Enjin Coin (ENJ)

Overview & History

Enjin is a Singapore-based technology company that provides services for building gaming communities as well as services for blockchain game developers. Enjin provides a suite of tools based on a web interface that supports Ethereum digital assets in the form of ERC-1155 tokens. Enjin also operates a virtual goods marketplaces for digital assets on Ethereum.

History

Enjin was originally established in 2009 when it launched the Enjin Network, a community gaming platform. Still operational today, the Enjin Network service enables individuals to build websites, forums, and apps for gamers.

The company pivoted into the blockchain industry in 2017 following an Initial Coin Offering (ICO) that raised $18.9 million. Since the launch of its ERC-20 token, Enjin Coin (ENJ), the firm has since built out its own set of blockchain tools and services. In January of 2018, the gaming firm released the own android version of its blockchain wallet, the Enjin Wallet. A few months later the firm released an iOS version of its Enjin wallet.

During the summer of 2018, Enjin officially launched its Enjin Platform on the Ethereum mainnet is also compatible with the Kovan Testnet. The Enjin Platform is a platform as a service that allows other game developers to issue fungible and non-fungible assets as in-game Ethereum tokens. That same year, Enjin proposed a new ERC token standard – ERC-1155 – which was approved in 2019 and now implemented in its current software.

Following the inception of the ERC-1155 token standard, Enjin created a marketplace for individuals to buy and sell ERC-1155 assets. Enjin claims to have over 1 million user downloads of its Enjin wallet and that over 3,000 projects have been created on the Enjin Platform.

What Is Enjin Coin (ENJ)?

Enjin Coin is a project of Enjin, a company that provides an ecosystem of interconnected, blockchain-based gaming products. Enjin's flagship offering is the Enjin Network, a social gaming platform through which users can create websites and clans, chat, and host virtual item stores.

Enjin allows game developers to tokenize in-game items on the Ethereum blockchain. It uses Enjin Coin, an ERC-20 token, to back the digital assets issued using its platform, meaning that items can be bought, sold and traded with real-world value.

Enjin Coin was first announced in July 2017, and it launched on the Ethereum mainnet in June 2018.

Enjin Coin (ENJ) is a digital store of value used to back the value of blockchain assets like non-fungible tokens (NFTs). Every asset minted with the Enjin Platform contains ENJ, a minting resource which is locked inside NFTs and removed from circulation. Minting blockchain assets with ENJ provides a variety of benefits to creators and users:

• Infuses them with a reserve value
• Ensures their transparency and scarcity
• Gives them instance liquidity
• Provides utility in games and apps
• Anti-inflationary
• Enjin's "melting" functionality allows users to destroy their blockchain assets at any time to retrieve the ENJ value from within.

The Enjin blockchain ecosystem aims to offer software products that make it easy for everyone to develop, trade, monetize, and market with blockchain.

Founded in 2009, Enjin has roots in the gaming industry, with the company’s first product, a gaming community platform called the Enjin Network, growing to 20 million users over the course of a decade.

In 2017 following an ICO, Enjin established itself as a leading blockchain ecosystem developer, building a suite of software products that enable anyone to easily mint, manage, trade, distribute, and integrate blockchain assets.

Enjin’s co-founder Witek Radomski wrote the code for one of the first ever non-fungible tokens (NFTs) and is also the co-author of the ERC-1155 Ethereum token standard.

Built on top of an on-chain infrastructure, the Enjin ecosystem enables game developers and businesses of all sizes to use tokenized digital assets as part of their acquisition, retention, engagement, and monetization strategies. The Enjin ecosystem is fueled by Enjin Coin (ENJ), a cryptocurrency used to back the value of blockchain assets.

Who Are the Founders of Enjin Coin?

Enjin was founded as a gaming community platform in 2009 by Maxim Blagov and Witek Radomski, with Blagov becoming CEO and assuming responsibility for the creative direction of the company and Radomski serving as chief technical officer, responsible for the technical development of its products. Blagov has described himself as having experience in creative direction, marketing, and software project management and design.

The idea of introducing blockchain to Enjin was first proposed by Radomski after he became interested in Bitcoin (BTC) in 2012, eventually convincing the company to accept it as a payment option. After learning about Ethereum and smart contracts, he decided he wanted to create his own blockchain-integrated software. Radomski is also the author of the ERC-1155 token standard, a new standard for Ethereum-issued tokens that was introduced in June 2018, finalized in June 2019, and is used for minting both fungible and nonfungible tokens.

What Makes Enjin Coin Unique?

According to co-founder Radomski, Enjin Coin is unique in that every token minted with Enjin Platform, the company's blockchain asset development platform that launched in February 2020, is directly backed by ENJ, giving in-game items real-world liquidity. Similarly, Blagov has stated that the company is focused on adoption, saying he imagines a future in which millions of gamers use digital items backed by Enjin Coin without even knowing it exists.

Enjin Coin uses a series of smart contracts to which game developers send ENJ to mint new, unique fungible or nonfungible ERC-1155 tokens. These tokens can be traded on the Enjin Marketplace, which launched in September 2019, or exchanged f