Altcoins: Enjin Coin (ENJ) - What Is It? - A Deeper Look Into the Enjin Coin (ENJ) Platform

Summary:

• What is The Enjin Coin Platform and how does it work?
• What makes the Enjin exchange unique.
• Enjin’s present and future price positions.

The Enjin Platform

Enjin is a startup that offers an ecosystem of linked, blockchain-based gaming devices. Enjin Coin is one of its projects. The Enjin Network, a social gaming platform where users can create websites and clans, communicate, and run virtual goods stores, is the company's main product. On the Ethereum blockchain, in-game objects can be tokenized using Enjin, according to game developers. The digital assets released through its platform are backed by Enjin Coin, an ERC-20 token, allowing for the purchase, sale, and exchange of goods with real-world value.

Enjin Coin was first introduced in July 2017 and debuted in June 2018 on the Ethereum mainnet.

A digital store of value called Enjin Coin (ENJ) is used to support the value of blockchain assets like non-fungible tokens (NFTs). The minting resource ENJ, which is locked inside NFTs and taken out of circulation, is present in every asset created using the Enjin Platform. Using ENJ to mint blockchain assets offers both developers and users a number of advantages:

• Adds a reserve value to them.
• Make certain of their transparency and scarcity.
• They are given instance liquidity.
• Offers use in games and apps.
• Anti-inflationary.
• Users of Enjin can "melt" their blockchain assets at any time to recover the ENJ value contained therein.

Aiming to provide software products that make it simple for anybody to produce, trade, monetize, and sell with blockchain, the Enjin blockchain ecosystem intends to be open to all. Enjin, a company that was established in 2009, has its origins in the gaming sector. Over the course of ten years, the Enjin Network, the company's first product, attracted 20 million members. Following an initial coin offering (ICO), Enjin positioned itself as a top developer of the blockchain ecosystem in 2017, creating a range of software tools that make it simple for anybody to create, maintain, trade, distribute, and integrate blockchain assets.

The Enjin ecosystem, which is built on top of an on-chain infrastructure, makes it possible for game developers and organizations of all sizes to employ tokenized digital assets as part of their strategy for customer acquisition, retention, engagement, and monetization. Enjin Coin (ENJ), a cryptocurrency that supports the value of blockchain assets, powers the Enjin ecosystem.

What makes Enjin unique?

In order to give in-game assets real-world liquidity, co-founder Radomski claims that Enjin Coin is unique in that any token created with Enjin Platform, the company's blockchain asset production platform that debuted in February 2020, is directly backed by ENJ. In a similar vein, Blagov has said that the business is centered on adoption and that he envisions a time when millions of players use digital goods backed by Enjin Coin without even being aware that such a thing exists.

Enjin Coin creates new, distinct fungible or nonfungible ERC-1155 tokens using a set of smart contracts to which game creators send ENJ. These tokens can be exchanged for their underlying ENJ at any time or traded on the Enjin Marketplace, which debuted in September 2019. More ENJ is taken from the ecosystem as more custom tokens are created, making ENJ scarcer.

Enjin Coin employs a number of both on-chain and off-chain operations, according to its whitepaper. A Trusted Platform contacts users' smart wallets when a transaction is completed within the Enjin ecosystem, and the website or game is updated right away with a placeholder or nontradable version of the digital asset until the transaction has been approved by the Ethereum blockchain.

Present and future prices of The Enjin Coin network (ENJ)

Over the past few months, the global markets have been facing strong investor risk-off sentiment in the wake of the geopolitical tensions, Covid-19 lockdowns in China and supply chain issues. The cryptocurrency market has followed the trends of the greater market during these times, therefore the price of most cryptocurrencies have been falling, ENJ does fall under this category.

According to some analysts, the future price of The Enjin network (ENJ) could reach up to $7.6 by 2025 and could see a price of more than $9 by 2026. However, it is important to remember that this future price prediction is based solely on data and does not take into account factors such as investor sentiment and the ever changing market conditions, both of which make it difficult to make accurate future price predictions.

✕ ENJ Price Chart

Sources: finance.yahoo.com, coinmarketcap.com, cryptonewzs.com