Understanding the ENJIN Coin (ENJ) Metaverse Token

Enjin (ENJ) Cryptocurrency is a project of Enjin that provides an ecosystem of various interconnected blockchain-based gaming products. The flagship offering of Enjin (ENJ) Cryptocurrency is the Enjin network, a simple social gaming platform through which different users can create clans and websites, chat, and host virtual item stores. 

Furthermore, Enjin (ENJ) Cryptocurrency allows the developers of games to tokenize in-game items on the Ethereum blockchain. It uses the Enjin coin, which is an ERC-20 token, to back the digital assets that are issued using its platform, which means that the items here can be sold, bought, and traded with real-world value.

History Of ENJIN (ENJ) Cryptocurrency

The first Enjin coin was announced in July 2017, and it launched on the Ethereum main net in June 2018. Enjin (ENJ) Cryptocurrency or Enjin coin is nothing complex but a simple digital store of value used to back the value of various assets of blockchain-like nonfungible tokens or NFTs. For every asset minted with the Enjin (ENJ) Cryptocurrency platform, a minting resource is locked inside the NFTs and removed from the circulation. The minting of blockchain assets with the Enjin (ENJ) Cryptocurrency provides a range of benefits to the users and creators, which are mentioned as:

  • They are infused with a reserved value.
  • Ensures the scarcity as well as transparency
  • Provides utility in apps and games
  • It gives them instance liquidity.
  • Anti-inflationary
  • The melting functionality allows its users to destroy the blockchain assets at any point in time in order to retrieve the ENJ value from within.

The Enjin (ENJ) Cryptocurrency ecosystem offers software products that make it easy for every person to develop, monetize, trade and market with the blockchain. It was founded in the year 2009 and had its roots in the gaming industry. The company’s first product is a gaming community platform called the Enjin network, which is growing to around 20 million users over the course of ten years.

Who Are The Founders Of The ENJIN (ENJ) Cryptocurrency?

Enjin (ENJ) Cryptocurrency was founded as a gaming community platform in 2009 by Witek Radomski and Maxim Blagov, with Maxim Blagpv being the CEO of the company and assuming responsibility for the company the creative direction of the same. Witek Radomski is the chief technical officer responsible for all the technological development of its products. Furthermore, Blagov has described himself as having experience in marketing, creative direction and software product management, and design.

The idea of introducing the blockchain to the Enjin (ENJ) Cryptocurrency was first proposed by Radomski after developing some interest in Bitcoin (BTC) in 2012, eventually convincing the company to accept it as a payment option. However, after learning about ethereum and other smart contracts, he decided that he wanted to create his blockchain-integrated software. Radomski is also the author of the ERC-115 token standard, a new standard for Ethereum issued tokens introduced in June 2018 and finalized in June 2019. It is used for minting both fungible as well as nonfungible tokens. 

What Makes ENJIN (ENJ) Cryptocurrency) Unique?

According to the co-founder of Enjin (ENJ) Cryptocurrency, the Enjin coin is unique in such a way that every token minted with the Enjin platform, the blockchain asset development platform of the company that was launched in February 2020, is directly backed by ENJ, giving in-game items in the real world liquidity. Similarly, Blagov also claimed that the company of Enjin (ENJ) Cryptocurrency aims at adoption, saying that he imagines a future in which millions of gamers will use digital items that are backed by Enjin coins without even knowing that it exists.

Image reference: enjin.io

Furthermore, the Enjin coin uses a series of smart contracts to which all the game developers send ENJ to mint new and unique fungible or non-fungible ERC 115 tokens. These tokens can be traded on Enjin (ENJ) cryptocurrency marketplace. More ENJ is removed from the ecosystem as more custom tokens are minted.

Primary image referred from cryptoslate.com
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