Enjin: How does it work?

Enjin is a platform specializing in community management services related to online games built and developed via Blockchain technology. The project aims to create an online game community with high transparency and security, providing tools that allow gamers or game developers to create community Web sites and show it’s easy and free to play the game.

History of Enjin

Enjin is a Singapore-based tech company that offers the finest services for Ethereum blockchain developers and several game communities. The company was launched in 2009 as this platform enables users to effectively build websites, forums, and apps that primarily focus on gamers. Enjin is still growing, and the founders of this project include Maxim Blagov and Witek Radomski.

The company advanced towards a blockchain platform in 2017 and was succeeded by an IOC short for initial coin offering, which gained approximately. Enjin, after launching its ERC20 token, the company established its own exclusive blockchain tools and services. In 2018, the company successfully launched a blockchain wallet known as the Enjin wallet, which is compatible with every android device. Following this, a few months later, they introduced wallets that are accessible on IOS devices as well.

How does Enjin work?

Enjin’s main goal is to give you a secure location to keep the virtual items that you might need for various games. Swords, characters, and other game goods are saved as tokens that can be redeemed whenever you like. However, there are specific procedures that must be followed in order to destroy or create game items:

• Acquisition – Developers buy ENJ
• Minting – Developers design in-game items using the purchased ENJ
• Gaming Players acquire tokens and use them in-game for various functions
• Trading – Players trade tokens amongst each other
• Melting – Players sell tokens for ENJ

The Enjin team has built a variety of SDKs to enable these functionalities, including kits targeted toward wallets and payment platforms. (By providing standard functions for making these objects, these SDKs reduce the expense and complexity of creating virtual goods).

Enjin has developed application programming interfaces (APIs) to go along with its SDKs to make it easier to implement these things in games.

Distinct Highlights of Enjin

Enjin is a productive instrument for creating NFTs and other digital assets. However, it’s also critical to understand how the platform differs from other options for creating digital goods. Here are a few of ENJ’s distinctive features that help it stand out in the growing environment of digital assets.

Instant Documentation of Transactions

On the Ethereum network, a block takes an average of 17 seconds to complete. Before creating the scaling solution, Efinity, Enjin ran testing on the Raiden Network, a variation of the Lightning Network. Off-chain notifications are used by the platform to give all users a very responsive experience.

On their smart wallets, users can get immediate notifications about transaction requests. The platform enters a transaction into the blockchain after accepting it, and the smart wallets communicate with the Trusted Platform API. Thus, it may facilitate the introduction of more rapid updates to a game or web application.

Similarly, ENJ also ensures prompt updates to the user’s in-game currency balance. At the same time, the platform also ensures that users cannot spend unconfirmed transactions before the necessary blockchain confirmations. Therefore, you can have the most crucial benefit of easy and simple implementation with reliable levels of transparency.

Development of Virtual Products and ENJIN Minting

You can always look for Enjin Coin as the parent currency on the platform. It is a key component of the ENJ ecosystem since it enables communities and games to produce distinctive in-game goods, currencies, and privilege tokens. Any player having in-game possessions can exchange them for Enjin coins at the going rate. So you can see how the platform makes the coin scarce while simultaneously establishing a useful application for it.

Wide Assortment of SDKs

The Enjin platform can offer desired flexibility for merging existing projects with the help of add-ons. Developers could also use the SDKs and add-ons on the platform for creating new projects. Most important of all, the platform SDK delivers the simplicity required for creating complicated decentralized payment gateways. At the same time, the platform also ensures you focus on safeguarding the trust and confidence among businesses and customers.

Smart Wallet

Another promising aspect of the features of Enjin refers to the smart wallet, which is a basic blockchain asset wallet. It supports integration with different applications and games. Over a million people have downloaded the wallet, which includes a wide range of capabilities.

The wallet offers the facility for creating true subscription services, which can enable server and community owners to offer additional time-limited services. For example, server and community owners can provide time-limited offers for unlocking website content, power-ups, and rankings to their subscribers.

Public API Accessibility

Developers can find a public Platform API on Enjin, which uses the JSON-RPC protocol. The Platform API facilitates access to all smart contracts while also assisting with user account balance checks. Therefore, websites don’t need a web3 wallet extension to easily display data to consumers.

Escrow-based Marketplace

The Enjin NFT development platform also enables an escrow-based marketplace among its various features. A smart contract-based escrow system allows many parties to securely transfer in-game items and money. The escrow mechanism would be an essential feature for facilitating fundamental player-to-player trades. The platform now has intentions to build an online market with more than 10 million digital goods.

Verdict

Enjin is a blockchain platform designed specifically for the gaming industry. ENJ was born with the vision of solving the problems that are currently faced by games that do not work on the blockchain. Let’s wait and watch how this platform develops in the future.

If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.

DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.

Ares

Coincu Ventures