Enjin Coin wants to be the ultimate gaming currency. Find out how Enjin Coin plans to do that today in our review.
What Is Enjin Coin?
Enjin Coin, or ENJ, is a cryptocurrency targeted towards the gaming community. The currency was created by a company called Enjin.
Enjin Coin’s crowdsale is scheduled for October 3, 2017. It will close on October 31 (a pre-sale took place throughout the end of August and beginning of September).
The new cryptocurrency will give communities, content creators, game servers, and game publishers an easy solution for implementing virtual goods and real value into a platform. Developers can implement real value into their gameplay and communities, for example. They can launch virtual goods tied to the Enjin Coin currency. Gamers can store all of their virtual goods inside the Enjin Coin wallet.
The token will be fully integrated into the existing Enjin CMS within 6 months and will be usable by millions of users. Enjin is also planning to introduce a variety of open source software development kits (SDKs), payment platforms, and wallets that will be built around the Enjin Coin for anyone to use.
Enjin has been an active member of the gaming community since 2009. The company provides gaming community platforms for various games – including Minecraft website creators, guild hosting, clan websites, forums, and more. On July 12, 2017, Enjin posted the Enjin Coin announcement on their forums.
Enjin’s whitepaper describes itself as the largest gaming community platform online. Today, it provides community support for thousands of popular games, and the Enjin network hosts over 250,000 gaming communities with 18 million gamers, reaching 60 million global views per month.
How Does Enjin Coin Work?
Enjin Coin is a cryptocurrency based on the Ethereum blockchain. The coin, broadly speaking, will be used as a currency across many different websites and online games. It can be spent on digital property like in-game items, for example. You’ll also be able to convert Enjin Coins into local currencies (like USD) or cryptocurrencies (like bitcoin).
Basically, Enjin wants to enjoy all of the benefits of cryptocurrency instead of fiat currencies. Today, cryptocurrencies are ideal for microtransactions and frictionless payments – the type of payments that fuel gaming industries.
Some of the proposed uses for Enjin Coin include:
- Buy items and power ups while playing games
- Mint your own unique coin or virtual items for your game or server
- Award your members with Enjin Coin for participating in your game, forums, or community
- Create automated rewards for game or website achievements
- Trade and sell items and coins across different games to bridge the gap between separate games and servers
Enjin Coin Features
Some of the proposed features and benefits of the Enjin Coin ecosystem include:
Virtual Goods on the Blockchain: Enjin Coin will be a decentralized platform to manage, distribute, and trade virtual goods, giving gamers and content creators a new model of virtual ownership.
SDKs for the Game Industry: The Enjin Coin platform is made for the game industry. It offers SDKs for multiple languages. The SDKs, along with additional wallets and payment platforms, will all be available completely open source.
Gaming with True Item Ownership: The blockchain makes it easy to verify item ownership – even if that item isn’t a physical thing. Online gamers can bring or trade their assets from game to game, community to community, growing their digital wallet with real value as they continue to play.
Avoid Fraud and High Fees: Fiat currencies and traditional payment platforms come with high fees for consumers and content creators. In fact, the Enjin Coin whitepaper claims that for every legitimate virtual item purchase, 7.5 items are lost to fraud. Enjin Coins are minted to create trust and security with minimal transaction fees.
Create & Manage Virtual Goods: Games and communities can mint in-game items, currencies, and privilege tokens while using Enjin Coin as the “parent currency”. The assets can be converted back into Enjin Coin at any time by the person holding the item.
Item Trading Economies: Gamers can trade with each other outside of the game environment and establish value across multiple different games. Enjin Coin will create a unified gaming trading economy outside of the boundaries of one game.
Manage Everything Easily: Create and manage virtual goods programmatically or via an app. Enjin plans to create frameworks and toolsets to view and manage all custom-minted virtal goods.
Smart Wallets: Enjin will develop a wallet for mobile and PC use. The wallet will link with games and online communities you trust. It can receive transaction and subscription requests and facilitate in-game purchases.
The Enjin Coin Crowdsale
The Enjin pre-sale ends on September 7 (it started on August 21). The crowdsale is scheduled to begin on October 3, 2017 at 5am PDT. It will end on October 31, 2017 (or when 1 billion ENJ tokens have been issued, whichever comes first).
Only 1 billion ENJ tokens will ever be created. The crowdsale riced will be 1 ETH = 6,000 ENJ during the first week, dropping to 1 ETH = 3,000 ENJ by week 4 (bigger discounts are available during the pre-sale period).
Enjin is also giving coins to certain individuals for free. If you’re already an Enjin community owner, you could be eligible to receive a significant number of free coins.
3 months after the Enjin Coin crowdsale and the deployment of the wallet, Enjin will release coins to approximately 30,000 verified gaming communities on its platform. The more activity within your community (based on previous store volume sales, member count, audience visits, and other activities), the more coins you’ll receive.
Who’s Behind Enjin?
Enjin is led by Maxim Blagov (CEO & Co-Founder), Witek Radomski (CTO & Co-Founder), Josh Woelfel (Lead Engineer), and Vyacheslav Volkov (Lead Engineer). The company is based in Singapore.
Blagov has 15+ years of expertise in creative direction, project management, and UX design, while Radomski has overseen the technical engineering of Enjin for nearly a decade.
Enjin is planning to release its PC and mobile wallets before the end of 2017, along with the platform API, Java SDK, C# SDK, PHP SDK, Minecraft plugin, and Unturned plugin. In 2018, they plan to release additional features like a shopping system, forum support, automations, donation system, awards system, and iOS Swift/Android SDK.
Enjin Coin plans to unite the gaming world behind a single cryptocurrency. Created by gaming community platform Enjin, the coin will allow developers to tie virtual items to the Enjin blockchain. Developers can base the value of in-game items on the value of an Enjin Coin. Meanwhile, gamers can hold all of their virtual items inside the secure Enjin wallet.
You can learn more about Enjin Coin by visiting the project online today at EnjinCoin.io.