Enjin Coin (ENJ) - a digital store of value, used to back the value of blockchain assets such as non-fungible tokens (NFTs). Each asset, minted by using the Enjin platform, contains ENJ, a coinage resource that is locked inside the NFT and removed from circulation.
Contents:
Description of Enjin Coin (ENJ)
Еnjin Coin - a project of Enjin, a company that provides an ecosystem of interconnected gaming products, based on the blockchain. The company'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.
The project allows game developers to tokenize in-game items on the Ethereum blockchain. It uses Enjin Coin, an ERC-20 token, to back digital assets, issued through its platform. This means that items can be bought, sold and traded at real value. The coin was first announced in July 2017 and launched on the Ethereum mainnet in June 2018.
What are the benefits of the project?
Each purchased item can be converted at any time into ENJ units. Enjin Coin is positioned as an anti-fraud solution and as a system that helps to reduce management costs.
The blockchain asset coin industry with ENJ provides many benefits to creators and users:
| 1 | Fills them with reserve value, ensures their transparency and scarcity. |
| 2 | Gives them instance liquidity. |
| 3 | Provides utility in games and applications. |
The functionality of the platform allows users to destroy their blockchain assets at any time in order to obtain the ENJ value. The blockchain ecosystem aims to offer software products that make it easy for everyone to develop, trade, monetize and market with blockchain. One of the co-founders wrote the code for one of the first ever non-fungible tokens (NFTs) and also co-authored the ERC-1155 Ethereum token standard.
Built on top of on-chain infrastructure, the 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 support the value of blockchain assets.
Where to buy and sell tokens?
Enjin Coin has a fixed maximum supply of 1 billion tokens. However, as the ecosystem grows and ENJ gets locked into in-game digital assets, the number of coins actually circulating will decrease. Enjin Coin can be purchased, among other things, on cryptocurrency exchanges such as:
- Binance;
- Bithumb;
- Uniswap (V2);
- Balancer.
It can be traded against fiat currencies such as the US dollar and Euro, cryptocurrencies such as Bitcoin and Ether, and stablecoins such as Tether (USDT) and USD Coin (USDC). It can be bought and sold on both the spot and derivatives markets.