Enjin is a cryptocurrency ecosystem aimed to encompass the entire gaming industry. ENJ, its currency, is specially designed for virtual goods. They have half a dozen products and a suite of SDK (software development kits) that game developers can integrate into their games and communities.
The Enjin Company has been around for about a decade; around the same time the Bitcoin whitepaper was released. Back then, they were basically a social gaming platform.
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They first announced Enjin coin in July 2017 and launched their ICO two months later. Enjin was able to score multiple strategic partnerships with notable companies from the gaming industry including PC Gamer, Godot, and Unity Technologies—the creator of the Unity game engine which is used to develop half of the world’s games.
The token stayed under the radar for so long until news of their partnership with Samsung, suddenly catapulted them to the center stage of the crypto space last March 2019.
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Enjin Coin has multiple utilities in games. It can be used to create in-game currencies and digital assets like swords and other items, or be used as an in-game currency itself. Also, it can be traded with other assets outside the games.
Enjin Coin is an Ethereum-based token built with the new ERC-1155 created by the Enjin team.
The Enjin Network is the gaming community platform built for gaming clans and guilds. It currently has over 20 million users. Furthermore, the platform provides website builders, game forum boards, social networks, etc. Gamers from World of Warcraft, Call of Duty, and many other popular games use their website to create and manage their communities.
The Enjin Platform is the company’s platform-based service. It allows game developers to create and manage blockchain games, without the complexity of building and maintaining any blockchain infrastructure, or writing any blockchain-related code. This service is geared towards developers who aren’t familiar with blockchain but want to incorporate it in their games.
The Enjin wallet is well-known not only for storing ENJ but also hundreds of other currencies and blockchain assets like cryptokitties.
The Enjin Mintshop is a blockchain asset creation service that allows users with no development experience to create blockchain assets under the ERC-1155 standard. This can range from fungible gaming tokens to non-fungible unique game items.
Efinity is the Enjin’s scaling solution. As the Enjin developers foresaw that Ethereum cannot fully handle the load of the Enjin gaming system once it reaches past a certain point, they aim to use Efinity as the network for handling nearly infinite volumes of transactions between millions of players and the game server, at high speeds and nearly no costs.
Enjin Coin is a blockchain ecosystem, for building a suite of products that enable anyone to easily create, manage, trade, store, explore, distribute, and integrate blockchain assets. They were founded by the Enjin team, which has a decade-long experience in the gaming industry.
This article first appeared on BitPinas: Enjin Cryptocurrency Overview | Buy ENJ Philippines
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- This article is for informational purposes only and does not constitute investment advice OR a recommendation of the product being discussed. Cryptocurrency is a highly volatile market and users should always do their own research.