Top Things You Should Know About Enjin Coin(ENJ)
Top Things You Should Know About Enjin Coin(ENJ)

By MuyAsk | Crypto Truth Lexicon | 20 Feb 2020


Hey guys :) I’m back with yet another comprehensive list of questions with informative answers, this time about the leading blockchain-gaming cryptocurrency – Enjin Coin (ENJ). If you haven’t checked out my previous FAQ articles on Chainlink (LINK) and Lisk (LSK), be sure to read those as well.

Hope you enjoy!

The list of Q&A is pretty long so first comes the list of questions that I have prepared the answers to:

  1. What is Enjin Coin?
  2. How many Enjin coins are out there?
  3. What is Enjin coin used for?
  4. What are some notable Enjin Coin partnerships?
  5. Does Enjin have an explorer?
  6. What is the Enjin platform and what are its features?
  7. What games are powered by Enjin?
  8. Does Enjin have a wallet?
  9. What is the Enjin marketplace?
  10. What is Enjin’s Blockchain SDK?
  11. What role does ERC-1155 play in Enjin’s ecosystem?
  12. What is the difference between enjin.com and enjin.io?
  13. Where to buy Enjin Coin?
  14. How much did Enjin raise during ICO?
  15. Can you mine Enjin coin?
  16. Is Enjin Coin a security?
  17. Is Enjin Coin an ERC-20?
  18. Who and when created Enjin?

1. What is Enjin Coin?

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Enjin Coin website homepage

Enjin Coin (ENJ) is a smart cryptocurrency fueling a modular blockchain development platform that has built an ecosystem of integrated blockchain products that enable anyone to easily create, manage, distribute, and integrate digital blockchain assets into virtual goods/digital assets focused games.

The Enjin Coin ecosystem is comprised of the Enjin Platform, Explorer, Wallet, Beam, and other tools and services. This ecosystem of blockchain-based products enables game developers and studios to utilize digitally tokenized blockchain assets as part of their acquisition, retention, engagement, and monetization strategies.

In doing this, the Enjin ecosystem enables game industry businesses to gain a competitive edge, innovate in previously impossible ways, and increase their revenue. 

That being said, EnjinCoin’s mission is to radically transform gaming by bringing

real-life economies to virtual worlds.

2. How many Enjin coins are out there?

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Enjin logo

Enjin Coin (ENJ) has a total supply of 1,000,000,000 ENJ (1 billion) tokens and a circulating supply of 801,735,257 ENJ (80% of total supply) as of February 2020. 

It’s assumed that there will never be more than 1 billion ENJ tokens out there as there is currently no inflation model in place or any plans to implement one in the future.

Enjin Coin (ENJ) Stats (February 2020)

  • Price: $0.137246 USD
  • Total supply: 1,000,000,000 ENJ
  • Circulating supply: 801,735,257 ENJ (80%)
  • MarketCap: $110,035,193 USD
  • Transactional Volume: $55,234,654.89 USD
  • Blockchain assets created: 50,588,712
  • ENJ locked in assets: 11,115,106 (1.11%)
  • ENJ token transfers: 765,292
  • ENJ token holders: 41,296

For more up-to-date ENJ cryptocurrency statistics, you can visit Enjin Coin’s Token Details page here.

3. What is Enjin Coin used for?

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Enjin Coin (ENJ) is the cryptocurrency used to directly back the value of millions of next-generation blockchain assets. Essentially, it is the “gold standard” for digital blockchain assets issued on the Enjin Platform and here’s why:

  • Consumer Trust
  • Certified Authenticity
  • Real-World Value
  • Asset Scarcity
  • Tangibility
  • Anti-Inflation

Consumer Trust
The ENJ cryptocurrency provides consumers with trust because they can “melt” their digital blockchain assets back into ENJ. This ability increases consumer confidence in the assets and helps to instill faith in the projects that offer them.

Certified Authenticity
The ENJ stored within the blockchain assets proves their origin and ensures their authenticity. As well, it guarantees their compatibility within the Enjin ecosystem.

Real-World Value
The perceived value of Enjin’s blockchain assets is directly correlated with their ENJ backing, hence ENJ acting as an effective gold standard. 

Asset Scarcity
When existing assets are melted (destroyed to retrieve the imbued ENJ from within it), scarcity of the asset increases, thereby lowering the blockchain assets supply and increasing its value.

Tangibility
Unlike other forms of digital assets, Enjin’s assets being backed by ENJ are created with something of value and can be destroyed any time.

Anti-Inflation

ENJ is a limited valuable resource, therefore, backing assets with it is the only way to regulate asset creation.

4. What are some notable Enjin Coin Partnerships & Collaborations?

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Notable Enjin Coin partnerships

Enjin Coin has many partnerships and collaborations with a variety of forward-thinking companies and organizations such as:

  1. Samsung (Source)
  2. Microsoft (Source)
  3. Unity (Source)
  4. GoDot (Source)
  5. Blockchain Game Alliance (BGA) (Source)
  6. Ubisoft (Source)
  7. PC Gamer (Source)
  8. NRG eSports (Source)
  9. Bancor (Source)
  10. Integrated Engineering Blockchain Consortium (Source)

Partnerships in Detail

1. Samsung
Enjin Coin’s Samsung partnership is touted as being the project’s biggest partnership. The Enjin Coin (ENJ) cryptocurrency will be supported on the Samsung Galaxy S10’s native crypto wallet and the company's flagship phone will come with the official Engin Coin wallet pre-installed on it.

2. Microsoft
Yet another big partnership is with the multinational technology giant, Microsoft, which has resulted in the creation of a blockchain-based recognition program called Azure Heroes. 

The way it works is, Azure Heroes rewards Azure community members with digital collectibles for coaching, making demos, providing sample code, making posts about Azure, completing challenges​ and more.

3. Unity
The Unity and Enjin partnership sees that Unity – a video game engine developer – brings the best of blockchain features to game developers through the release of Enjin’s SDK. Enjin’s blockchain SDK is live on the Unity Assets store and available for game developers.

4. GoDot
The Enjin Coin and GoDot partnership brought an Enjin module (containing a powerful suite of SDKs and APIs) to the GoDot – an open-source, feature-packed, multi-platform 2D and 3D game engine. 

5. Blockchain Game Alliance (BGA)
Enjin Coin has joined the Blockchain Game Alliance (BGA) organization to raise individual and business awareness about how blockchain can transform games and the gaming industry.

6. Ubisoft
Enjin Coin attended the blockchain game summit hosted by Ubisoft in 2018 and Ubisoft experimented with Enjin’s blockchain technology to create an experimental sandbox game named Hashcraft.

7. PC Gamer
Enjin and PC Gamer partnered in February 2018 with the goal of “spreading awareness about blockchain gaming to millions of gamers.” This partnership goes to show that Enjin is capable of making connections with reputable gaming publications to spread awareness of its products.

8. NRG Sports
The NRG Sports partnership will see that NRG uses the Enjin platform to reward millions of fans and spread awareness about blockchain technology in gaming.

9. Bancor
The Enjin and Bancor partnership enabled ENJ tokens to be tradeable with tokens on the Bancor platform and enabled Bancor’s smart tokens to be used on the Enjin platform. The Enjin Bancor token relay and converter went online in November 2017.

10. Integrated Engineering Blockchain Consortium (IEBC)
Enjin partnered with the IEBC to explore the use of blockchain in online games as a future sandbox for engineering challenges.

5. Does Enjin Coin have an explorer?

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Enjin Coin explorer interface

Yes, Enjin Coin has a blockchain explorer called EnjinX where people can search for transactions, blocks, coins, assets, and platforms.

EnjinX Features

No Advertisements
The EnjinX blockchain explorer never bothers its users with ads. Unlike some other explorers out there, on EnjinX you will never see ICO promotions or endless ads.

Ultra-Fast
EnjinX features instant search results within milliseconds, with blocks and transactions coming in up to 30 seconds faster than other explorers.

Universal
Enjin’s explorer is compatible on all devices and features support for Ethereum, ERC-20, ERC-721, and ERC-1155 blockchain assets, with Bitcoin, Litecoin, Binance Coin, and Dogecoin support to follow.

User-Friendly
The EnjinX explorer interface is incredibly simple and easy to use when compared to many other blockchain explorers which are quite overwhelming with various statistics and advertisements splattered all over the screen. 

6. What is Enjin platform and what are its features?

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Enjin Coin Platform 

The Enjin platform is a robust blockchain PaaS (Platform as a Service) that enables game developers to create and manage blockchain games without the complexities of building and maintaining its underlying infrastructure. As well, the platform enables blockchain game developers to fund, promote, monetize, and design video games in innovative ways that were previously impossible.

Enjin Platform: Quick Facts

Enjin Platform Features

The Enjin platform enables game developers to:

Utilize Innovative Crowdfunding Models
Developers can create gaming assets in advance and offer them to gamers via traditional crowdfunding platforms or a stand-alone website.

Enable Player-Driven Value Creation
Developers can enable players to build, upgrade, and trade blockchain-based gaming assets which can then gain intrinsic real-life value based on their history, stats, customization, and more.

Gain User Loyalty and Trust
Gamers benefit from true ownership of digital blockchain gaming assets that are value-backed by ENJ and this entices them to actually purchase blockchain assets. 

Recapture Lost Revenue
Developers can implement blockchain-enforced trading fees so that whenever your items are traded or sold on third-party marketplaces, the game creator still profits. 

Build and Join Gaming Multiverses
Developers can collaborate with other studios to enable players to use different items and characters across different games. They can also be upgraded and leveled up. 

Reduce Player Churn
Gaming blockchain assets are certifiably verified and owned by gamers and stored in their personal wallets. This provides gamers with a sense of trust and loyalty. 

7. What games are powered by Enjin?

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Popular Enjin-Powered Games

The powerful Enjin platform has enabled the development of some really interesting games crafted by talented developers across the globe. Check out the top games powered by Enjin below:

9 LivesArena 
A one vs one, skill-based PvP RPG featuring permadeath, persistent progression, resource gathering, item crafting and an online/offline companion. The game features full character customization and ownership through ERC-1155 crypto collectibles.

Dissolution
A free-to-play FPS set in sci-fi universe ravaged by rogue AI. Players compete for resources and territory in hostile environments and can team up with friends for PvP and PvE battles with real-world stakes on the line.

Age of Rust
A dystopian sci-fi adventure game where players explore abandoned space ships and mysterious worlds to solve puzzles and earn crypto items and cryptocurrency for doing so. 

Forgotten Artifacts
Players embark on a quest in search of forgotten artifacts which are a mix of Fungible and Non-Fungible tokens (digital goods and collectibles). They must battle anything that crosses their path to find the limited ERC-1155 crypto-collectibles.

Space Misfits
Players are thrust into a 3D Low Poly Space Sandbox world where they hunt, collect and mine for items and resources with real world cryptocurrency value. Players can become a space pirate, a trader, or a miner where they compete for true game item ownership.

The Six Dragons
This is the first blockchain open-world RPG where players explore a 64km2 open world filled with surprises, enemies, and treasures. Players can craft items in which they truly own and participate in a player-owned, decentralized economy with real-world value.

Enjin Helps Indie Game Developers

Not only does Enjin enable game developers to create these innovative games that bring real-world value into a digital universe, they also make efforts to help out indie game creators by showing them how to market/brand their game to make it stand out.

They offer game developers things like step-by-step guides on how to create their own game website and how to build a loyal community for their game. In doing this, Enjin stands out as an innovative blockchain game development platform that really cares.

8. Does Enjin have a wallet?

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Official Enjin Wallet

Yes, Enjin has a powerful blockchain wallet app for both iOS and Android mobile devices. 

“The Enjin blockchain wallet is secure, feature packed, and convenient — built for traders, hodlers, and gamers.” 

The wallet supports Enjin Coin (ENJ) and other ERC-20, ERC-721 & ERC-1155 tokens as well as Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and Litecoin (LTC). 

Enjin Wallet Features

  • Privacy 
  • Infinite Wallets
  • Seamless Browsing
  • Dual Encryption
  • Proven Security
  • ARM Instructions
  • Enjin Keyboard
  • Manage Collectibles

Privacy 
The Enjin Wallet has zero trackers and does not have annoying ads. Users maintain full control of their private keys with a paper-powered, 12-word passphrase backup.

Infinite Wallets
Enjin Wallet users can create, import, and backup an infinite number of blockchain wallets – which are all managed in the easy-to-use Enjin Wallet app.

Seamless Browsing
Enjin Wallet users can interact with any dapp – without leaving the safety of their blockchain wallet.

Dual Encryption
The Enjin Wallet is secured with two NSA-grade cryptographic layers that shield the user’s keystore and confidential data.

Proven Security
The Enjin Wallet has undergone an extensive third-party security audit and penetration test which found no security vulnerabilities. 

ARM Instructions
The Enjin Wallet app employs custom ARM instructions to ensure that sensitive data is instantly deleted from the user’s phone's memory.

Enjin Keyboard
The Enjin Wallet keyboard is built from scratch to ensure that users are protected from any form of data sniffing or keyloggers.

Manage Collectibles
The Enjin Wallet enables users to stash their digital blockchain collectibles, claim free blockchain collectibles by scanning QR codes, securely store, buy, and sell blockchain assets and collectibles, and link your wallet to blockchain games or apps.

9. What is the Enjin marketplace?

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Enjin Marketplace website homepage

The Enjin marketplace is an online web-based marketplace where blockchain gamers and users can buy, sell, and trade next-generation blockchain assets with Enjin Coin (ENJ) as the base currency. 

The Enjin Marketplace is critical to fulfilling Enjin’s vision of bringing real-life value to digital worlds. The marketplace is built to be easy-to-use, whether you’re an avid gamer or a newcomer encountering the blockchain for the first time. 

On the Enjin Marketplace, users can buy, sell, and trade:

  • Fungible Tokens
  • Non-Fungible Tokens
  • Multiverse Assets
  • Founder’s Tokens

Enjin Marketplace Features

Security
You cannot get scammed on the Enjin marketplace by rogue traders. Users can buy blockchain assets with full confidence that they will receive them or sell blockchain assets with the certainty of payment.

Unified Experience
The marketplace is built with an easy-to-use user interface (UI) and offers an exceptional user experience (UX) that helps set Enjin apart. Users can complete transactions on the marketplace from within the Mobile Enjin Wallet app. 

Seamless Searching
Users can easily find on-sale assets and prices in one place. 

Transparency
All transactions and blockchain assets are recorded on the blockchain for anyone to view and trace, enabling anyone to check a blockchain asset's authenticity. 

10. What is Enjin’s Blockchain SDK?

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Enjin Blockchain SDK: Unity

Enjin has built a blockchain SDK for the Unity Asset Store – enabling 4.5 million Unity game developers to easily build blockchain-based games on the Enjin platform.

With Enjin’s modular blockchain SDK, game developers can easily and rapidly build next-generation blockchain games in Unity without writing any blockchain code. The SDK is a cumulation of thousands of hours of development work by the Enjin team and will be used to create countless blockchain-based game items for years to come.

The tools presented in Enjin’s blockchain SDK are modular, meaning developers can pick and choose the specific tools that meet their needs. Developers can integrate blockchain assets into their game in just a few hours and can do so with Unity-related scripts alone – no blockchain code is needed.

Enjin’s Blockchain SDK includes a number of smart contracts that execute various item attributes and developers can implement them how they see fit. 

The Enjin Blockchain SDK enables developers to implement the following attributes:

  • Tradeable Items - Securely trade items with a built-in escrow system
  • Bound Items - Parameters on tradeable items
  • Transfer Fees - Choose to implement transfer fees that are paid to the item creator
  • Regulating Secondary Markets - Define where trading is allowed
  • Consumable Items - Items that can be used up and disappear from a user’s account
  • Item Loss - Items that can be removed from the blockchain
  • Non-Fungible Items - Collectible items can have a unique serial number and provenance
  • Reserve Value - Mint items backed by Enjin Coin (ENJ)
  • Melting Items - Melt (destroy) an item to receive the ENJ stored inside of it
  • Commission on Melting - Implement a melting fee

Additionally, Unity game developers can also use the Blockchain SDK to code their own smart contracts over and above the ones already provided.

11. What role does ERC-1155 play in Enjin’s ecosystem?

The Ethereum ERC-1155 multi-token standard enables Enjin users and game developers to mint an infinite number of both fungible and non-fungible tokens in a single deployed smart-contract.

ERC-1155: Quick Facts

ERC-1155 is the only token standard that enables you to create any type of asset from digital art and gaming items to currency and real-estate. The token standard features a wide array of features to enable developers and creators to transform various industries including entertainment, finance, industrial design, artificial intelligence, and more. 

ERC-1155 Token Standard Features

  • Multiple Tokens
    Both fungible and non-fungible tokens can be defined and configured under a single smart contract.
  • Save Gas
    Gas fees can be cut by up to 90% when minting new tokens. 
  • Advanced Features
    Enable users to use, trade, destroy, upgrade, combine, rent, loan, and lose their assets.
  • Atomic Swaps
    Enable atomic swaps of any amount of tokens in just two simple steps.
  • Adoption
    The ERC-1155 token standard is increasingly being used by games and projects in the Ethereum ecosystem.
  • Batch Transfers
    Enable users to send multiple tokens in a single transaction.

12. What is the difference between enjin.com and enjin.io?

Enjin.io and Enjin.com are both owned by Enjin but serve different purposes.

Enjin.io Website

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Enjin.io website homepage

The Enjin.io website is more like an explanatory place where people and developers can really learn a lot about Enjin’s blockchain products and digital blockchain assets. Visitors to this site can learn about the Enjin ecosystem of products including details on:

  • Enjin Platform
  • Enjin Wallet
  • Enjin Explorer
  • Enjin Coin (ENJ)
  • Enjin’s ERC-1155 Token Standard
  • Enjin Coin Roadmap
  • +More

Enjin.io is the primary site for people interested in Enjin Coin (ENJ) as an investment as it provides them with everything they need to fully understand the project.

Enjin.com Website

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Enjin.com website homepage

The Enjin.com website is meant to help game makers bootstrap their community by offering them with all the tools needed to create a gaming website and build a gaming community. The website provides game makers with an all in one platform that includes the following features:

  • A Website Builder - Instantly create and set up a gaming website
  • Gamified Forums - Modern, fast, and highly social for active engagement
  • Mobile Apps - Mobile Forums and Apps available for iOS and Android
  • Social Profiles - User chat, voice servers & real-time notifications
  • Game Integrations - Featuring game integrations for all major games
  • Over 70+ Modules - Everything you need for a custom site of your own

13. Where to buy Enjin Coin?

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You can buy ENJ on Binance

Enjin Coin (ENJ) can be bought on a variety of the top cryptocurrency exchanges as it is a fairly popular coin and an ERC-20 token, which makes it easy for exchanges to support. You can buy ENJ with cryptocurrency or fiat at the following top exchanges. In most cases, you will have to fund your account with fiat, buy Bitcoin or Ethereum, and then use BTC or ETH to buy Enjin Coin (symbol ENJ).

  • Binance - BTC, ETH, BNB, USDT, BUSD, Fiat
  • Upbit - Fiat
  • Bittrex - BTC, USDT
  • Kucoin - BTC, ETH
  • CoinEx - BTC, USDT
  • HitBTC - BTC, ETH, USDT
  • Kyber Network - ETH
  • Bitfinex - ETH, Fiat
  • IDEX - ETH
  • Liquid - BTC
  • Bithumb - Fiat
  • Livecoin - BTC

14. How much did Enjin raise during ICO?

Enjin Coin successfully held an initial coin offering (ICO) from July through November 2017, raising 75,041 ETH worth approximately $19 million from 18,506 participants. 

Approximately 80 percent of Enjin Coin’s total token supply was sold to ICO participants and the remaining 20 percent was divided among the founding team, company, and early investors involved in a private sale.

15. Can you mine Enjin coin?

No, you cannot mine Enjin Coin (ENJ). 

When Enjin Coin launched in 2017, all of the 1,000,000,000 ENJ tokens were issued into existence with 80 percent of the ENJ total supply distributed to ICO participants. 

According to the Enjin Coin whitepaper, the project will not issue any new ENJ coins into existence and users can not mine or stake ENJ tokens.  

16. Is Enjin Coin a security?

No, Enjin Coin is not deemed to be a security by any federal securities regulators. 

For an asset to be declared a security, it must pass the Howey Test which is composed of three elements being:

  1. Is there an investment of money?
  2. Does the investment come with an expectation of profit?
  3. Is there an expectation of profit that’s derived largely from the efforts of others?

An asset must answer yes to all of the above questions to be deemed a security and Enjin Coin answers yes to only the first question. The Enjin Coin (ENJ) crypto asset is considered to be a utility token as it's used within the Enjin ecosystem of digital blockchain assets. 

17. Is Enjin Coin an ERC-20?

Yes, Enjin Coin (ENJ) is an ERC-20 token on the Ethereum blockchain. 

Therefore, Enjin does not have its own blockchain. Rather, it leverages Ethereum's blockchain for security and transaction finality while the Enjin Coin cryptocurrency is utilized within Enjin’s blockchain ecosystem of blockchain-based products and assets.

The Enjin Coin token contract address can be viewed on the popular EnginX blockchain explorer here.

18. Who and when created Enjin?

Enjin Coin (ENJ) was created by gaming company Enjin and co-founded by Maxim Blagov and Witek Radomski who launched the cryptocurrency project in 2017.

Though ENJ launched in 2017, Enjin Coin’s origins go all the way back to 2009 when Enjin launched the Enjin Network – a gaming community platform which now boasts over 20 million users. 

The Enjin company and Network have been deeply involved in the gaming industry for over a decade and since 2017, Enjin has established itself as a leading blockchain ecosystem for gaming developers and creators. 

The Enjin company currently employs around 50 people and is headquartered out of Singapore. 

Hope you enjoyed that read :) Let me know if I have missed something in the comments.


MuyAsk
MuyAsk

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