Enjin Coin

What is Enjin Coin (ENJ)?

Enjin Coin is a native asset of the Enjin smart contract platform. Despite its name, Engine is ERK-20 token, and the network runs on Ethereum blockchain. Assets used for minting and purchasing fungible and non-fungible tokens (NFTs).

Enjin, launched in 2009, was considered one of the largest platforms for online gaming communities. Since 2017, Enjin has grown into a blockchain-based ecosystem for a wide range of digital gaming products. One of the company’s largest projects is the social gaming platform Enjin Network, which supports more than 250,000 gaming communities.

You can see Enjin’s historical price performance including its milestones, as well as the highest and lowest recorded prices above.

Who developed the Enjin coin?

Enjin was originally founded in 2009 as a social platform for the gaming community. Its founders are Maxim Blagov And Vitek Radomski. Blagov is the CEO and creative director of Enjin, and Radomski is the technical director. Radomsky is also known for his participation in the development ERK-1155 token standard.

Enjin Network’s first foray into blockchain technology occurred in 2012, when the platform enabled payments using Bitcoin (BTC). The decision to integrate blockchain technology with Enjin was made to improve network and transaction security, as well as introduce tokenized assets with verifiable ownership.

Work on the Enjin Coin project began on the Ethereum blockchain in 2017. The goal was to move the platform into the blockchain space, which uses smart contracts for its development projects. During this process, the platform introduced new features such as application programming interfaces (APIs) and software development kits (SDKs).

In 2017, Enjin held a pre-sale and Initial Coin Offering (ICO) for an asset. During the pre-sale, approximately 400 million tokens were sold for 38,000 ETH or $12 million at the time of the event. During the ICO, 300 million tokens were offered for sale, with the campaign raising over 75,000 ETH, equivalent to almost $19 million at the time.

The Enjin Coin token officially launched in 2018.. Around the time of release, the price of Enjin Coin was balancing at $0.70–0.80. Although the asset was moderately volatile during the first few years after the pre-sale, its value did not exceed $1.

2021 has seen a significant change in the market for this asset. In March, the asset price exceeded $1 for the first time in its history, reaching a peak of $3.45 in early April. For the remainder of the year, the asset generally remained above the $1 threshold.

November marked the asset’s highest point in 2021, with the price of Enjin Coin reaching $4.85. The asset generally follows broader cryptocurrency trends regarding market fluctuations.

How does Enjin coin work?

Enjin Coin is an anti-inflation token with a maximum supply of 1 billion tokens. 80% of the supply was available during the pre-sale and ICO, and 100 million ENJ were given away as bonuses during the pre-sale. Since the token is deflationary, the price of Enjin Coin is expected to rise as it becomes more scarce.

ENJ acts as a resource for creating NFTs available on the Enjin network. With Enjin Coin, users can mint new ERC-1155 tokens.. This ERC standard combines the features of the ERC-20 and ERC-721 protocols, meaning users can mint both fungible and non-fungible assets.

Enjin is primarily used to create blockchain-based digital goods. Enjin Coin tokens return the value of NFTs available on the network. They guarantee the authenticity of every item available on the platform – all token minting information is available on the distributed ledger.

The value of Enjin-backed NFTs is palpable. These items can be heavily used in games such as Minecraft, as well as blockchain-based games and metaverses powered by ENJ.. It acts as the gold standard for NFT platforms as they correlate with Enjin Coin’s price support.

Players have full ownership of the NFTs they mint or purchase.. Proof of ownership is registered on the Enjin blockchain. Players can buy, sell and trade their items with each other. Players can earn ENJ coins to purchase NFTs by participating in community forums.

Enjin Coin offers a unique mechanism known as smelting. Users can “melt” their NFTs, thereby gaining ENJ value. The melting process is used to support the deflationary aspects of the asset and increase its scarcity. This in turn helps increase the value of ENJ.

Game developers can take advantage of Enjin software development kits. These toolkits enable the integration of blockchain into digital games, which can be used to improve network security, reduce fraud, and ensure data integrity.

Since Enjin runs on Ethereum, developers can use smart contracts. SDKs and smart contracts can be used to deploy secure and decentralized payment gateways, multilingual support, and crypto wallets.

In addition, new tokens can be developed on the Enjin Coin crypto platform. This allows developers to embed more blockchain utility into their products and use the ENJ price as the value of the parent token. As additional layers, these tokens are fully customizable and provide faster speeds while maintaining network security.

Platform Engine uses Proof-of-Work (PoW) consensus algorithm to ensure network security and data integrity. It is possible that once Ethereum fully switches to the Proof-of-Stake (PoS) consensus mechanism, Enjin will follow suit.

Enjin is one of two tokens in the ecosystem. The other is Efinity (EFI), a native token for the cross-chain platform created to develop NFTs on Polkadot and support the metaverse.