Blockchain Gaming: Enjin Coin

Blockchain Gaming: Enjin Coin

By M87 | Blockchain_Space | 4 May 2020


As the blockchain industry began to grow, the technology is being applied to almost every industry such as real estate, shipping, finance, and the list goes on. The video game industry is no exception and while there have been some early attempts, the Enjin gaming community platform decided to launch its own blockchain gaming project. Enjin Coin (ENJ) held an Initial Coin Offering (ICO) in 2017 and has been climbing the market cap ranks since.

Enjin Start

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Enjin is a platform for the gaming community and has been around since 2009. One of the largest gaming communities out there with now over 20 million registered users at the time of this writing.

● 250,000 gaming communities across thousands of games.
● 18.7 million registered gamers
● Launched in 2009, based in Singapore
● 60M global views per month
● Gaming focused Content Management System and Forum creator
● Millions of USD per month in virtual goods sales across Enjin community stores

 

-Enjin Coin Whitepaper

Enjin opened up blockchain technology to a wider audience. In a digital age where the gaming industry is projected to continually grow, it seems like a perfect match with the growth of the blockchain and gaming industry to propel each other's growth into the future. 1caee982c1a311d32362ef06973846713f42f231a91c8a95965e1dbcacf4230c.png

Obviously this data does not factor in the current Coronavirus pandemic and is focused on Esports. However, Esports is the competitive edge that represents the best of the best of gaming, captures audiences, and signifies the demand in the gaming industry.

Enjin Coin is an ERC-20 token on the Ethereum network. While many projects try to launch their own coin, rather than spend all that time building a new blockchain, Enjin decided to use one that was already built and capable of helping them with their purpose.

Virtual Goods - Manage, distribute, and trade virtual goods on a decentralized platform adding a new model of virtual ownership for content creators and gamers.

Gaming With Real Ownership and Value - Gamers can bring or trade their assets from game to game, community to community.

First Easy to use Gaming Crypto - First crypto with an authentic purpose for gamers.

SDKs - For multiple languages, payment platforms, and wallets that are open-source.

A Solution to Fraud and High Fees - Enjin minted tokens create trust and security with low fees.

Benefits include:

Benefits for Communities
● Gamify your website and mobile community with custom Enjin Coins
● Increase user participation and contribution on forums and walls.
● Automate rewards and setup a variety of condition based triggers.
● Tie-in your community rewards with in-game goods on servers or games.

Benefits for Game Publishers / Content Creators
● Create new tokens to represent virtual currencies, game items, or privileges.
● Create and manage virtual goods programmatically or via an app.
● Create time limited or subscription based virtual goods.
● Mint non-fungible items or special edition items.
● Setup a virtual goods store.
● Run a decentralized payment gateway with no middle-man.
● Transparent transactions. Setup reports and commission systems.
● No fraud, chargebacks, or cancellations.
● Minimal fees for blockchain transactions and no commission fees.
● Open-source suite of APIs and SDKs for every popular platform and engine.
● Smart wallets that facilitate easy automatic payments from users.
● Easily setup a site and mobile community with full virtual goods integration.

Benefits for Gamers
● Buy & sell items with no risk of fraud.
● Trade between gaming items from different games using Bancor for liquidity
● Take your currency with you across any community or game and retain value.
● Own valuable currency and rare items that can never be taken away.
● Use Enjin’s marketplace and social network to find and trade game items.
● Earn Enjin coins playing games.
● Convert custom virtual goods directly back to Enjin Coins and retain value.
● Earn coins by participating in communities and posting on forums.
● Buy in-game items on thousands of game servers and games that support ENJ.
● Prove ownership of items by showing them off in website widgets.

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Also in early 2018, plans were announced for a channel network solution similar to Bitcoin's Lightning Network called Efinity. It is Enjin's scaling solution for the Ethereum network. With Efinity, users will be able to experience fast transaction speeds at almost no cost.

Efinity is our upcoming game-channel network for performing highly scalable blockchain transactions—our Ethereum scaling solution.

By opening a game channel with an Efinity network, a game will be able to perform nearly infinite volumes of transactions between millions of players and the game server — at high speeds and nearly no costs.

These transactions will remain trustless and verified on the Ethereum blockchain.

We’re building Efinity in a way that allows new users to join the network without any costs if all of the blockchain assets they send and receive are already on Efinity.

This will allow you to onboard new players without any existing knowledge of cryptocurrency.

 

-Enjin

 

Read the Whitepaper for full details.

Playing with the Big Boys

Enjin coin became known in the crypto space by the announcement of the partnership with Tech giant Samsung. Initially, the news of the partnership was leaked from a video that was obtained from the Samsung Mobile Business Development Summit and was later confirmed by Enjin's VP.

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The Galaxy S10 was the first Samsung model to receive the blockchain keystore wallet feature that now includes support for over 30 different coins. Enjin coin being one of them of course.

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Source: CryptoNews

Many data on the global market share show that Samsung is currently dominating the charts with also having shipping nearly 300 million units in 2019.

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Growth

Aside from the major partnership with Samsung, Enjin coin saw fast growth in just a couple of years. 

In May 2019, Enjin teamed up with one of the world's most popular online game: Minecraft. They launched the world's first blockchain-powered Minecraft server knows as EnjinCraft.

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The partnership with Minecraft meant Enjin essentially partnered with another Tech giant Microsoft. Since Microsoft currently owns Minecraft and In December of 2019, it was reported that they released a crypto collectible rewards project called Azure Heroes that utilize the Non-Fungible Token (NFT) token system.

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With our blockchain-based badge(r)s, we are able to award the Azure developer community with verifiably scarce and publicly-visible rewards, giving deeper value to their recognition. European community members that have demonstrated their contributions can be recognised with unique badges across a number of categories, which are tokenised into digital assets on the Ethereum public blockchain and are verifiably scarce.

In the spirit of our mission to empower technical practitioners of all backgrounds, we created Azure Heroes to inspire developers to learn, coach, and build on Azure and promote a healthy, inclusive community. 

Digital badgers take normal badges to a whole new level—they're cute, fun, and demonstrate recognition in a way that can't be faked.

 

-Azure Heroes

More recently this year, the Enjin platform officially went live to the public on the Ethereum mainnet in February 2020. This allowed for anyone to begin building their own blockchain games and create their own NFTs

With all these big moves that Enjin has been making, they are now getting ready for their China expansion as their latest update to their mobile wallet, Enjin Wallet is now certified and fully compliant in the Chinese market.

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At Enjin, we're a fully distributed team spread across five continents and a dozen countries around the globe, unified by a mission to build world-class products.

Similarly, we aim to unite our global audience with products that delight and make interacting with blockchain technology simple and smooth—for everyone.

With this update, the Enjin Wallet is certified and fully compliant in China, meaning it is now accessible to the global population.

 

-Enjin

Despite the current pandemic, Enjin is continually showing growth and development and has accomplished so much in such a short amount of time. While being ranked #50 coin by market cap at the time of this writing, Enjin coin looks to have a big future after partnering with some big names and with the increase in gaming due to the Coronavirus lock-downs. With a large gaming community backing this project, signs seem to point to more success and growth for this particular crypto project.

This is not trading advice, always do your own research. 


M87
M87

Working towards digital sustainability.


Blockchain_Space
Blockchain_Space

Various content for the blockchain space

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