Enjin Coin is a project of Enjin, a firm that offers a blockchain-based gaming environment that is interconnected. The Enjin Network, a social gaming platform that allows users to build websites and clans, communicate, and run virtual goods stores, is the company’s flagship product.
On the Ethereum blockchain, Enjin enables game producers to tokenize in-game assets. Enjin Coin is a program run by Enjin, a company that provides a blockchain-based gaming environment as well as a product network.
The Enjin Network, Enjin’s main product, is a social gaming platform that lets users establish websites, clans, chat, and run virtual item stores. Enjin allows game developers to tokenize in-game assets using the Ethereum blockchain.
Enjin Coin is unique that it directly backs every token created with Enjin Platform. It offers in-game items real-world liquidity, according to co-founder Radomski.
Similarly, Blagov has indicated that the company is focusing on adoption, claiming that he envisions a future in which millions of players utilize Enjin Coin-backed digital things without even realizing it exists.
Enjin Coin mints new, unique fungible, or nonfungible ERC-1155 tokens using a sequence of smart contracts that game creators submit ENJ to. These tokens can exchange with ENJ at any moment on the Enjin Marketplace.
ENJ Becomes Rare
This year, the Enjin ecosystem is expanding. Jumpnet, a private blockchain, will launch in April, and Efinity, a scaling solution, will release towards the end of the year.
The Ethereum blockchain, as well as these two blockchain scaling options, will eventually tap into the current ENJ supply pool. Efinity will also be able to connect to other blockchains; however, specifics on this feature are still scant.
Binance, Bithumb, Uniswap, and Balancer are among the cryptocurrency exchanges where the Enjin Coin is available. It can also exchange fiat currencies like the US dollar or the Euro.
Most exchanges include a variety of pairing choices. These allow token owners to select a pairing depending on the currencies they already own.
Enjin just received official regulatory approval to promote ENJ in Japan. Enjin is attempting to address challenges of scale and interoperability in light of rising gas fees on Ethereum.
The platform will launch two new offers, according to a news release. It believes will reshape the non-fungible token (NFT) market.
The startup claims that its two blockchain solutions, dubbed JumpNet and Efinity, will enhance support for NFTs while also eliminating Ethereum’s high gas prices.
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