What is Enjin and how does it work?
What is Enjin Coin?
Enjin is an open-source platform founded by Maxim Blagov and Witek Radomski in 2009. The gaming platform permits developers and digital creators to create NFTs, virtual goods, gaming, and other apps on the Ethereum blockchain by providing Software development kits (SDK). The platform integrates blockchain features such as a marketplace, smart wallet, and a token (Enjin Coin). This article provides a guide to how Enjin works, the unique features of Enjin Coin, and the Enjin smart wallet.
Enjin Coin (ENJ) is a ERC-20 compatible native cryptocurrency of the Enjin platform. Enjin Coin powers the platform and is used to support the value of blockchain assets created on the Enjin.
How Does Enjin Work?
Enjin is a platform that permits digital creators and developers to manage digital assets, support transactions and smart contracts. These digital assets include; in-game currencies, unique game items. Enjin integrates Efinity, a scaling solution to enhance speed on the platform. Bearing in mind the challenges plaguing transactions of virtual in-game products and collectibles, Enjin operates on public API and provides software development kits, so the platform serves different functions.
Developers can create in-game items after buying Enjin’s native token (ENJ) because each asset created on the platform has a value in the Enjin Coin. Each asset is designed to match the platform, but it only works after developers purchase the platform’s native token. The Enjin network connects game servers and developers on an open-source platform, allowing players to attain tokens and access the in-game functions. Game players are allowed to trade tokens and sell tokens for ENJ.
Enjin minimizes transaction fees and offers a variety of SDKs to enable these functionalities, including kits focused on wallets and payment platforms. These SDKs reduce transaction costs and enhance the user experience by eliminating complexities when creating digital products.
Enjin seeks to create value and increase engagement by eliminating third-party on the platform, so that game players and digital creators are given complete control over their gaming items. Also, Enjin integrates cryptocurrencies into the game industry to make gaming easier.
Unique Features of Enjin Coin
Software Development Kits
Enjin Coin offers a variety of development kits for platforms such as Unity, Android, Java, and others. Software add-ons, the Unity plugin, and the Minecraft platforms are made available. This feature permits developers to create new projects or continue existing projects. Enjin offers many functionalities to developers through SDKs to create a unique payment arrangement. The platform creates a one-of-a-kind payment gateway and a rare currency with SDKs.
Marketplace Based on Escrow
Enjin allows users to transfer game materials and currencies through the escrow system. The escrow permits traders to trade, mint, and melt tokens for ENJ while ensuring that they can identify relevant game items. Enjin has a virtual marketplace for digital items and millions of virtual goods where users can trade, buy, and sell unique blockchain assets. Enjin also uses ENJ coins to back the value of digital assets in the market.
Liquidity
Enjin creates liquidity and maintains values in the ENJ network. ENJ coins are locked in the smart contract after being used for minting by developers who seek to customize in-game items. Coins are exchanged through the Enjin smart wallet, allowing cryptocurrencies to be converted to Enjin coins. Players can attain the coin and utilize it for several functions. Also, assets created using the ENJ token will minimize the number of ENJ tokens in circulation. Thus, increasing the long-term value of the Enjin network.
Creates Digital Items and Mint Coins
Enjin platform lets game developers create unique game items, currencies, and tokens by making ENJ its native currency. Developers can convert assets into ENJ coins at the produced rate. Enjin coins can be minted to design game products and traded among game players. Developers can mint coins on the Enjin platform by using its native token ENJ after the amount of ENJ token needed is deducted from their smart wallet and recorded in the assets they create. Minting coins allows the token to be removed from the market and creates scarcity.
Public Blockchain
Enjin operates on a public blockchain and offers API functions. The API functions allow assets to apply the benefits of the blockchain network. Since it is built on the ERC-20 standard, the platform is scalable, fast, and highly secured. With API, Enjin could create a new payment system and offer ways to check balances and access the digital smart contract. The API feature also ensures that data can be displayed on various websites without adding the web3 wallet extension to their browser.
Enjin Smart Wallet
The Smart Enjin Wallet is compatible with gaming and decentralized applications and currently ranks as one of the best digital wallets with millions of users. The smart wallet adds a game-changing new feature to cryptocurrency which allows service providers to build true subscription services. Owners of servers and communities can deliver services that includes; power-ups, rankings, and website content unlocking. The user accounts on each reputable platform will be connected to the user’s Ethereum address. The Enjin mobile wallet can also be accessed using the Enjin web wallet.
Enjin’s native wallet allows game players to store digital items and trade tokens. Enjin smart wallet permits trading, selling, and minting of coins. It provides developers access to exchanging currencies beyond the gaming environment. Developers can also sell their assets for the Enjin coin.
