Enjin Coin ($ENJ) launched in 2009 out of Singapore is looking to be the worlds most used gaming platform built on the blockchain.
Enjin is an ERC20 token and smart contract platform that allows an ecosystem of online gaming, development, virtual marketplaces, payment gateways, game plugins, software development kits (SDKs) and much more, all running on the Enjin Token.
Enjin currently is boasting some impressive usage stats – directly from the team’s whitepaper;
- 250,000 gaming communities across thousands of games.
- 18.7 million registered gamers
- Launched in 2009, based in Singapore
- 60M global views per month
- Gaming focused Content Management System and Forum creator
- Millions of USD per month in virtual goods sales across Enjin community stores
Lets dig into Enjin and what they are looking to achieve;
TITLE/TICKER : Enjin Coin / $ENJ
COMPANY ORIGIN : Singapore
PLATFORM : Ethereum (ERC-20)
CONSENSUS ALGORITHM :
FOUNDERS/CEO : Maxim Blagof & Witek Radomski
PURPOSE : Online gaming platform built on the blockchain with a internal ecosystem.
POINT OF DIFFERENCE : Complete end to end solution for developers and gamers alike.
MAJOR PARTNERS : NRG, & Unity
WEBSITE : Enjin’s Website
POSITION/WHITE PAPER : Enjin’s Whitepaper
WORKING PRODUCT ? : Main net is live.
TOKEN DISTRIBUTION/ALLOCATION :
CURRENT PRICE ACTION :
What problems is Enjin Coin looking to solve?
Enjin coin is looking to break down a number of major flaws seen with the online gaming industry, these problems or ‘challenges’ as the team has stated are (as laid out by the team’s whitepaper).
According to the team for every “legitimate purchased made there are 7.5 virtual items lost to fraud”.
Due to the integration of middlemen and third parties e.g payment processors – costs and fees are a major burden.
Lack of trusted ownership
Virtual items have a lack of real ownership or buyer protection as the developers can limit the use or modify the items with little concern.
Virtual or Digital items are non-transferable and lack any protection for the gamer e.g a banned player would lose his/her items indefinitely.
No Industry/accepted standards
To date, the team has pointed out that there is a lack of generally accepted standards which in result ends in a poor user experience for the gamer.
Due to the high skill level and complexity of creating a closed game with virtual goods – the development or time to market is often slow and very inefficient with high third-party costs etc.
Lack of incentivised or ‘Value’ gamification
Gamers simply are not being rewarded for their time playing or contributions to the gaming community.
How does Enjin Coin work?
Enjin, as stated, is a decentralised gaming platform built on blockchain technology. There are a number of features on the designed for the Enjin platform including;
Enjin Smart Wallet
The Enjin smart wallet is somewhat the glue that connects the ecosystem together. This is where you store items, coins, and assets from your gaming experience. Each platform is connected and synced to your Ethereum address for ultimate ease.
Enjin has created a decentralised platform to purchase, sell, trade, virtual or digital products/goods all while retaining more control over your items and assets.
Enjin is looking to be a pioneer in the gaming space by offering the first cryptocurrency as stated by the team for a real-world use case for the gaming community.
Easy to use SDKs
Enjin coin has kept gaming developers in mind by creating easy to use SDKs for a variety of coding languages, wallets, and open source payment platforms.
Enjin is looking to change the way in-game items are used by allowing ‘game to game’ trading of digital or virtual assets.
Due to the high fraudulent nature of the virtual goods industry – the creation of the Enjin coin will create trust, transparency and give users security with their hard earned funds and assets.
What does the Enjin Coin do/used for?
Enjin Coin is a utility token that can be used within the platform such as game development, trading, purchases and much more. Enjin coin is also an ERC-20 standard token running on the Ethereum Blockchain.
Enjin Coin vs Competitors
Enjin coins competitors are currently but not limited to;
The gaming or e-sports market is one of the fastest growing sectors- this bodes well for innovative projects such as Enjin Coin. Let’s take a look at the numbers…
See the full breakdown here
Enjin Coin Team
The Enjin Coin team is led by Maxim Blagov (Co-Founder), Witek Radomski (Co-Founder) and Lilia Pritchard (COO), check the full team here.
Enjin Coin has currently partnered with;
- NRG Sports
Where can you purchase Enjin Coin?
How to protect & store your Enjin Coin?
We recommend downloading an approved wallet from the official Enjin Coin and approved wallet list otherwise we always recommend using a Ledger Nano S or Trezor – where your private keys are never exposed online. Please refer to the Hardware wallet websites for an accepted, proven list of projects.
Outlook for Enjin Coin?
Enjin coin is in a rapidly growing e-sports industry that has many flaws and inefficiencies to date. Enjin coin is looking primed and in a position of major opportunity if they can deliver what has been set out by the team and discussed above including an end-end, all serving decentralised gaming platform for developers and everyday gamers alike.
If Enjin Coin can enter the market at speed, gather major gaming partnerships and build a strong network – the sky is the limit.
Reach out if you have questions about Enjin Coin or need help with any topic.
Disclaimer: None of our Analysts are holding Enjin Coin $ENJ at the time of writing this article. All content is research, opinions and personal view points from our Analysts. This is not financial advice and should not be treated as such. If you have any queries please contact [email protected]