Enjin Coin Review: Blockchain-based Game Platform
Enjin is a project that has been rising at a fast rate. This gaming ecosystem serves more than 300,000 gaming clubs, including 19 million active players.
Since 2009, Enjin has allowed gamers to create clan and guild websites, create forums, add wikis, chat groups, and more. And in 2017, they hosted an ICO to introduce their technology to the blockchain-as well as to incorporate groundbreaking new features.
What is Enjin Coin
Enjin is an ERC-20 token built on the network of Ethereum. This means that the project not only adds the benefits of the blockchain to gaming, but also the benefits of smart contracts.
Enjin’s big gain is that by taking games to the blockchain they will be able to help players escape the incredibly high levels of theft that are common in the transfer of virtual objects.
Enjin also broke ground on a few firsts in the Ethereum community. For example, it has become one of the first projects to test the capabilities of the Ethereum Raiden Network, and once it goes live, it should be able to handle millions of transactions.
The Enjin team has plans for hundreds of features through its public SDKs and APIs, but in a spirit of brevity, I’m only going to touch on the key features of this post.
The greatest benefit Enjin aims to add to the gaming world with its token is in the field of virtual products. Using the included tools, developers can create coins specific to their own communities, and these coins will be backed by the Enjin Coin. This adds the benefits of the blockchain while maintaining the branding and feel of the respective platforms.
The Enjin Platform
The Enjin Platform was launched on the Ethereum Testnet in March 2019 and has seen progress since then.
The Enjin Platform is a PaaS blockchain (Platform as a Service) that allows you to develop and run blockchain games-without the complexity of creating and managing any blockchain infrastructure or writing any blockchain related code.
It is a scalable, versatile, efficient suite of software and resources for developing ground-breaking blockchain games. All together, there are four different but intertwined parts-Trusted Cloud, Network API, Wallet Daemon, and Blockchain SDKs.
- Build Together: these platforms have made it easier for developers to make new titles, and have promised a simple way to promote the mass adoption of Enjin as a software production platform.
- Trusted Cloud: the primary backend infrastructure of the Enjin Platform; a cloud-based infrastructure that links games to the Ethereum blockchain.
Platform API-allows developers to ask and send commands to the Enjin Platform to promote the development of blockchain games. - Wallet Deamon: a method used to simplify account requests to and from the Trustworthy Cloud.
- Blockchain SDKs: Enjin launched the Unity SDK at the same time they launched the Enjin Platform. There are also SDKs released for Java, Godot, and GraphQL.
The Enjin Marketplace
The Enjin Marketplace is the next step to ensure that blockchain assets can be processed and exchanged as quickly as possible. This is one of Enjin’s key themes in bringing blockchain to mass acceptance.
The inclusion of a marketplace to the Enjin ecosystem means that consumers can experience:
- Security: No more chance of being scammed by rogue traders. Buy assets with absolute assurance that you will eventually obtain them, and sell them with the knowledge that you will be paid for what you bid.
- Unified experience: designed with a UX that helps to distinguish Enjin.
Simple to use: complete purchases without leaving your mobile device.
Seamless search: locate on-sale properties and pricing in one location.
Transparency: rational decision-making gives rise to healthier economies. - The Enjin Marketplace eliminates complexity from the trading process , allowing anybody owning the ERC-1155 to instantly and conveniently list it for sale with only a few taps or clicks. And purchasing properties from the Enjin Marketplace is as simple as scanning your QR code.
Enjin Coin Supply & Capitalization
The overall stock of Enjin Coins (ENJ) is 1 billion, with just over 750 million of them in circulation. 80% of the ENJs were dispersed during the crowdsale, while the remaining 20% were shared between the Enjin team and the advisors.
The circulated supply of ENJ can be expected to continue to decline, as the equivalent volume of ENJ is withdrawn from circulation at every point a custom asset is produced. The value of ENJ tokens is projected to grow over time.
ENJ Price Performance
The ENJ has reached its all time high on January 2018 and keep stable during the bear market. Historically the all-time high for ENJ was on January 7, 2018 at $0.493384, and the all-time low was on November 2, 2017 at $0.015620. Currently, it is trading at $0.127432 as of the end of October 2020.
Once we see a more bullish cryptocurrency market, ENJ is expected to be lifted like the rest of the market. More price changes are also anticipated in response to product launches and alliance announcements. And it is also predicted to grow as it gains more popularity due to the elimination of ENJ from circulation as new assets are added to the blockchain.
Conclusion
The Enjin Coin is aiming to add rewards to the $17 billion virtual products industry. By putting gaming properties on the blockchain, they aim to deter theft in the market, some of which have been suggested to influence nearly 80 per cent of all transactions.
That will be a big boost for the gaming industry and gamers, and with the massive user base that Enjin already has, the coin should be able to achieve large-scale acceptance very easily.
That said, it’s still a new idea, and it’s still unproven. So far, the team has done well in achieving the targets of their Roadmap, and they will need to continue doing so if they want to prove the viability of the Enjin Coin.
Their relationship with Unity could help push them towards one of their ambitions, which is to develop real blockchain games, and this will help drive the further adoption of the Enjin Coin. Nothing has been proved yet, but the team looks forward to a promising future.
As of 2020, we’ve seen remarkable success from the Enjin project, with the addition of an easy-to-use blockchain explorer, an in-wallet dApp browser, and a platform that helps gamers to quickly buy and sell items obtained in multiverse sports.
Continued expansion will help push adoption, but what the project desperately wants now is a blockbuster title that attracts millions of fans. For only one blockbuster, they could bring both the ENJ coin and the Multiverse to popular gaming.
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