What is Enjin (ENJ), and how does it work? Revolutionizing digital assets in Gaming

If you're eager to enter the cryptocurrency market, the first step is to find the right cryptocurrency. Many traders are searching for their ideal crypto coin, with Ethereum and Bitcoin being the top choices for most. However, these are not the only options; other cryptocurrencies are equally promising. Enjin is one such coin that has been gaining traction in the crypto market in recent years. For those unfamiliar with Enjin, this article will explain what it is, how it works, where to buy or mine it, and all other relevant details.

What is Enjin (ENJ)?

The Enjin platform provides developers with the tools to create, design, store, and trade digital assets. It primarily caters to the gaming industry, with users utilizing the native token, ENJ, which is an ERC20 token backed by the Ethereum blockchain. Enjin originated on the Ethereum blockchain and was introduced in late 2017. Enjin's cryptocurrency projects aim to simplify access to the world of cryptocurrencies, making them less complex and enabling even novice traders to profit quickly.

History of Enjin

Enjin, a tech company based in Singapore, provides top-notch services for Ethereum blockchain developers and various game development communities. Established in 2009, the platform enables users to efficiently create websites, forums, and apps focused on gamers. Founded by Maxim Blagov and Witek Radomski, Enjin continues to expand. In 2017, the company transitioned to a blockchain platform and conducted an initial coin offering (ICO) that raised a significant amount. With the launch of its ERC20 token, Enjin developed its own exclusive blockchain tools and services. In 2018, the company successfully introduced the Enjin wallet, a blockchain wallet compatible with all Android devices, followed by a version for IOS devices a few months later.

How does Enjin work?

Enjin's main goal is to offer a secure space for storing virtual goods that can be used across multiple games. These items, like swords or characters, are stored as tokens that can be redeemed when needed. To manage or create items in the game, users must follow specific steps:

• Acquisition: Developers purchase Enjin coins.
• Minting: Games are created and designed using the ENJ tokens purchased.
• Gaming: Players earn these tokens as rewards, which they can use in various ways.
• Trading: Players often trade these tokens with each other.
• Melting: Tokens can be sold for ENJ.

Understanding how Enjin's native coin functions is essential to grasp its workings. The native coin is an ERC20 token backed by the Ethereum network. Ethereum miners secure these coins, meaning they cannot be accessed independently. The platform has enhanced its scalability with Efinity. Enjin connects game publishers, online gaming communities, and gaming servers on one platform. Transactions involving the native coin incur relatively low fees.

Enjin provides content developers and gamers full control over in-game assets, allowing them to manage these assets across different platforms. A solid understanding of blockchain fundamentals and smart contract implementation skills can be gained through adequate blockchain training.

What are the effective ways to utilize Enjin?

While Enjin tokens are primarily used in the gaming market, their applications are expanding into real estate sectors and loyalty rewards. Enjin provides additional utility by being highly compatible with Ethereum-based DeFi platforms. This compatibility enables users to invest ENJ coins to earn interest, with others borrowing their Enjin tokens. These transactions are securely managed through Ethereum smart contracts. Additionally, Enjin coins can be integrated into other pools, allowing users to maximize profits and explore new opportunities.

How to select an Enjin wallet?

There are several Enjin wallets available for storing coins effectively. Users can choose from these wallets based on their needs and functionalities. For new users, wallets such as Coinbase Wallet, Ethereum Wallet, Web Wallet, Phantom, Stronghold Platform, and Lumi Collect are some of the best options. These wallets can also be installed on mobile phones. However, choosing the right Enjin wallet requires consideration of several factors:

• Company reputation: Ensure the wallet provider has a good reputation.
• Technologies used: Look for wallets that use secure and reliable technologies.
• Backup features: Choose a wallet with robust backup options.
• Multi-currency support: Opt for wallets that support multiple cryptocurrencies.
• Cryptocurrency conversions: Consider wallets that offer easy cryptocurrency conversions.
• QR code scanner: A QR code scanner can enhance usability.
• Blockchain integration: Look for wallets that integrate well with blockchain technology.
• Customer service: Reliable customer service is essential in the dynamic crypto market.
• Liquidity risks: Be aware of liquidity risks associated with wallets and cryptocurrencies, as they can affect trading volume.

Key attributes of Enjin

Enjin is a robust platform for creating non-fungible tokens (NFTs) and other digital assets. Understanding what sets this platform apart from its alternatives is crucial. Here are some unique features of Enjin:

• Instant documentation: Enjin allows for the instant documentation of transactions, smart contracts, and tokens, facilitating the development of virtual products.
     
• Wide assortment of SDKs: Enjin offers a wide array of Software Development Kits (SDKs) to enhance development capabilities.

In addition to these, there are three major features that many are unaware of:

• Smart wallets: Enjin's smart wallets are a standout feature. These blockchain wallets integrate with various games and applications, offering a range of features. They differ from other smart wallets by providing dedicated subscription services that allow server owners to offer time-limited services to users. This includes access to web contents and confirms a connection between user accounts across different platforms.
• Public API accessibility: Enjin provides Ethereum developers and game developers with access to a public platform API based on the JSON-RPC platform. This API enables users to check their account balance without complex steps, providing easy access to smart contracts.
• Escrow-based marketplace: Enjin supports an escrow-based marketplace, which simplifies the handling of multiple transactions. This feature ensures smooth transactions of in-game assets and crypto coins with high security. It also facilitates player-to-player exchanges, allowing users to find and transact items seamlessly through in-game smart wallets.

Where and how can one purchase Enjin coins?

The most common question about Enjin is where to mine them. However, due to the current situation, you cannot directly mine Enjin from any platform. This leads to the next question: "how and where to buy them?"

While Enjin is not available on every cryptocurrency exchange, it is widely found on platforms like Coinbase, Gemini, Binance US, and Kraken. Each platform has its own features and limitations; for example, Binance US only operates in 43 states. Therefore, before choosing a platform to buy not just Enjin but any cryptocurrency, it's important to review the terms and conditions and read online reviews and feedback for better insights.

For example, if you choose Coinbase to purchase Enjin coins, here is a step-by-step guide on how to do it without any trouble:

1. Create an account: Download the Coinbase app and sign up by entering all the required details. You will need to verify your ID to create an account, which typically takes a few minutes.
2. Add a payment method: Coinbase offers various payment methods, such as bank accounts, credit or debit cards, or wires, which you can choose according to your convenience.
3. Start trading: After completing the above steps, on Coinbase, click on the double arrow icon and select the "buy" button to proceed with the purchase.
4. Select Enjin coins from the asset list: Enter "Enjin coins" in the search bar to find the cryptocurrency. Tap on the suggestion to navigate to the purchase screen.
5. Enter the amount you wish to purchase: Once you've selected Enjin coins, enter the amount you want to buy using fiat currency. The app will convert this amount into Enjin coins.
6. Confirm/finalize your purchase: Review your purchase by selecting "preview buy" to ensure everything is correct before finalizing your purchase.

Following these steps carefully will allow you to purchase Enjin and other cryptocurrencies effortlessly.

What factors should be taken into account before making a purchase?

Before purchasing Enjin coins, it's important to consider the following factors, as once the coins are bought, there's no turning back:

• Wallets
• Fees
• Transaction times

How to sell Enjin coins?

It looks like you're providing a guide on how to sell Enjin coins. Here's a revised version for clarity and accuracy:

To sell Enjin coins, follow these steps:

1. Sign up for an altcoin exchange that supports Enjin coin trading.
2. Deposit your Enjin coins into the exchange.
3. Convert your Enjin coins to Bitcoin or Ethereum, as they are widely traded.
4. Place a sell order for your Bitcoin or Ethereum.
5. Once your order is filled, withdraw the Bitcoin or Ethereum to your wallet or bank account.

Note: Be sure to verify your account and use secure practices when trading cryptocurrencies.

Is the current moment favorable for purchasing Enjin coin?

In 2021, Enjin displayed a bullish trend and is currently considered one of the rapidly growing cryptocurrencies. Therefore, it is deemed a favorable investment in 2022. However, experts advise traders and investors to exercise caution due to the high volatility of these assets.

In conclusion, Enjin tokens serve as the foundation of a platform for developing digital assets. Mining of native coins on this platform is not possible as it is based on Ethereum blockchain technology. The demand for digital assets is increasing significantly each year, driven in part by the popularity of NFTs. Thus, Enjin, a platform enabling NFT and digital asset development, has demonstrated its potential in the digital landscape.