Enjin: Blockchain-based gaming platform

Enjin is quite popular these days but what is it? It is basically a gaming platform, founded in 2009 and depends on blockchain technology and through them, one can make tokens that are applicable to various video games starting from PC to mobile phones. The purpose of Enjin NFTs is basically to deliver ownership on in-game assets and help in trading as well. To state in lucid language, it enables users to store virtual assets for the game which can vary from coins to different game accessories. Every asset minted within Enjin contains Enjin coins. Enjin coins act as the fuel to the system surrounding Enjin. It is basically an all-rounder tokenization platform. More than 20 million Mine craft users are connected through this platform.

Workings of Enjin:

The Enjin coin serves as the foundation for Enjin’s system. This cryptocurrency is a strong divisible cryptocurrency that resembles the Dune spice cinnamon. The primary purpose of Enjin Coin is to create blockchain assets such as NFTs. Enjin coin is an ERC20 token based on Ethereum and it helps in transactions and smart contracts. 

Every token created on the platform is injected with ENJ, which is then sealed in the goods and taken out of circulation. Each asset’s ENJ value might range from a fraction of a token (0.01 ENJ) to millions of ENJ.

The features that make it noticeable are

• Managing and creating virtual goods are the main properties of Enjin. One can use Enjin coins to launch their own cryptocurrencies, making the technicalities of the gaming world easier.
• The software development kits provided with Enjin support Java, Unity etc.
• The Creation of a vast market consisting of over 10 million digital assets gets traded.
• The number of assets consisting in ENJ can vary from a fraction to millions.
• ENJ being a finite resource with a target of 1 billion, there remains a scarcity and value of the assets backed by ENJ.
• The Enjin Beam uses a simple QR code scan to send multiple NFTs.
• The upcoming Efinity Ethereum scaling product is working to provide faster and free transactions of tokens belonging to both ERC 20 and ERC 1155.

The features of ENJ can be summarized as:

• Trustworthy
• Authentic
• Gold standard value
• More scarcity leads to greater value
• Destroyable
• Regulating asset creation

Uses of Enjin NFTs:

Enjin basically has one in-wallet exchange, a next-generation QR code system for smoothly operating the receiving of NFTs. Enjin also enables game development companies to easily mint, trade, and distribute NFTs into various projects. The popular partners of Enjin are Microsoft, Samsung, and BMW, etc. For example, the partnership with BMW results in earning loyalty points which in the future can be utilized to pay fuel, road tax, parking fees. In short, BMW coin rewards can be easily converted into ENJ. Microsoft on the other hand uses it for Social rewards events namely Azure Heroes. Many cryptocurrency and blockchain software development companies are collaborating with Enjin to increase engagement and distribution of several blockchain assets.

To talk about a wallet, Kriptomat exchange works as the finest storage unit which focuses on security as well.

How to purchase Enjin?

• Registering on a coin base. The first step is to buy one of the major currencies because the exchange generally happens through Bitcoin or Ethereum.
• Funds need to be sent to an exchange and these exchanges share a similar deposit process.
• After the deposit gets confirmed, one can have access to funds and hence the trading can begin.
• When the decision is made, a price chart needs to be updated according to the desired price.
• When not in use or not in trading, coins must be withdrawn by entering the amount of Enjin one desires to withdraw. In the meantime coins can be safely stored in Wallets.

Top Wallets to store Enjin:

ENJ cannot be staked without exchanges or wallets which allow locking tokens with the purpose of yielding and this entire process is called “soft staking”.

1. Trezor: It is one encrypted hardware wallet and the high and encryption techniques help in securing funds from any damage. The mnemonic seed phrase in hardware wallets helps in recovering the wallet even if it gets damaged. The entry level price is somewhat between $50- $60 USD.
2. Trust Wallet: Backed mainly by Binance, this one is highly popular among investors and traders for simple technicalities. Trust wallet can be easily downloaded on Android or iOS and that’s why it is quite handy.
3. Atomic wallet: Atomic wallet supports both phone and desktop. The easy swap back and forth feature makes it popular not only with Enjins but also with more than 300 cryptocurrencies including ERC20 and BEP2 tokens. Safety at times can be an issue if we consider all mediums.
4. My ether wallet: It is a web based wallet that lets one have access from anywhere. No software downloading is required. It stores ERC20 tokens as well as ENJs.

The current value of ENJ is 1.421033 EUR and at present, there are over 65000 Enjin token holders making it a 72 rank holder in the list of cryptocurrencies in terms of market capitalization. In recent times it has triumphed over the Japanese market and got introduced as the first gaming cryptocurrency to get legalized in Japan. One can purchase ENJ with Japanese Yen. According to Enjin CEO Maxim Blagov, “we believe some of the world’s best blockchain games will come from the Japanese gaming industry.” 

Wrapping Up:

Because of a few inherent questions, the gaming industry has always been a contentious area. High costs, unsecured information, fraudulent activity, and hidden odds are all concerns for gamers. However, Blockchain has the potential to overcome these issues. In fact, corporations have already begun to utilize this technology to build trust amongst participants. This year’s game developer’s gathering drew a large number of specialists who discussed blockchain and cryptocurrencies. If you’re looking for a blockchain game development company, look no further, Monkhub is here as your most reliable development source.