Enjin Coin Price (ENJ) $0.3136 USD

Comprehensive information on Enjin Coin cryptocurrency is available today, including its current price ENJ and staking, market capitalization, latest news, earning opportunities, insightful guides, overall value, and detailed charts.

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Enjin Coin
Enjin Coin

What is Enjin Coin (ENJ)?

Enjin Coin (ENJ) is an innovative project by the Enjin company, which is dedicated to creating a unique ecosystem of gaming products based on blockchain technology. At the core of this ecosystem lies the company's flagship product, Enjin Network – a distinctive social platform for gamers that offers features such as website creation, clan formation, chat communication, and the establishment of virtual item stores.

Enjin Coin is built upon the ERC-20 standard and operates on the Ethereum blockchain. The primary objective of this coin is to ensure the efficient functioning of the entire Enjin ecosystem while providing value to the assets embedded within the blockchain.

A significant feature of Enjin is its capability to tokenize in-game items on the Ethereum blockchain. Through the use of the ENJ token, developers can issue and maintain digital assets backed by real-world value. This opens doors to purchasing, selling, and trading in-game items with transparency and limited scarcity.


The History of Enjin Coin (ENJ)

The history of Enjin Coin began in July 2017 with its announcement, followed by a successful mainnet launch on the Ethereum blockchain in June 2018.

Enjin Coin (ENJ) is more than just a cryptocurrency; it's a digital asset that underpins the value of various blockchain assets, including popular non-fungible tokens (NFTs). Each asset created within the Enjin ecosystem contains ENJ, giving it intrinsic value. This resource is drawn out of circulation and utilized to maintain asset stability.

A notable feature of Enjin is the ability for assets to be "melted." Users can at any time destroy their blockchain assets that were contributed to support the value of ENJ, adding an extra dynamic to the ecosystem.

The Purpose of Enjin Coin (ENJ)

Enjin's goal is to provide software solutions that facilitate development, trading, monetization, and marketing through blockchain technology. The company was founded in 2009 by Maxim Blagov and Witek Radomski, who managed to grow their Enjin Network project to 20 million users.

Since 2017, Enjin has been successfully advancing its blockchain ecosystem. They have introduced a range of software products that simplify the issuance, management, and trading of blockchain assets. Importantly, co-founder Witek Radomski developed the ERC-1155 token standard and made a significant contribution to the evolution of blockchain technologies.

Enjin Coin (ENJ) supports the effective utilization of tokenized digital assets in games and applications, ensuring stability and liquidity of blockchain assets. This innovative ecosystem bridges the worlds of gaming and blockchain, making Enjin Coin a key player at this intersection.

What Sets Enjin Coin Apart

Enjin Coin boasts a series of unique characteristics that make it an outstanding project in the world of blockchain gaming. According to Witek Radomski, one of the company's co-founders, Enjin Coin's key feature is its direct support for every token created on the Enjin Platform – a blockchain asset development platform launched in February 2020, utilizing ENJ. This ensures real liquidity for in-game items and grants them tangible value. Maxim Blagov also notes that the company aims to expand technology adoption and envisions a future where millions of players will use Enjin Coin-backed digital assets without even being aware of the technical intricacies.

One of Enjin Coin's pivotal mechanisms is the utilization of smart contracts to create and manage ERC-1155 tokens. Game developers send ENJ to these smart contracts to issue new unique fungible and non-fungible tokens. These assets, in turn, can be redeemed for their supporting ENJ or traded on the Enjin Marketplace, launched in September 2019. The unique aspect lies in the fact that as more user tokens are minted, more ENJ is taken out of circulation, rendering assets scarcer and enhancing their value.

Enjin Coin also employs a combination of on-chain and off-chain processes, as detailed in the project's whitepaper. When a transaction occurs within the Enjin ecosystem, a secure platform interacts with user smart wallets, and the corresponding website or game is immediately updated using a placeholder or a non-tradeable version of the digital asset. These updates persist until the transaction is confirmed on the Ethereum blockchain.

Enjin Coin is making significant strides in the gaming industry, bridging blockchain potential with gaming reality. Its ability to provide real value to in-game items and ensure transparency in trading makes it a key element of the future gaming world.

Unique Advantages of ENJ:Consumer Trust: The ability for asset owners to convert their assets back into ENJ fosters trust and confidence in assets, contributing to long-term project support.

Certified Authenticity: The presence of ENJ within assets guarantees authenticity and origin, ensuring compatibility within the Enjin ecosystem.

Real Value: The value of digital assets is directly tied to ENJ, making it an effective standard for asset valuation.

Asset Scarcity: Decreasing asset supply with increasing demand enhances their value, creating scarcity and uniqueness.

Redeemability: Tokens backed by ENJ hold real-world value and can be redeemed at the owner's discretion.

Inflation Resistance: A limited supply of ENJ regulates the creation of new assets, countering inflation.

Creating and managing a live blockchain game requires a reliable architecture that constantly interacts with Ethereum. The key stages of blockchain interaction are as follows:

  1. The user interacts with the game and initiates a request to sell an asset.
  2. The game sends a request to Enjin's Trusted Cloud – a platform for asset operations – to remove the asset from the user's inventory.
  3. Trusted Cloud initiates a transaction through the user's Enjin Wallet application.
  4. The user decides to approve or decline the transaction through their application.
  5. Upon approval, the transaction is sent to the Ethereum network. The Enjin smart contract handles inventory logic by removing the asset.
  6. Trusted Cloud verifies the transaction's success on Ethereum and sends data back to the game. Developers can display changes to the user.

Enjin Coin provides unique tools for supporting and managing assets in games, offering transparency, trust, and real value to digital objects.

How Enjin Coin (ENJ) Works

Enjin offers comprehensive tools for crafting and managing virtual goods. These encompass a range of products and solutions, including Enjin Wallet, Enjin Marketplace, game creation utilities, NFT projects, and more.

The primary aim of Enjin is to simplify the complex process of digital asset creation. The company strives to assist both individuals and developers in effortlessly crafting and overseeing these assets. Enjin also emphasizes its role as a community gaming platform, facilitating the creation and trade of in-game assets in NFT format.

The integration of JumpNet into the Enjin framework has reduced transaction costs. JumpNet is a scalable Ethereum-based solution that employs the innovative proof-of-access consensus algorithm, representing a private version of the Ethereum blockchain.

Enjin addresses the challenge of integrating cryptocurrencies into games by granting gamers the ability to forge their own tokens backed by Enjin Coin (ENJ). This enables players to possess digital assets of tangible value.

The company aims to provide solutions for the rapidly evolving realms of gaming and NFTs, streamlining processes and easing the transition to virtual world systems and products. Rooted in the Enjin company's whitepaper, their goal is to establish an intuitive and efficient environment for all participants within this innovative space.

How many Enjin Coin (ENJ) coins are in circulation?

The maximum supply of Enjin Coin is 1 billion tokens and remains constant. However, as the ecosystem expands and the number of ENJ locked in gaming digital assets increases, the actual circulating supply of coins will gradually decrease.

The history begins in September 2017 when Enjin Coin first became available for purchase in a pre-sale. At that time, 400 million ENJ were sold for 38,800 Ether (ETH), equivalent to $12 million USD. Additionally, another 100 million ENJ were distributed as bonuses. The first pre-sale stage covered 50% of the total supply. Then, in October 2017, an initial coin offering (ICO) took place, during which 300 million ENJ were sold (30% of the total supply). This stage attracted 75,041 ETH or $18.9 million USD.

Unsold ICO tokens were locked for six months and then used for community initiatives and marketing. 

10% of the total supply was allocated to the company for public initiatives, beta testing, marketing, and strategic partnerships. Another 10% was reserved for the team and advisors. Team tokens remained locked for the first six months and were gradually released over 24 months, while advisor tokens were unlocked after two months and then became fully accessible.

How is the Security of the Enjin Coin Network Ensured?

Enjin Coin is an ERC-20 token based on the Ethereum blockchain. This means that all on-chain transactions related to ENJ undergo verification and are secured through the proof-of-work consensus mechanism provided by the Ethereum network. Under this mechanism, miners compete to add new blocks to the blockchain, and for a record to be published, the majority of nodes in the network must confirm its validity.

The Enjin Coin company places significant emphasis on the security of its smart contracts. They have successfully passed multiple expert audits. Notably, Ethereum developer Matthew Di Ferrante conducted a thorough review of the contracts in September 2017. Additionally, in early 2018, the intellectual auditor and developer from ZK Labs also performed an audit. Furthermore, in July 2019, the Castillo Network company conducted an audit.

An additional layer of security was introduced in October 2020 with the launch of a bug bounty program in collaboration with leading cybersecurity company HackerOne. This initiative attracted security specialists from around the world to actively search for and report potential vulnerabilities, contributing to an even higher level of security for the Enjin Coin network.

Major Competitors of Enjin Coin (ENJ)

The primary competitors of Enjin Coin (ENJ) in the field of NFT solutions and blockchain platforms include:

  1. Ethereum: Ethereum is a pioneer in smart contracts and tokens, including NFTs. It offers broad possibilities for NFT creation and supports numerous projects operating in this space.
  2. Solana: Solana is a high-performance blockchain platform that also supports NFTs. With its high throughput and low fees, it has garnered attention as a platform for gaming and NFT applications.
  3. Stellar: Stellar also has its NFT ecosystem. This platform focuses on asset exchange and fast transactions, which can be attractive to NFT-related projects.
  4. The Sandbox: The Sandbox is a virtual universe based on NFTs, where users can create, buy, and sell digital assets. It's an example of a project directly related to NFTs and gaming content.
  5. Axie Infinity: Axie Infinity is an NFT-based game where players collect, train, and battle fantasy creatures. This project has gained widespread recognition and popularity in the world of NFT games.

The NFT and virtual goods market is growing rapidly, and competition in this space is indeed strong. Projects like Enjin Coin must consistently innovate and create unique opportunities for users to remain at the forefront of this dynamic sector.

Pros and Cons of Enjin and Enjin Coin (ENJ):

Pros of Enjin Coin:

  1. Scalability: The integration of JumpNet and Raiden Network into the Enjin network has significantly improved its scalability, ensuring efficiency and the ability to handle large transaction volumes.
  2. Native Blockchain Wallet: The Enjin wallet simplifies the secure storage of digital assets, including NFTs. This wallet also integrates with trading platforms for convenient asset trading.
  3. Enjin Marketplace: The proprietary Enjin Marketplace provides a convenient platform for NFT creation and trading. Its active development and reliability make it an attractive place for NFT creation and sales.
  4. Growth and Development: Enjin Coin has successfully expanded its market and established a platform known for its reliability and security, which contributes to attracting projects and active trading.

Cons of Enjin Coin (ENJ):

  1. Closed Source Wallet: One of the main drawbacks is related to the Enjin wallet, as its source code is not open. This may raise concerns about security and transparency for some users.
  2. Competition: In the NFT space, more competitors are emerging that offer similar solutions. These projects already have established communities and NFT trading platforms, presenting a challenge for Enjin.

In conclusion, Enjin and Enjin Coin have their advantages, such as scalability and a user-friendly wallet, but also face challenges like competition and code openness. The growth of the NFT market and innovative efforts may determine the future of the platform and the token.

Frequently Asked Questions

What is the price of Enjin Coin(ENJ)?

As of now, the current live price of Enjin Coin (ENJ) stands at $0.3136 USD. We provide real-time updates for the ENJ to USD exchange rate. If you're interested in purchasing Enjin Coin (ENJ) at the present rate, the leading cryptocurrency exchanges for trading in Enjin Coin include Binance, Deepcoin, OKX, Bitrue, and Bybit.

How to Buy Enjin Coin (ENJ)?

Choose a reliable and secure cryptocurrency exchange that supports Enjin Coin trading. Some popular exchanges include Coinbase, Binance, Kraken, and Gemini. Find an Enjin Coin trading pair (e.g. ENJ/USD, ENJ/BTC) on the exchange platform. Decide how much Enjin Coin you want to buy and place an order. Before completing your purchase, review the details of your order, including the amount of Enjin Coin and the total cost. Confirm the transaction. Remember that buying Enjin Coin is risky and prices can be very volatile. Only invest what you can afford to lose, and do your research to make informed decisions.

What is the potential price growth of Enjin Coin (ENJ) crypto?

Attempting to predict the future price of Enjin Coin (ENJ) remains an elusive endeavor. Nevertheless, It is essential, as always, to conduct thorough research (DYOR) and exercise prudent judgment when considering investments in cryptocurrencies, mindful of the inherent financial risks involved. Now the price of ENJ is $0.3136 to USD.