Introduction to Enjin Coin
The Enjin coin will be used to purchase game-related and digital goods on the Enjin ecosystem, such as virtual goods in MMOs or virtual items in games and apps.
Some specific examples of digital goods include chat skins, auction house items, avatar items, gambling items, virtual weapons, and virtual land that can be used in virtual farming games.
The SDK allows users to easily incorporate these items into their games. As virtual items are added to these platforms, Enjin will gradually earn a small amount of coin for every token purchased.
The number of coins earned depends on how many tokens are purchased and how many of those tokens are acquired during their early life. In order to purchase virtual goods with coins, the user is required to first create a wallet.
Why would you want to use Enjin Coin?
This project is highly innovative because it allows gamers to interact with virtual goods using both the digital and the physical world. Because of blockchain technology, these items can be made private.
ENJ allows gamers to buy virtual goods with real money, and this means that virtual goods that are bought by gamers in the real world can be sold back to them in virtual game worlds.
What is the general consensus on Enjin Coin? Almost all of the contributors to Enjin Coin have said that the coin is a good thing, and almost all of them were extremely supportive of it. The total amount raised by the ICO is $12,783,000 and Enjin Coin had acquired 975,000 coin buybacks in total.
How do you use ENJ?
It’s actually quite easy to make use of Enjin Coin. Any project using the Enjin Game Servers (EGS) can implement Enjin Coin smart contracts. To allow users to pay their matchmaking fees and get back some Enjin Coins, Enjin released a special IAmEnjinWallet (IAM) that acts as a digital wallet for ETH.
Users may then trade their Enjin Coins for either ETH or from the IAM into the special cryptocurrency, and redeem these for a number of items on the Enjin Game Platform (EGP).
Why choose Enjin Coin? When you’re running a game in the EGP, you essentially run a game server, but you’re running it on the blockchain. That is, the game server has been smart-tracked in a way that you can view transaction data in real-time on your computer or mobile device.
Enjin Coin and Blockchain
The white paper has a lengthy explanation of the system which includes a few sample applications. On the economic side, the developers provide a cryptographically secure decentralized method of creating, trading, and transferring virtual goods.
Basing their value on Ethereum, the token will be fully integrated into the Enjin blockchain to encourage the use of that technology to drive transactions and to facilitate a decentralized virtual goods economy.
The platform can scale to support millions of transactions per second through the Ethereum blockchain. The use of the cryptocurrency token in the Enjin platform will help the company to increase network liquidity.
Enjin Coin and Minecraft
The use of blockchain technology in the digital gaming space is certainly a novel idea. However, the potential for blockchain-based gaming is far greater than in the world of digital video games.
Enjin Coin was designed to work in conjunction with BlockNet, a blockchain-based network to help solve a number of gaming industry issues. Specifically, blockchain technology can be used for secure transactions, particularly in the area of digital gaming as well as the experience of the gamers themselves.
For gamers, this means that gaming assets such as in-game items can be stored on the blockchain, as well as transferred and traded at the touch of a button. For publishers, blockchain technology could allow them to lower costs and offer lower prices.
With so many great companies targeting the blockchain gaming industry, there are bound to be a few standouts. Project Enjin is one of these.
While the company is facing an uphill battle, its goals and the team’s enthusiasm are very admirable. As the token sale continues, the team’s mission and hard work will speak volumes to the crypto community.