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About Enjin Coin
Key Points
- Enjin Coin (ENJ) is a digital store of value used to back the value of blockchain assets like non-fungible tokens (NFTs).
- ENJ is an ERC-20 token on the Ethereum blockchain.
- Enjin Coin was first announced in July 2017 and launched on the Ethereum mainnet in June 2018.
- The Enjin ecosystem enables game developers and businesses to use tokenized digital assets as part of their acquisition, retention, engagement, and monetization strategies.
- Enjin Coin has a fixed maximum supply of 1 billion tokens.
Case Studies and
About Enjin Coin: A Pioneering Blockchain Gaming Project
Introducing Enjin Coin (ENJ): A Revolutionary Gaming Cryptocurrency
Enjin Coin is a pioneering project undertaken by Enjin, a visionary company that has crafted a comprehensive ecosystem of interconnected, blockchain-driven gaming products. At the forefront of Enjin’s innovative offerings stands the Enjin Network, a dynamic social gaming platform that empowers users to create bespoke websites and clans, engage in seamless chat functionality, and host virtual item stores with ease.
Enjin empowers game developers to tokenize in-game items on the Ethereum blockchain, leveraging Enjin Coin, an ERC-20 token, to underpin the digital assets created through its platform, thereby enabling the buying, selling, and trading of these items with tangible, real-world value.
Enjin Coin was initially unveiled in July 2017, and subsequently debuted on the Ethereum mainnet in June 2018, marking a significant milestone in its development.
Enjin Coin (ENJ) serves as a digital store of value, underpinning the value of blockchain-based assets, including non-fungible tokens (NFTs). Notably, every asset created through the Enjin Platform is infused with ENJ, a minting resource that is inherently locked within NFTs, thereby removing it from circulation. By leveraging ENJ to mint blockchain assets, creators and users can reap a multitude of benefits:
- Instills them with inherent value reserves
- Maintains transparency and scarcity, ensuring their authenticity
- Fosters instantaneous liquidity, facilitating seamless transactions
- Unlocks utility in a diverse range of games and applications
- Features an anti-inflationary design, preserving value over time
- Enjin’s innovative “melting” feature empowers users to destroy their blockchain assets at will, redeeming the ENJ value embedded within.
The Enjin blockchain ecosystem strives to provide a suite of software products that simplify the process of developing, trading, monetizing, and marketing with blockchain, making it accessible to all.
Established in 2009, Enjin boasts a rich heritage in the gaming industry, with its inaugural product, the Enjin Network, a gaming community platform, achieving a remarkable milestone of 20 million users over the span of a decade.
In 2017, subsequent to a successful ICO, Enjin solidified its position as a pioneering blockchain ecosystem developer, crafting a comprehensive suite of software products that empower users to effortlessly create, manage, trade, distribute, and integrate blockchain-based assets with ease.
Notably, Enjin’s co-founder Witek Radomski holds the distinction of having written the code for one of the pioneering non-fungible tokens (NFTs), and is also credited as the co-author of the ERC-1155 Ethereum token standard.
Built atop a robust on-chain infrastructure, the Enjin ecosystem empowers game developers and businesses of all scales to seamlessly integrate tokenized digital assets into their acquisition, retention, engagement, and monetization strategies. The Enjin ecosystem is propelled by Enjin Coin (ENJ), a cryptocurrency that underpins the value of blockchain-based assets.
The Visionaries Behind Enjin Coin: Meet the Founders
Enjin was established in 2009 as a gaming community platform by Maxim Blagov and Witek Radomski, with Blagov assuming the role of CEO and spearheading the company’s creative vision, while Radomski took on the position of chief technical officer, overseeing the technical development of its products. With a background in creative direction, marketing, and software project management and design, Blagov brought a wealth of expertise to the helm.
The concept of integrating blockchain technology into Enjin was initially proposed by Radomski, sparked by his fascination with Bitcoin (BTC) in 2012, which ultimately led the company to adopt it as a payment method. Following his exploration of Ethereum and smart contracts, he envisioned creating his own blockchain-integrated software. Notably, Radomski is also the mastermind behind the ERC-1155 token standard, a groundbreaking Ethereum-based token protocol introduced in June 2018, finalized in June 2019, and designed to facilitate the minting of both fungible and non-fungible tokens.
Unveiling the Uniqueness of Enjin Coin
According to co-founder Radomski, Enjin Coin boasts a distinctive feature: every token minted via Enjin Platform, the company’s blockchain-based asset development platform launched in February 2020, is directly backed by ENJ, thereby imbuing in-game items with tangible, real-world liquidity. Similarly, Blagov has expressed his vision for widespread adoption, envisioning a future where millions of gamers seamlessly utilize digital items backed by Enjin Coin, often without even realizing its underlying presence.
Enjin Coin leverages a suite of smart contracts, enabling game developers to mint novel, unique fungible or non-fungible ERC-1155 tokens by sending ENJ. These tokens can be seamlessly traded on the Enjin Marketplace, launched in September 2019, or redeemed for their underlying ENJ at any time. As the creation of custom tokens accelerates, the ENJ in circulation decreases, thereby increasing its scarcity.
As outlined in its whitepaper, Enjin Coin employs a dual-pronged approach, leveraging both on-chain and off-chain processes. Upon completion of a transaction within the Enjin ecosystem, a Trusted Platform interfaces with users’ smart wallets, and the corresponding website or game is instantly updated with a placeholder or non-tradable version of the digital item, pending validation by the Ethereum blockchain.
The Circulating Supply of Enjin Coin (ENJ): A Closer Look
Enjin Coin boasts a fixed maximum supply of 1 billion tokens, but as its ecosystem continues to flourish and an increasing amount of ENJ is secured within in-game digital assets, the actual circulating supply of coins will subsequently diminish.
Enjin Coin was initially offered for purchase during a presale event in September 2017, wherein 400 million ENJ were sold for a total of 38,800 Ether (ETH), valued at $12 million at the time, with an additional 100 million ENJ allocated as bonuses. In total, the presale accounted for 50% of the total supply. An initial coin offering (ICO) was subsequently held in October 2017, featuring 300 million ENJ — 30% of the total supply — available for purchase. The ICO successfully raised 75,041 ETH, worth $18.9 million at the time. Unsold tokens from the ICO were locked for a six-month period, earmarked for future community initiatives and marketing endeavors.
A 10% allocation of the total token supply was designated for corporate purposes, encompassing community-driven initiatives, beta testing, marketing endeavors, and strategic partnerships. An additional 10% was reserved for team members and advisors. The tokens allocated to team members were subject to a six-month lock-up period, followed by a 24-month vesting schedule. Conversely, advisor tokens were locked for a period of two months, after which they were fully released.
The Enjin Coin Network’s Robust Security Mechanisms
Enjin Coin is an ERC-20 token built on the Ethereum blockchain, which ensures that all on-chain ENJ transactions are validated and secured by the Ethereum network’s robust proof-of-work consensus algorithm. In this decentralized framework, miners engage in a competitive process to add new blocks to the blockchain, and a consensus among a majority of nodes in the network is required to confirm and post a record.
The Enjin Coin’s underlying smart contracts have been subject to rigorous audits, including a thorough examination by esteemed Ethereum developer Matthew Di Ferrante in September 2017, a meticulous review by renowned smart-contract auditor and developer ZK Labs in early 2018, and a comprehensive assessment by Castillo Network in July 2019.
In October 2020, Enjin inaugurated a bug bounty program in collaboration with HackerOne, a renowned information security company.
Where to Acquire Enjin Coin (ENJ): A Comprehensive Guide
Enjin Coin is readily available for purchase on a diverse range of cryptocurrency exchanges, including Binance, Bithumb, Uniswap (V2), and Balancer, among others. It can be traded against a variety of fiat currencies, such as the U.S. dollar and the euro, as well as prominent cryptocurrencies like Bitcoin and Ether, and popular stablecoins, including Tether (USDT) and USD Coin (USDC). Furthermore, Enjin Coin can be seamlessly bought and sold on both spot and derivatives markets.
Are you considering investing in ENJ or exploring other prominent cryptocurrencies like Bitcoin? CoinMarketCap offers a straightforward, easy-to-follow guide that will walk you through the world of crypto and help you acquire your first digital assets.
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