Enjincoin (ENJ) Review – Crypto Coin Judge
What is Enjin Coin?
Enjin Coin (ENJ), quite like many other coins, such as VeChain, Lisk, OmiseGO, Zcash, Binance, Stratis etc, is a new Ethereum blockchain cryptocurrency and ERC-20 token. It works as a contract platform and provides game developers, content creators and gaming communities the necessary crypto-supported tools as well as value for the management and implementation of virtual goods.
With the inception of its ENJ coin and targeting the gaming community, the company not just aspires to become the ultimate gaming currency, simultaneously, but also aims to create a hassle-free solution for communities, content creators, game servers, and game publishers.
Enjin provides a new gaming experience to online gamers with real value and ownership by allowing them to bring or trade their assets from game to game, community to community, increasing their digital wallet with real value while they play.
Some of the major challenges that Enjin aims to address and resolve with its cryptocurrency platform are as follows:
- Lack of true ownership & genuine transparency is missing
- No open standards for decentralized currencies and assets
- Locked in and centralized digital items and currencies
- Expensive & time-consuming platform development
- Lack of value based gamification features
- High fees and slow transactions
- Enjin Coin solutions
- Payment fraud
Enjin Coin solutions
Based on the Ethereum blockchain, Enjin Coin can be used as a currency through multiple online games and websites. You can spend it on digital property, such as in-game items. You can convert the Enjin Coins into local currencies (as USD) or cryptocurrencies (as Bitcoin, Ripple, LiteCoin, IOTA, DASH, Stellar Lumens).
Origianlly, Enjin is keen to leverage all of the benefits of crypto coin rather than fiat currencies. Today, cryptocurrencies are claimed to work perfect for frictionless payments (the type of payments that fuel gaming industries) and microtransactions –.
A few of the anticipated uses for Enjin Coin are as follows:
- It allows you to buy items and power ups while playing games
- It allows you to mint your own unique coin or virtual items for your server or game
- It allows you to award your members with Enjin Coin for taking part in your forums, game, or community
- It allows you to create automated rewards for website or game achievements
- It enables you to sell or trade coins and items through varied games to bridge the gap between separate servers and games.
Enjin Coin features
Some of the proposed and projected features of the Enjin Coin ecosystem are as follows:
- It helps in managing, distributing, and trading virtual goods. It gives both content creators and gamers a new model of virtual ownership.
- It allows SDKs for different languages. Enjin decides to make available the SDKs, including additional payment platformsk and wallets, fully open source.
- It lets gamers verify item ownership even though that item is not a physical thing.
- It gets you rid of high fees and avoids fraud by providing security and creating trust with minimum transaction fees through its coin minting.
- Using the coin as the “parent currency, communities and games are able to mint in-game items, currencies, and privilege tokens. Moreover, you can also convert back the assets into Enjin Coin any time.
- It allows gamers to trade with each other by going out of the game environment and set up value through different games.
- It allows managing and viewing all custom-minted virtal goods with its toolsets and frameworks, thus you can easily manage and create virtual goods either via an app or programmatically.
- Enjin’s smart wallets connects you to trustworthy online communities and games. The wallet also accepts subscription and transaction requests and even allow for in-game purchases.
Enjin token sale and allocation
Pre-sale started on August 21, 2017 and ended on September 7, 2017. It raised USD $12,000,000 during presale and sold 40 percent ENJ tokens.
It started on October 3, 2017 at 5am PDT, and ended on October 31, 2017 when sold out. Enjin had created only 1bln ENJ tokens, and sold its ENJ tokens at price of 1 ETH which was equal to 6,000 ENJ during the first week, which came down to 3,000 ENJ by week 4. The company in fact offered bigger discounts during the pre-sale period. Besides, Enjin also distributed some coins to certain individuals free.
Unsold tokens and team vesting
- The company decided to offer any unsold tokens in presale to public sale. It even decided to lock team tokens for the first 6 months, and vested them over a period of 24 months total.
- Enjin promised to transfer 25 percent of their tokens to team members but after 6 months, and then 12.5 percent after every 3 months.
- It also reserved advisor tokens for 2 months and distributed them completely.
- That apart, it locked any unsold tokens for 6 months. These tokens will be used for partnership and marketing pool.
Enjin token allocation
The company generated only 1 billion ENJ tokens that it wanted to allocate as follows:
- Reserved 40 percent (400,000,000) to presale purchasers following a Simple Agreement for Future Tokens (SAFT)
- Held 40 percent (400,000,000) to crowdsale purchasers without any bonuses applied in the pre-sale
- Reserved 10 percent (100,000,000) to incentivize community, beta testers, marketing and strategic partners
- Held 10 percent (100,000,000) to the Enjin Coin Team and Advisors
Enjin decided to use all funds contributed through the crowdsale solely for the development, promotion and growth of its platform.
Below is set out the preliminary distribution and allocation that may undergo change as and when required.
- 50 percent Enjin will use for development
- 30 percent it will use for marketing and growth
- 5 percent it will use for security purposes
- 5 percent it has held for legal
- 5 percent for hosting and infrastructure
- 5 percent for contingency.
Headquartered in Singapore, Enjin team consists of Maxim Blagov, the CEO & co-founder, Witek Radomski, CTO & co-founder. Blagov has more than 15 years of extensive experience in creative direction, project management, and UX design, whereas Radomski has been overseeing the technical engineering of Enjin for around a decade.
Similar to other startup coins like Siacoin & waves, Enjin too still has to go a long way though through its whitepaper it claims to have completed most of its proposed works and accumulated the required funds through its presale.
Enjin may call its concept fresh and new, it is surely not going to be the winner in this constantly- rippling crypto world as cryptocoins like WAX and other also seems desirous enough when it comes to alluring online gamers and content creators and god knows there may come many more with more fresh ideas.
But on a positive and prospective note, it can be said that you can bet on this coin as it certainly has certain superb accomplishments to achieve, and if you are a true game love, then you must give it a go.
Enjin in Media
Crushcrypto: Analysis of Enjin Coin – Smart Cryptocurrency for Gaming
Cointelegraph: Enjin Coin Announces Pre-Sale of Gaming Cryptocurrency
Enjin in Social Media