Overview
Enjin is a firm that offers an ecosystem of connected, blockchain-based gaming products. Enjin Coin is one of its projects. The company’s main product is the Enjin Network, a decentralized social gaming platform that allows users to create websites, chat, and run virtual item stores.
With the Incorporation of the Internet-of-Things and web3 features like DeFi and tokenization, players can tokenize their in-game items on the blockchain-powered decentralized platform. Enjin Coin backs the digital assets issued through its platform, an ERC-20 token, based on the Ethereum blockchain, allowing users to purchase, sell, and exchange goods with real-world value due to their tokenization.
The Enjin network serves as the foundation that runs a connected ecosystem of games powered by blockchain technology and the Internet-of-Things. It helps facilitate games’ integration into Ethereum blockchain technology at a significantly reduced cost. Ethereum offers a safer gaming system than other smaller blockchain technology due to its numerous nodes, making it harder to crack. The gas fee for utilizing the Ethereum blockchain technology is high, so Enjin is bridging this gap between both parties.
Software development kits (SDKs) have been created by the platform in a wide variety that makes it easier for users to create things and incorporate them into programs or games. And the Enjin Coin (ENJ) is used to support the value of blockchain assets like non-fungible tokens (NFTs).
Play to Earn
There are various ways to play & earn in this game. When you finish a quest, you get a sword that you can convert to NFT with a unique ERC-1155 token value and real-life worth. This is possible due to the incorporation of tokenization into the DeFi platform. Also, when you refer a friend, you can earn. Furthermore, while playing the game, you get to earn some tokens. And if you’re able to cut down a tree that eventually has a tokenized branch, you can craft a bow that has a real-world value.
Staking
While there’s been limited information about mining this ENJ coin, staking it can also be a means of earning more. When you stake your coin, it gives you a better and safer return on your coin without risking the reduction in the initial price of the token.
Security
The Ethereum network uses a proof-of-work consensus algorithm to validate and secure any on-chain ENJ transactions because Enjin Coin is an ERC-20 token issued on the Ethereum blockchain. Before new blocks can be added to the blockchain, miners compete against each other to see who solves the block first. The winner announces its solution, which is then verified by most other miners on the network to bring them all to an agreement. If successful, the solution gets added to the database, and the miner gets rewarded in cryptocurrency or given a transaction reward. With this model, in which most of the network’s nodes must confirm a record before it can be posted, the Ethereum network offers tight security to cryptotokens on the platform.
