live market: via Live Coin Market

Since 2009, Singapore-based Enjin has built up a strong business through its self-serve website builder tools.

Particularly well used by the Minecraft community, as well as other MMOGs, over 19 million users have registered and it’s been used to create over 250,000 game-focused web communities.

The Enjin SDK will soon be available via the Unity Asset Store with plugins for Unreal Engine, Amazon Lumberyard and Minecraft also planned

Now, however, the company is looking to leverage that audience with a blockchain-based platform which will be powered by its Enjin Coin [ENJ] as the enabling currency.

Not only will this open up possibilities in terms of item trading and incentivized actions, but it will also let these communities mint their own tokens to fund and support their own development.

And, of course, Enjin is offering the technology for developers to integrate into their games, and may even be working on its own game too.

Coining it

Raising around $35 million from its 2017 ICO, Enjin is currently developing an open source set of tools to fulfil its vision.

One of the first elements is its ENJ Wallet, a mobile app that’s available from the Apple App Store and Google Play store, which can hold a wide range of different currencies and tokens. Over time, it will be further developed to act as a marketplace for the entire ENJ ecosystem.

UI design for trading within the ENJ Wallet

The company recently announced its SDK will be available through the Unity Asset Store too, with plugins for Unreal Engine, Amazon Lumberyard and Minecraft on its roadmap.

It’s also working on what it called Efinity, which is a high speed, low transaction cost sidechain to the main Ethereum blockchain.

One coin to rule them

As for ensuring liquidity in its market, the company will be giving free Enjin Coins to over 30,000 of its online communities, and there will also be an early adoption bounty program for those communities which begin using the coin.

One way they can make the most of this opportunity is to mint their own unique blockchain items, currencies and privilege tokens using Enjin Coin as a parent currency. The advantage is at any time, these tokens can be converted back into ENJ and then traded for fiat currencies.

ENJ Coin can be minted to create new tokens

Enjin also says this approach will provide flexibility when it comes to trading as any ENJ-based token, whether currency or a virtual item, can be used as everything in the ecosystem will have an universal value based on its conversion rate to ENJ.

You can find out more about Enjin Coin via its website.

And don’t forget to follow BlockchainGamer.biz on Twitter and Facebook

Source Enjin Coin whitepaper

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