What is Enjin Coin in Crypto?
The Enjin Coin (ENJ) is an ERC-20 cryptocurrency based on the Ethereum Platform. Powered by the Enjin technology, the platform’s ecosystem is used for gaming, various apps, and NFTs. One can use the Enjin coin as a currency and use the wallet to sell, trade, and buy NFTs. Let us explore what is Enjin Coin in Crypto.
The unique feature of the Enjin coin is that the Marketplace holds assets that can be used, traded, and sold among multiple gaming platforms.
Enjin is a platform that lets people manage and create their NFTs.The Enjin platform is intermeshed with various gaming applications and allows the players to use their unique items across multiple games or sell their items in the Marketplace. For example, if you created a unique game item in a particular game, in the traditional gaming model, one would lose the item once they stopped playing the game, however through Enjin, one can own the item no matter what.
The following characteristics of the Enjin token, called ENJ, are stated below:
- Enjin Coin (ENJ) is an ERC-20 token traded on the Ethereum blockchain and its innovative technology enables the ecosystem used for NFTs, gaming, and other apps.
- Several blockchain products like wallets, marketplaces, and developer platforms are built around the Enjin coin.
- The Proof of Work consensus algorithm with a mining setup is almost similar to Bitcoin where Enjin tokens can be mined, and used.
- Enjin tokens cannot be staked; hence they depend on miners rather than the stakers.
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What are the Reasons for Billion Blockchain Assets to be powered by the Enjin Coin?
There is increased confidence in the assets and projects that are powered by Enjin Coins since the owners have the freedom to melt their NFTs back into Enjin Coins anytime they want.
The Enjin coin is an effective gold standard since the value of the NFTs is directly integrated with the ENJ backing which provides trust and reliability to the users.
The compatibility with the Enjin ecosystem and the proof of origin of the NFTs is due to the fact that the ENJ is stored within the NFTs, which guarantees seamless use within the platform.
Unlike other platforms or digital assets, the NFTs created within the Enjin ecosystem are backed by the ENJ, which confers them some value that can be destroyed whenever need be.
Due to the limited nature of the ENJ coins, backing NFTs and other valuable resources with it is the only way to control asset creation.
Scarcity increases when existing NFTs are melted; this, in turn, lowers the supply and increases the value.
What are the Special Features of Enjin Coin in Crypto?
Instant Record of Transactions
The average block time on the Ethereum Network is 17 seconds. One of the first projects that were tested on the Raiden Network. Thereafter, they came up with a unique scaling solution known as Efinity.
Off-chain alerts are used which provides a contemporary responsive experience. For every Transaction request, the platforms that are trusted send an instant notification to the smart wallet of the user. Thereafter, the user needs to accept the transaction notification which is created on the blockchain, where the wallet will establish contact with a Trusted Platform API to observe the transaction.
The website or game is then immediately updated with a non-tradable version of the asset or a placeholder item until they obtain full authorization for the item.
The user’s balance is updated in the game promptly in the event of an in-game currency. Unless a required number of blockchain confirmations are achieved, any unconfirmed section will be stopped from spending.
For a transparent and simple implementation, the Enjin coin SDK displays verified balances that are not confirmed when displaying Enjin tokens and the custom assets.
Tokens and Smart Contracts
The Enjin token and the virtual assets are both ERC-20 tokens, which translates to the fact that not only does the platform provide transactions but also smart contracts. There is a seamless integration of the ERC20 with other smart contracts based on the Ethereum blockchain and other decentralized apps. Some tokens are called partly ERC20 when they include some but not all standard functions. However, they can still interact with various third parties easily.
The functionalities provided by the smart contracts are Payment Gateway Contract, Subscription Contract, the Mint, Smart Wallet Contract, TopList Contracts and Custom Coin Registry.
Accessibility of Public API
The JSON-RPC protocol is utilized by the public Platform API offered by Enjin to provide ways of accessing each of the smart contracts and checking account balances. Without the requirement to install the web3 wallet extension on the web browser, this allows the websites to display the data to the internet users.
Minting Coins and making Virtual Products
Communities and games construct unique in-game products, currencies, and privilege tokens by using ENJ coins as the pivotal currency. Whoever owns such assets can melt them back into Enjin tokens at the exchange rate that was offered originally when they were produced.
The Enjin platform can be used to mint by the developers. Inflation is prevented in the market by creating scarcity to do so; ENJ tokens are removed from the wallets and are stored within the created assets.
The mint contract stores all the ENJ coins that are used to mint every unit of custom coins. Serving as the gateway for custom coins, the Enjin wallet aids in converting back the ENJ tokens included in the Mint contract. This provides the ability to allot assets with a known Enjin value as well as provides liquidity.
Bespoke assets are developed using the ENJ to reduce the quantity of Enjin token circulation, which in turn boosts and conserves the long-term value of the Enjin ecosystem.
Escrow based Marketplace
Based on smart contracts, the Escrow system enables a plethora of participants to safely transfer any number of game currencies and objects.
This can be employed for player-to-player basic exchanges, the smart wallets assist in-game and identifying relevant items, and accepts the deals with a simple click. An on-chain marketplace for digital items can also be utilized. Users can acquire, sell and find rare and unique items from over 10 million digital products made of blockchain assets.
All the features of the Enjin coin Incorporated across the CMS platform are supported by 250,000 gaming websites. It will also build, vBulletin, phpBB, Xenforo, and CMS interfaces as a subsidiary of the open-source platform API. This will allow even more online communities to integrate the ENJ token into their websites and games.
For bespoke websites and API, integrations, the use of open-source PHP AND NodeJS SDKs are employed, with the developers having simple access to all ENJ coin capabilities and features using them.
Enjin offers a handful of SDKs for Java, Unity, Android C#, and other platforms. They also provide a variety of software add-ons such as The Minecraft plugin, Unity plugin, etc. this aids all the developers to easily merge their current projects or create new ones.
A complicated decentralized payment gateway is possible to be built by such platform SDKs. New payment arrangements that can reduce the accounting workload while increasing trust and confidence between businesses and customers can be created.
A Smart Enjin Wallet
One of the most feature-rich wallets in the world with over 1 million downloads that is based on blockchain and can integrate with applications and games is the one and only Enjin wallet. It is possible to create subscription services, provide power-ups, rankings and unlock website content to subscribers. The user’s account will be linked to the user’s unique Ethereum address.
A High-Horsepower Crypto Enjin
Enjin is a unique platform with its innovative approach towards gamification which tries to confer every in-game or item based on a platform a real-world value. The growth of the Enjin coin over the past two months has been 73%. The out-of-the-ordinary features packed in the platform have conferred its popularity every single day. Placed at currently the #64 position, the ENJ token is solidifying Enjin’s place as one of the topmost cryptocurrencies.
Enjin is placed right at the heart of the metaverse universe since it’s a platform that offers both gaming and NFT tokens. The Enjin coin will support projects related to gaming on all platforms with other areas in respect to the metaverse; for example, Efinity’s core infrastructure and NFTs. This implies that the investors should be patient since it shall take some time for the ENJ to peak higher from hereafter in this post-pandemic economy.