Enjin Coin (ENJ) is a new cryptocurrency that gives communities, content creators, game servers and game publishers, an easy solution for implementing virtual goods and real value, into their gameplay and communities.
Enjin Coin (ENJ) - Smart Cryptocurrency for Gaming.
ICO start date: 2017-10-03
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Enjin® is introducing Enjin Coin (“ENJ”), a new cryptocurrency that gives communities, content creators, game servers and game publishers, an easy solution for implementing virtual goods and real value, into their gameplay and communities. This token will be fully integrated into the existing Enjin CMS within 6 months and usable by millions of users. A powerful framework of open-source software development kits (SDKs), payment platform and wallets will be built around Enjin Coin for anyone to use.
More information in the project whitepaper: https://enjincoin.io/enjincoin_whitepaper.pdf Enjin Coin whitepaper
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Developers then integrate Enjin Coin into their games, creating, or “minting” virtual goods backed by Enjin Coin. These can be anything - from custom in-game currencies, swords and guns, to spaceships, plots of land, and even entire planets. Every in-game asset can be backed with Enjin Coin - even in-game characters!
Once the game is released, gamers can complete quests, vanquish enemies, collect resources and refer friends to the game to earn Enjin Coin-based gaming items. They can also use Enjin Coin to purchase in-game items from game developers and from each other.
Gamers keep and own Enjin coin-based items in their private and secure Enjin Wallets. Every trade transaction, whether it’s trading items for items, or Enjin Coin for items, has to be confirmed by the gamer via the Enjin Wallet.
In case they are unable to sell them, players can “melt” their virtual items back into Enjin Coin. Melting is the opposite of minting and acts as an insurance of sorts; it allows both game developers and players to reclaim up to 50% of the item’s Enjin Coin-backed value.
Where to Buy ENJ
You can purchase ENJ with BTC and ETH on Binance. It’s also traded on Qryptos and Kucoin but with much less volume.
If you don’t own any Bitcoin or Ethereum, you should first buy some with U.S. dollars on a platform like GDAX.
Where to Store ENJ
Ideally, though, you should use the official Enjin Wallet. It’s available for Android and iOS mobile devices. Other than ENJ, you’re also able to store BTC, ETH, LTC, and all ERC20 tokens in the wallet. The team will continue to add support for other altcoins as well.
Enjin Coin is adding the benefits of blockchain to the over $17 billion virtual goods market. The team is working to prevent fraud in the gaming industry and provide true ownership to virtual goods holders. Created and backed by gaming giant, Enjin, the project should make a large splash once launched.
However, as a relatively new project, it still has much to prove. It’s impossible to predict how successful it will be, but if it’s current achievements and team are any indicator, Enjin Coin could have a bright future ahead.