Enjin Coin (ENJ) Explained

When someone wants to get into cryptocurrency, they are browsing their options in order to find the best coin. While coins such as Ethereum and Bitcoin are the most popular and circulated ones, not everyone wants to use them, and they may look for different ones.

One cryptocurrency that people have seen emerge over the last few years is Enjin Coin. What exactly is this coin and how does it work? Moreover, can you mine it? You will learn about this and other things in the following paragraphs.

What Is Enjin? (ENJ)

Enjin is a cryptocurrency that was launched by the Enjin company back in 2017. The coin can be sent and received with an Ethereum wallet as it is an ERC-20 compatible token. However, that is not all that Enjin technology can do.

What makes Enjin so great is the fact that it can integrate with games. That being said, you can use Enjin Coin just like a currency, and it can be used in different operations involving purchasing, selling, or trading NFTs. The coin will make it possible for various players to buy different game items. MMORPG players will love this token for this reason.

Enjin is a company based in Singapore. At the moment, it also works with different other companies to help add their own solutions to Enjin’s platform, which can make it even better.

The Enjin Network gaming platform was released back in 2009. Since then it gained a lot of popularity, and it reached over 20 million users. An initial coin offering was made when the Enjin Coin launched, and this raised as much as $18.9 million for Enjin. The money raised was used to grow the development of the blockchain platform.

How Does Enjin Work?

Enjin’s purpose is to allow users to store their virtual goods for multiple games. This includes various tokens that represent unique game items such as accessories or swords for characters, as well as in-game currencies. These steps should be followed by developers in order to create and destroy items in the game:

• Acquisition – The developers purchase ENJ
• Minting – Then, developers work on the design of the items using the ENJ they bought
• Gaming – Players earn tokens and use them in the game for several reasons
• Trading – Players trade these tokens with each other
• Melting – Players then sell their tokens for ENJ

To make all these functionalities work, the team behind Enjin has built multiple SDKs. These include kits that focus on payment platforms and wallets. With SDKs, the complexity and price of creating these virtual goods have decreased, and all by giving multiple functionalities to create these items.

Enjin also created something in conjunction with the SDKs, respectively application programming interfaces or APIs. These can help destroy the items.

In order to store and trade their items, players also have an Enjin Smart Wallet. This makes it possible for all of the platform’s features to connect. With this wallet, players have the chance to connect to various games, assess their inventory, and then use their items on the right platform.

They can also make transactions with each other using this wallet. More specifically, they can trade items and coins without being connected to the game. The wallet also makes it possible for them to sell digital goods for ENJ.

Special Features of Enjin

Enjin is quite a special cryptocurrency. Unlike other cryptocurrencies, which only operate as a currency just like dollars, Enjin Coin also focuses on NFTs, games, and different other applications and assets on the platform. It is still tradable just like the other cryptos, but trading is not the only focus.

If you check the Enjin marketplace, you will see specific items listed for sale. You can use these items in games such as Spirit Clash and Lost Relics. If you want to transfer items to another player, you will also need ENJ.

This is a much better option considering that some competitors, like Dogecoin, don’t have any built-in use. This way, ENJ is more viable.

Can You Mine Enjin?

At the moment, there isn’t any way to directly mine the Enjin coin, because it doesn’t operate on its own blockchain. The cryptocurrency exists on the Ethereum blockchain. Therefore, in order to power and secure Enjin, Ethereum miners have to put in a lot of work.

Also, it is important to know that through a process called minting, Enjin can be converted back and forth into NFTs. It’s a very complex process and someone who is starting with this will probably need some time to get accustomed to it.

However, if you love gaming and NFTs, you may be interested in this and be determined to learn how to do it.

How to Buy Enjin

Although you cannot find Enjin on every cryptocurrency exchange, you can find it on large and popular ones such as Gemini, Coinbase, Kraken, and Binance.US.

Binance.US will only offer its services in 43 states, though, so if you are considering Binance, you should check whether you live in a state that allows it.

Here are some things you should know if you intend to buy Enjin:

Wallets

In order to be able to hold your Enjin coins after purchasing them, you must find an Ethereum wallet that has compatibility with ERC-20 tokens. If you already have a wallet, you should check whether it supports this particular type of crypto. This way, you will make sure you prevent errors since these are hardly possible to fix.

You can use a software wallet, hardware wallet, or an existing exchange account, depending on your preferences.

Another thing you can use if you want to is the Enjin Blockchain Wallet. This is a software wallet that works on mobile, and the best part about it is that it was optimized to work with both NFTs and cryptocurrency assets. If you are interested in NFT gaming on the Enjin Marketplace, you will love this.

Fees

When making Enjin transactions, you will pay fees in Ethereum considering it is an ERC-20 token. This is also known as Ethereum gas. Usually, the gas prices will vary based on the size of the transaction, as well as the timing of the transaction. Luckily, several websites feature the latest gas prices. The ETH Gas Station is a website that you should check out.

Transaction Times

When it comes to Enjin, transaction times will vary with Ethereum network congestion. They may take around five minutes to be completed. Then, 20 confirmations will be required.

Read More

• How to Make Money with Cryptocurrency
• How to Withdraw from Binance
• How to Transfer From Coinbase to Coinbase Pro
• How to Transfer from Coinbase to Binance
• How Does Cryptocurrency Gain Value?
• How to Read Crypto Charts

Final Thoughts

Enjin Coin is great, mainly because it is unique compared to other cryptocurrencies. This is because apart from the tradable aspect, you can also use Enjin to buy different in-game items like accessories, weapons, and many others.

This NFT aspect can be very convenient for people who are into gaming and want to obtain unique items.

It is important to know that Enjin coin is not available on all exchanges, but you can trade it on Binance.US, Kraken, Gemini, and Coinbase. Before you start working with Enjin, you should check the gas prices and make sure you are aware of the Ethereum fees.

Frank Gogol

I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.

See author's posts