Introduction to Enjin (ENJ)

By iTrustCapitalAugust 05, 20223 minutes read
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Understanding Enjin (ENJ)

Enjin (ENJ) is a blockchain gaming platform and cryptocurrency that enables developers to create games and services. The Enjin platform enables users to tokenize in-game assets through the creation of non-fungible tokens, or NFTs. 

Keep scrolling to learn about Enjin—both the blockchain gaming platform and ENJ, the platform’s native cryptocurrency. Find out how Enjin works and where you can buy ENJ.

What is Enjin (ENJ)?

Enjin is a blockchain gaming platform and digital currency. Enjin, powered by ENJ, supports developers to create their own games and services. The Enjin network allows users to tokenize in-game assets through the use of NFTs. An NFT represents a unique asset that is not exactly the same as other assets of the same type. 

The Enjin platform provides developers with a suite of tools for creating, managing, and integrating blockchain technology into their games and services. The Enjin network uses smart contracts—electronic contracts that can execute automatically. Enjin operates on the Ethereum blockchain using the proof-of-work methodology.

Enjin is also the creator of the Enjin Wallet, a digital wallet that allows users to securely store, manage, and trade their game items. The maximum coin supply of ENJ is one billion, of which more than 880 million ENJ are already in circulation.

How does Enjin work? 

The key feature of Enjin is its ability to tokenize game items as NFTs. Here’s how the Enjin blockchain works to tokenize in-game assets into NFTs and mint new ENJ cryptocurrency:

  1. A game developer creates a game or service: The first step is for a game developer to create a game or service that integrates with the Enjin blockchain platform. 

  2. In-game items are tokenized as NFTs: The game developer can then use Enjin’s tools to tokenize in-game items into NFTs. Enjin’s platform offers a visual interface to use with no coding required, so anyone can make simple NFTs. This process can allow in-game items to be exchanged on the Enjin platform and elsewhere on secondary markets. 

  3. New ENJ is minted: At the same time that an in-game item is tokenized as an NFT, new ENJ cryptocurrency is also minted. Enjin Mintshop is the tool that developers use to mint new ENJ. The cryptocurrency, like Enjin-produced NFTs, can then be used to transact within the Enjin network or traded on another platform.

  4. Gamers own their NFTs: Gamers can buy the in-game items that are tokenized into NFTs. The NFTs are fully owned by the gamers, who can hold an NFT, trade it, or use it within a game or service. Gamers who own gaming items as NFTs have full control over those items and can do with them as they please.

The proof-of-work consensus method is used to both tokenize in-game assets into NFTs and mint new ENJ. Proof of work requires cryptocurrency “miners” using vast computing power to race to solve complex math problems. The first miner to solve the math puzzle wins the right to mint the newest block of NFTs and produce new ENJ cryptocurrency. Proof of work is the same consensus mechanism used by Bitcoin, Ethereum, and many other cryptocurrencies. 

Projects hosted by Enjin

The Enjin platform hosts a variety of games and services. Some notable examples include:

  • Azure Heroes: Azure Heroes is Microsoft's blockchain-based digital badge rewards program, created for developers who contribute to open-source projects on the Azure platform. The rewards program was built on the Enjin blockchain.

  • Lost Relics: Lost Relics is a game where players adventure through dungeons on a quest for NFT loot. The game utilizes Enjin to tokenize in-game items, which can be traded via Enjin's marketplace.

  • The Six Dragons: The Six Dragons is an open-world fantasy role-playing game built on Enjin. “Open world” means that players are free to explore the game world at their own pace and in any order they choose. The game also allows players to vote on game development decisions through the Enjin platform.

  • Age of Rust: Age of Rust is a post-apocalyptic sci-fi universe where players can explore, trade, and fight for survival. The game uses Enjin-based NFTs to give players special abilities and access to secret areas.

  • Forest Knight: Forest Knight is a play-to-earn adventure game that enables players to earn KNIGHT cryptocurrency by completing quests and defeating enemies. Forest Knight uses Enjin to support its cryptocurrency. 

  • Pluriform: Pluriform is a fashion-oriented game that lets users wear fashion pieces in the metaverse. The fashion items are NFTs minted on Enjin.

A brief history of Enjin

Enjin was founded in 2009 by Maxim Blagov and Witek Radomski, with the goal of helping developers to create better gaming experiences. 

In 2017, Enjin completed an initial coin offering (ICO) for ENJ. In 2018, Enjin launched its mainnet—the core Enjin blockchain—on the Ethereum platform. Enjin’s developers have continued to build out the blockchain’s suite of tools and services to support developers, businesses, and gamers in the blockchain gaming space. 

In 2020, Enjin launched its Enjin Platform on the mainnet, giving independent developers the ability to mint, manage, and distribute their own blockchain-based game items. Prior to the launch of Enjin Platform, in 2018, Enjin also launched the Enjin Wallet to enable users to securely store and access their game items.

DISCLAIMER

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