Enjin coin is a cryptocurrency created by Enjin intended for virtual goods. It has been developed by Enjin, the largest online gaming platform, and has more than 250 thousand gaming communities and more than 18 million players.
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What is Enjin Coin?
Enjin coin is a cryptocurrency created by Enjin intended for virtual goods. It has been developed by Enjin, the largest online gaming platform, and has more than 250 thousand gaming communities and more than 18 million players.
The creators of ENJ have decided to design the cryptocurrency completely focused on the gaming field with the aim of making it the most popular virtual currency for the gaming industry. The project includes the virtual currency Enjin, as well as a set of libraries for software development that can be integrated into games and communities. This creation aims to reduce the high fees and fraud that occur in virtual goods transfers.
How does Enjin Coin work?
Enjin coin belongs to the Ethereum blockchain and is an ERC-20 token. The project not only acts as a cryptocurrency but also focuses on smart contracts. This project is the first to test the Raiden Network, Ethereum’s version of the Lighting Network.
The cryptocurrency platform provides a large list of features, through its public API and SDK.
API is a set of routines and functions that provides libraries to be used by other software.
SDK is a software development kit, that is, a set of tools that allow developers to create computer applications.
Virtual Goods
The management and creation of virtual goods is the highest-value product that Enjin Coin provides. Platform developers can easily create unique coins for their community, using Enjin Coin as the base currency. This gives cryptocurrencies all the benefits of blockchain without removing customization capacity for their platforms.
Enjin is recognized in all smart wallets as it is registered in a single smart contract of record. Anyone can exchange virtual goods for ENJ at any time.
The purpose of this is to create an interconnected ecosystem of games and player communities in which asset transfers between platforms are allowed.
In addition to functionality as a cryptocurrency, functionality is also applied to privilege tokens, and unique game elements such as swords or attack attributes.
Payment gateway
ENJ includes a decentralized payment gateway. The gateway is strong, allowing you to create custom carts, invoices, refunds, etc. It also provides a widget to accept payments with Enjin Coin or custom currencies with its website tool.
Using the Smart Wallet feature, you can set up automatic payments for games and websites that are included as trusted platforms. This translates into faster and more secure payments to common subscription services.
Smart wallet
Enjin Smart Wallet is the system that connects everything. The wallet supports virtual goods on all your trusted platforms and is synchronized with your Ethereum address.
Allows you to exchange coins and items outside of the game environment with any other user, through the use of a smart wallet. Through your digital wallet, you can send transactions through a transaction request that the other party can accept or reject. It also allows you to set rules and thresholds to automatically prevent unwanted transactions.
Enjin Coin Supply (ENJ)
The total supply of Enjin cryptocurrencies amounts to 1 billion cryptocurrencies. It currently has 760 million in circulation. The team that created the system has distributed 80 percent of ENJ to crowd-sale participants and divided the remaining tokens between creators, advisors, and incentive programs.
When users create custom assets, the value corresponding to Enjin is removed from the ecosystem decreasing the circulating supply. That should increase the value of individual ENJ tokens.
Enjin progress and creation team
The team behind the creation of Enjin Coin is the largest online gaming community-building platform. It started in 2009 and receives 60 million visits a month. This company conducts millions of US dollars in transactions each month in its stores. The team is implementing Enjin coin across the entire Enjin CMS platform – over 250k gaming websites.
Enjin Trading
ENJ has had a predictable trading run since its launch in November 2017. In December of the same year, it had a huge acceleration and fell in valuation throughout 2028 to reach its current price.
Where to buy Enjin
Enjin coin is accessible with Bitcoin and Ethereum through Binance. It is also listed on Liqui and Kucoin but with a lower volume.
If you don’t have Bitcoin or Ethereum, you should first purchase some through platforms like GDAX, now called Coinbase Pro.
To store this cryptocurrency you have many options because it is an ERC-20 Token. The most popular option is MyEtherWallet, while Ledger Nano S is a highly recommended option as a hardware wallet.
However, the most ideal way to store this cryptocurrency is your own official wallet. This is available for mobile devices with Android or iOS operating systems. The Enjin digital wallet also allows you to store Bitcoin, Ethereum, and Litecoin, as well as any type of ERC-20, ERC721, and ERC1155 token. The team has said that it will continue to add support for other altcoins.
Conclusion
Enjin Coin was born as a project to add the benefits of blockchains to virtual goods markets with an investment of more than 17 billion. The Enjin team wants to prevent fraud and scams in the gaming industry and provide real estate to holders of virtual goods.
That cryptocurrency may have a bright future ahead of it due to the backing of gaming giant Enjin, however, it still has a lot to develop and prove before it shines.
Cryptocurrencies have created a market with high popularity and high demand. This is attracting millions of buyers who want to trade cryptocurrencies. For this reason, at Trading desde Cero we believe that training in financial and cryptocurrency markets is necessary to reduce the risk and possibility of being scammed.
