An Introduction to Enjin (ENJ)

Enjin is a platform built on the Ethereum blockchain that provides game developers with the tools and resources to create, manage, and trade virtual goods, such as non-fungible tokens (NFTs). Enjin aims to enhance the gaming experience by allowing users to own and trade their in-game items seamlessly.

Enjin's Background

Enjin was founded in 2009 by Maxim Blagov and Witek Radomski as a community gaming platform. In 2017, the company launched an initial coin offering (ICO), raising approximately $18.9 million by selling ENJ tokens to build its blockchain-based platform. Enjin went live in 2018.

How Enjin Works

Enjin's primary use case is to enable users to manage and store virtual goods for games, such as in-game currencies and unique game items. Enjin's platform relies on the ERC-1155 multi-token standard, which allows for the creation of an infinite number of fungible, non-fungible, and semi-fungible tokens through one smart contract.

To create and manage in-game items, developers must complete the following steps:

1. Acquisition – Developers buy ENJ.
2. Minting – Developers design in-game items using the purchased ENJ.
3. Gaming – Players acquire tokens and use them in-game for various functions.
4. Trading – Players trade tokens amongst each other.
5. Melting – Players sell tokens for ENJ.

Enjin provides software development kits (SDKs) and application programming interfaces (APIs) to help developers deploy these items in games. Additionally, Enjin has its native wallet where players can store and trade items while connecting all of the platform's features.

The Role of ENJ Token

ENJ is an Ethereum-based token that serves as the backbone of the Enjin ecosystem. It is used as an in-game currency and to mint virtual goods. When a user creates a new asset, they send ENJ to a smart contract, which stores the coins and assigns a value to the asset. This process backs the asset with a certain amount of value, establishing its worth on the open market.

Enjin's Scaling Solution: JumpNet

JumpNet is a private bridging network that uses a Proof of Authority (PoA) consensus mechanism to create an ecosystem of gasless transactions for Enjin. JumpNet acts as a sidechain on Ethereum, aiming to provide a more efficient user experience with reduced fees and faster transactions. Users can bridge their tokens to JumpNet from their wallet to benefit from its advantages.

Enjin's Use Cases and Partnerships

Enjin has been adopted by various gaming and blockchain projects, such as Square Enix, SwissBorg, and Microsoft. These partnerships highlight Enjin's potential for providing a versatile platform for gaming and digital asset management.

In conclusion, Enjin offers a unique solution for game developers and players to create, manage, and trade virtual goods on the Ethereum blockchain. With an expanding ecosystem and partnerships, Enjin has the potential to reshape the gaming industry by providing a seamless and decentralized experience for users.

Enjin Coin Price Analysis

As of November 24 2024 Enjin Coin has a marketcap of $425M. This is {{percentagefromath}} from its all time high of $4.82. In terms of its tokenomics, there's a total supply of 1.9B with 96% currently outstanding. Keep in mind Enjin Coin has a fully diluted value of $444M which many investors might interpret as overvalued.

Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.

Summarized in part by ChatGPT 4 and Claude