Enjin Coin (ENJ) is the native cryptocurrency of the Enjin ecosystem where blockchain-based video game products and services providers come together.
The ENJ currency is used within the social gaming platform Enjin Network, where players can create websites or groups, chat and join the stores where in-game virtual products are sold.
According to officials, Enjin is the “largest online gaming community platform” with hundreds of thousands of gaming communities and nearly 20 million registered players.
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Enjin developers say that the ENJ currency was developed for use only within the gaming ecosystem, but has evolved into a speculative asset on the interest it received.
What does Enjin Coin (ENJ) do?
The Enjin ecosystem allows game developers to create in-game assets using the Ethereum blockchain infrastructure. Digital assets created on the platform can be traded with Enjin Coin (ENJ), which has the ERC-20 standard.
Thanks to the fact that the ENJ currency has a material equivalent in the real world, in-game virtual products can also be exchanged for a certain financial value.
Enjin Coin can also be used as a value storage tool for blockchain-based assets such as non-fungible tokens (NFT), known as unique tokens.
Every asset created on the Enjin platform is transformed into NFT containing ENJ, which has a certain amount and reveals its value. ENJs used in NFT are burned and removed from circulation.
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Thus, while providing liquidity to the game ecosystem, the total supply of ENJ in circulation is reduced and a value increase is achieved.
Who is the founder of Enjin Coin?
Enjin was founded in 2009 by Maxim Blagov and Witek Radomski as a gaming community platform. Radomski served as the product development manager, while Blagov stood out in new projects, marketing and design.
The idea to incorporate blockchain technology into the Enjin ecosystem was launched after Radomski began to be interested in Bitcoin (BTC) in 2012.
The initiative was launched after the first token offering (Initial Coin Offering, ICO) held in 2017. It offered software that allows each user to easily generate, manage, trade, distribute and integrate blockchain-based assets.
Witek Radomski, co-founder of Enjin, wrote one of the first unique token (NFT) codes. He was also a contributor to the emergence of the ERC-1155 Ethereum token standard.
Enjin ecosystem; It allows game developers and businesses of all sizes to use tokenized digital assets while developing their buying, retention, pooling and monetization strategies.
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The Enjin ecosystem is fueled by Enjin Coin (ENJ), the cryptocurrency used to support the value of blockchain assets.
Why is Enjin Coin (ENJ) different?
Enjin Coin is a unique project, as each coin minted is directly backed by ENJ, providing real-world value to in-game items, according to co-founder Radomski.
Game developers use a series of smart contracts to create unique or limited edition ERC-1155 tokens using ENJ. These tokens can be traded on the Enjin Marketplace, which opened in September 2019. Users can convert their tokens to ENJ currency at any time if they wish. As the new token is created, ENJ is burned for its amount and supply shortages occur.
Project; It has also established partnerships with major gaming and technology brands, including Samsung, Unity, and PC Gamer.
How many ENJs are in roaming?
Enjin Coin, which can have a maximum supply of 1 billion tokens, is burnt down as in-game digital assets are produced and the number of coins in circulation decreases.
While 10 percent of the total supply created during the pre-sale phase was reserved for the company, 10 percent was distributed to team members and consultants.
Team members didn’t touch their tokens for the first six months and continued to accumulate over 24 months. The tokens given to the consultants were opened after being locked for two months.
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Is Enjin Coin (ENJ) safe?
Enjin Coin, operating on the Ethereum blockchain network, is an ERC-20 standard token. In other words, any ENJ transaction is verified and secured on the Ethereum network using the Proof of Work (PoW) consensus algorithm.
Enjin Coin smart contracts have been audited by various circles, including Ethereum developer Matthew Di Ferrante, ZK Labs, and Castillo Network.
How and where to buy Enjin Coin (ENJ)?
Enjin Coin, which is included in many centralized or decentralized crypto money exchanges, can be accessed through popular trading platforms.
According to CoinMarketCap data, while the largest trading volume on a global scale is observed in Binance, Coinbase and KuCoin exchanges, it is possible to obtain ENJ on decentralized platforms such as Uniswap and Balancer.
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ENJ / TRY parity, which allows trading in Turkish lira at the time of writing this article; It was available on BtcTurk, Vebitcoin and Bitay platforms.
How can Enjin Coin (ENJ) be cashed?
ENJs are converted into TRY by making sales transactions through crypto money trading platforms that support the Turkish lira. Deposits converted into fiat money are transferred to the bank by EFT or money order.