Enjin Coin Review

NFTs (Non-fungible tokens) have rapidly grown to be one of the greatest cryptocurrency investment areas. This new technology is incredible, and its popularity has skyrocketed over a short period. Apart from NFT-based videos, intelligent software developers continue to explore new uses for them.

Decentraland and Axile Infinity are popular projects built around virtual economies using blockchains. These games allow you to play or trade in-game assets to earn decent money. As a result, they have become prevalent.

Enjin comes to ensure a swift and more effortless process for software developers new to the technology. By doing so, they can concentrate on building thrilling games.

However, NFT games are pretty new, and they have issues that need rectification. So, Enjin comes as the best solution for most of them.

This Enjin Coin review will discuss everything you need to know about this crypto coin.

What is Enjin Coin?

Enjin Coin Review

Abbreviated as ENJ, Enjin Coin is a decentralized network developed to smoothen the integration of blockchain technologies. Because of its features and structures, developers call this network the Platform-as-a-Service (PaaS).

Notably, Enjin allows businesses to take advantage of blockchain infrastructure without writing complex blockchain-related code. It also removes financial and technical barriers linked to such tasks. Therefore, it will enable anyone to trade, market, and monetize using blockchain-based schemes.

Enjin Coin is an ERC-20 token developed on the Etherium network. So, the project offers blockchain benefits to gaming and smart contracts. The network also acts as a base for developing an interlinked ecosystem of blockchain-based games.

It features a gaming community with about 19 million registered players. Therefore, this cryptocurrency project lets the users design a website for guilds and clans. They can also create forums, add wikis, and many more.

Enjin Coin connects blockchain and gaming worlds to enable developers to help gamers avoid high fraud levels experienced in the transfer of virtual goods.

Origin of Enjin

Enjin Coin Review

Enjin is a crypto project that has been in existence since 2009. Well, it didn’t officially start as a crypto project but as a gaming community platform. Its founders are:

  • Maxim Blagov: the current chief executive and creative director of Enjin.
  • Witek Radomski: Enjin’s chief technology officer.

These two noted the potential of blockchain gaming and how fast the industry grew in demand. They teamed up and formed Enjin. This network grew organically into a vast user base with over 20 million users in 250,000 gaming communities.

The firm organized an ICO funding that raised $18.9 million in 2017. That was enough to launch the first devoted non-fungible token (NFT) blockchain technology facilitated on the Polkadot network.

Interestingly, the market developed a great interest in the project from the beginning. Unfortunately, the coin didn’t see much success for the first three years. But since NFT gaming grew in popularity, its price increased rapidly.

2021 was the best year for Enjin. It started with about $0.13, and in November, the coin hit its all-time highest price of around $4.50. For holders who bought the tokens at such high prices, the same tokens are trading at about $2.50.

Therefore, Enjin seems to have a low price for its massive market cap due to the large circulating supply of 850 million tokens. But Enjin may continue with its upward momentum provided that the crypto markets stay bullish in the long term.

How Does Enjin Work?

Enjin uses different protocols to develop a comprehensive system for developers and gamers to collaborate. Its network enables gamers to build forums, voice servers, virtual item stores, recruitment apps, and group chats. The market has shown a kind response.

The Enjin Network hosts over 20 million registered users across 250 gaming communities. That makes it have a spot on the list of the globe’s biggest social gaming platforms.

Enjin Products

Enjin Coin Review

If you’re planning to invest in Enjin Coins, you’ll be happy to know that there are a few options for you. They include:

  • EnjinX
  • Enjin Wallet
  • Enjin Network
  • Effinity and others

Enjin Virtual Goods

The greatest value Enjin plans to include in the NFT gaming community is virtual goods. Developers can use the included tools to create unique coins for their specific community. These coins will get backing from the Enjin Coin.

That will increase the benefits of the blockchain while retaining the respective platforms’ branding and feel.

What’s more, items will get recorded on a smart registry contract. It means that the Enjin Wallet will recognize any item included in the blockchain. This interconnects the entire network, allowing for easy transfer of assets anywhere on the platform.

So, Enjin virtual goods will come in handy since new games get developed mainly for blockchain. This gives developers the power to build single assets that function in various games.

Enjin ERC-1155 Support

Enjin Coin Review

Enjin offers full support for ERC-1155 assets. Besides, it has the EnjinX blockchain explorer that provides users access to the world of these assets. As a result, users can:

  • Browse and explore the world of ERC1155 blockchain collectibles and assets.
  • Search for collections and assets by token ID, name, and address.
  • Verify token rarity, authenticity, provenance, and ownership.
  • View holders melts, transfers and mints.

In short, ERC1155 is a universal catalog for all in-game items in the whole Enjin multiverse. Therefore, gamers can effortlessly browse gaming items and see their developers, owners, time of creation, roles, and how to get them.

Enjin Smart Wallet

The Enjin Smart Wallet combines everything we’ve discussed to this point. The wallet supports Etherium, Bitcoin, Enjin Coin, Litecoin, and other ERC-20 coins.

In addition, it supports all virtual items from each Trusted Platform you add. Plus, it synchronizes effortlessly with your Etherium address, including ERC1155 and ERC721 items.

Within the Enjin Wallet, you can trade with any other Smart Wallet users using coins and virtual game items. You’ll also enjoy excellent support for all your transaction requests transferable to other wallet owners who can then accept or reject them.

Moreover, you can make rules or thresholds to restrict any undesired or unauthorized transactions from taking place.

The Enjin Smart Wallet was designed with top-notch security in mind. Secure Keyboard is one of the greatest security features made for the Enjin Wallet.

This keyboard is inherently part of the app and restricts any snooper or keylogger from viewing or capturing anything you type. That includes private keys and passwords. If you are security conscious, the Enjin Wallet allows you to program it to randomize your keys.

Two different layers of cryptography further strengthen the wallet. You’ll find it with an Advanced Encryption Standard hardware level. Also, the software uses convention software encryption to encode every data the wallet processes.

In addition, the software will block any screenshots or recordings of the wallet while at the operating system level.

There’s also an option of storing your Enjin Coins in a compatible ERC20 wallet like the MetaMask, MyEtherWallet, or any secure hardware wallet. That’s often if you don’t like all the features and security offered by the wallet.

Wallet dApp Browser

Enjin Coin Review

The Enjin team launched a dApp browser for their Smart Wallet in May 2019. This browser allows for easy completion of transactions by users with a single click. Asides from that, the Enjin Wallet dApp browser enables users to:

  • Sign in to various websites to validate their asset catalog.
  • Input and save payment details when buying online.
  • Provide the address for the delivery of the asset being bought.

What’s more, this browser enables customers to sign dealings with 100 percent protection over their funds as they enjoy new security levels and self-sovereignty. And that’s what makes the Enjin Smart Wallet closer to becoming a go-to shop for all devolved needs.

Enjin Coin Platform

The Enjin platform was launched in March 2019 on the Ethereum testnet. Since then, it has been witnessing remarkable improvements.

Basically, the platform is a blockchain Platform as a Service (PaaS) that lets you develop and manage blockchain games. That’s without having to go through all the difficulty of creating and maintaining any blockchain technology or writing complicating blockchain-related codes.

It is a versatile, robust, powerful collection of tools and services dedicated to helping developers create cutting-edge blockchain games. When combined, the Enjin Platform has four distinct yet interconnected parts. These include:

  • Trusted Cloud
  • Wallet Daemon
  • Platform API
  • Blockchain SDKs

Trusted Cloud

It’s Enjin Platform’s critical backend service. As the name suggests, Trusted Cloud is a cloud-hosted service that links games to the Ethereum blockchain.

Wallet Daemon

This tool automates the verification of transaction requests sent and received from the Trusted Cloud.

Platform API

It permits developers to question and send commands to the Enjin Platform to facilitate the formation of blockchain games.

Blockchain SDKs

Enjin launched an SDK for Unity when they released the Enjin Platform. You’ll find other SDKs released for use by Godot, Java, and GraphQL.

These tools make it easier for developers to build new games. They also guarantee an effortless way to promote massive Enjin adoption as a trendy gaming development platform.

Enjin Marketplace

Enjin Coin Review

The Enjin Marketplace ensures easy storage and trading of blockchain assets. It’s one of the key themes you can find in Enjin and helps bring blockchain to conventional adoption.

With the integration of a marketplace to the Enjin network, users can enjoy:

  • Ease of use: Users can easily make transactions on their mobile devices. The whole process is simple to help save on time.
  • Unified experience: The Enjin marketplace is developed with the UX, making Enjin stand out from its competitors.
  • Incredible security: You can forget about getting scammed by fraud traders. The marketplace allows you to buy assets with utmost confidence that you’ll receive your purchases. You can also sell them with the surety that you’ll receive compensation for what you are selling.
  • Seamless searching: The on-sale assets and items, including their prices, are excellently located in one place to ease your search.
  • Transparency: You’ll receive transparent communications and anything you want to know so you can make well-informed decisions.

Furthermore, the Enjin Marketplace eliminates the friction commonly experienced in the trading process. As a result, anyone with an ERC1155 item can easily list it for a quick sale. The process takes a few clicks.

You can also easily buy assets from the marketplace by just scanning a QR code.

Enjoin Coin Performance

There are 1 billion Enjoin Coins in supply. Out of that, around 750 million coins are in circulation. During the crowd sale, 80 percent of them were distributed. The Enjin team and advisors shared the remaining 20 percent.

However, we expect to see the circulation of ENJ continue falling over time. That’s because creating a custom asset leads to the removal of a corresponding amount of ENJ in circulation. This will raise the ENJ tokens’ value in the long run.

Pros of Enjin Coin

  • The ENJ Platform allows you to create and add next-generation NFT tokens with their games, websites, and applications.
  • Its native wallet offers you dual encryption to handle cryptos and trade NFT tokens safely.
  • The Enjin Marketplace has over 1 million traded items, allowing you to discover, purchase and sell rare and exclusive NFTs.
  • It offers a feature known as Beam, which helps businesses grow and engage their customers through NFTs embedded with QR codes.
  • ENJ Effinity provides next-level blockchain for NFTs and acts as a scalable, dispersed, and cross-chain network.

Cons of Enjin Coin

  • Its crypto wallet isn’t open-source, thus limiting the vetting process.
  • The coins lack physical backing relating to profits, commodities, and assets.

Is Enjin Coin worth Investing in?

ENJ is just like other volatile altcoins on the market today. It’s a risky investment but can earn you surprising returns or suffer upsetting losses.

If you bought ENJ before the start of 2021, you would be expecting to receive ten times more on your investment. But if you bought it around the peak, you would have suffered a loss of over 50%.

So, it is advisable only to invest considerably and what you can afford to lose into volatile cryptos such as Enjin.

How to Buy Enjin Coin

Here are the easy steps to follow when you want to buy Enjin Coin:

  • Create an account on your preferred crypto platform like Binance
  • Secure your account using a two-factor verification
  • Deposit funds into your account
  • Start trading

Enjin Coin is becoming popular than ever before. It boasts a large customer base, meaning that Enjin may reach a massive scale adoption in a short time.

Besides, ENJ aims at benefiting about $17 billion virtual goods market. By integrating the blockchain with game assets, we can expect to see reduced fraud cases in the industry.

While it is still a new project, the team has roadmap goals and will continue making it a better place for its customers. That said, we hope our review above has enlightened you about this fast-growing project.

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