Enjin Coin (ENJ)

From CryptoWiki

Enjin Coin
Total supply1,000,000,000 ENJ
Websitehttps://enjincoin.io/

Basics

"Since its founding in 2009, Enjin has launched a gaming community platform called the Enjin Network and has grown it to approximately 20+ million users.

In 2017 following an ICO that reportedly raised $18.9 million, Enjin has been building a suite of user-centric blockchain products that aims to enable anyone to create, manage, trade, store, explore, distribute, and integrate blockchain assets.

The Enjin ecosystem (comprising the Enjin Platform, Explorer, Wallet, Beam) aims to empower gamers with ownership of digital assets and enables game industry businesses to increase revenue. Enjin’s tools and services can also be used by companies seeking to create blockchain products or utilize tokenized digital assets as part of their acquisition, retention, engagement, and monetization strategies.

The Enjin ecosystem is fueled by Enjin Coin (ENJ), an Ethereum-based cryptocurrency used to directly back the value of blockchain assets. According to the team, there are currently millions of ENJ locked in blockchain-based digital assets."

 History

"Founded in 2009, Enjin provides community management services (CMS) platform for gamers (developers, clan leaders, server owners, etc.). Enjin platform allows users to build websites, forums, stores, and many other modules including in-game plugins.

Some statistics about Enjin business:

18+ million registered users

250,000+ communities

60 millions global views per month

Millions of USD per month in virtual goods sales across Enjin community stores

The most popular game on Enjin platform by far is Minecraft. Many Minecraft communities are hosted on Enjin with largest one having over 1 million registered users. "

Token

Launch

  • Presale date: 21st August — 15th September 2017 (extended by 1 week). $12M total.
  • Public sale date: 3rd October — 31st October 2017

Token allocation

Founders & Project: 20%

Investors: 80%

"40% Presale

40% Public sale

10% Team and advisors

10% Marketing and partnerships"

Utility

"1 ) Payment: many communities on Enjin have stores to sell virtual items, upgrades, in-game privilege, etc. Enjin Coin can become a preferred payment option, providing users and stores the added benefits that come with block chain — minimize frauds, faster settlement time, and lower transaction cost.

2 ) Create and manage virtual goods: developers can issue custom tokens, unique items, or privilege tokens (e.g., special access to certain areas of the game) all backed by Enjin coins — meaning Enjin coins are locked into a smart contract when they are created. Enjin coin can be redeemed back at anytime by users through smart contract, and the item will be burned.

3 ) Real-time subscription: instead of the typical monthly subscription, Enjin Coin combined with smart contract can create a pay-as-you-go subscription model where users can cancel game subscription anytime. Enjin Coin balance will only be deducted proportionately to the actual subscription time."

Token Details

Stablecoin

Tech

How it works

Staking

Liquidity Mining

Scaling

"Will be launching two scaling solutions intended to remove gas fees and provide cross-chain support for NFTs.

JumpNet will be a “high-speed bridge network” that allows users to mint, distribute, and trade ERC-1155 NFTs (and ERC-20 tokens) without any gas cost or transaction fees. It is set to launch in April.

Efinity Network, will be a “decentralized multi-chain highway powered by a custom blockchain” built to support standard tokens and NFTs from any other blockchain, along with any other wallet, marketplace, or exchange. Efinity Network is intended to launch later this year, though a date has not yet been announced."

Interoperability

"Enjin is developing a new advancement of its ERC-1155 NFT standard, called Paratoken. The cross-chain token will be the bridge for any fungible or non-fungible token used in the Polkadot ecosystem."

Other Details

Privacy Method

Oracle Method

Their Other Projects

Efinity (EFI)

"Enjin launched a new NFT blockchain on top of the Polkadot protocol dubbed Efinity."

"Enjin said it sold $20 million in EFI tokens through a public sale on CoinList."

JumpNet

"JumpNet is a blockchain designed to host NFTs designed for Ethereum’s ERC-1155 standard. Enjin has revealed that more than 50 firms are using its JumpNet blockchain, according to an announcement on the firm’s website. The list of partners includes notable firms such as Microsoft, Binance, and OKEx. Other partners include Kriptomat, BlockDown, Ludena Protocol, Lost Relics, Japanese VTubers, MyMetaverse, The Six Dragons, Beauty in the Streets, and MetaverseMe. Microsoft has created a series of NFTs called Azure Heroes on JumpNet. Meanwhile, Binance, Kriptomat, and OKEx have created commemorative collectibles and digital wearables.

Enjin relies on proof-of-authority consensus rather than mining"

Governance

DAO

Upgrades

Roadmap

  • Can be found [Insert link here].

Audits

Bugs

Usage

  • Locked (11-6-2020) in Assets: 10,592,000 (1.05%). Assets: 53,079,259. Hodlers: 56,249. Token Transfers: 939,881.

Projects that use or built on it

"Coincheck's upcoming NFT marketplace will feature NFTs backed by a plugin from the blockchain firm, EnjinCraft, which are playable in select Minecraft servers. The exchange stated that they had previously been looking for a blockchain firm to help them develop their own NFT Marketplace, and Enjin came aboard to help make that a reality. However, Bryana Kortendick, VP of operations and communications at Enjin, clarified to Cointelegraph that this is not a partnership with Mojang or Minecraft. Rather, it is a collaboration between Coincheck and Enjin."

  • Metaverseme; from Bitcoin.com (27-1-2021): "The Enjin-powered non-fungible token (NFT), which can be worn by users’ avatars in the Metaverseme app, will launch on February 23. According to a statement, the Metaverseme app will allow users to quickly snap selfies in the real world and generate hyper-realistic avatars. The AR mode maps users’ real-world environment, where their digital avatars can be brought to life as they wear and interact with their NFT fashion. Users can then record their avatar wearing fashion NFTs in AR and share the videos via social media."

Pros and Cons

Pros

Cons

  • A lot of (future) competition
  • Heavy reliant on one game: Minecraft is the primary target for adoption and largest community by far on Enjin. Potential risk if Minecraft declines in popularity in the future.

Competition

Coin Distribution

Team, Funding, Partnerships, etc.

Team

  • Full team can be found [here].
  • Witek Radomski — co-founder and CTO of Enjin Coin

Funding

Partners 

  • In 2019, Enjin announced a significant collaboration with Samsung and was chosen as the default cryptocurrency wallet offerings in Samsung s10.
  • Enjin has partnered (11-2-2021) with Microsoft for minting NFTs for Space Azure game. The rewarded NFTs can also be used on the popular game Minecraft.

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