What Is Enjin?
Enjin Coin is a cryptocurrency designed for virtual goods and developed by Enjin, the largest online gaming community platform. It aims to be the most usable cryptocurrency in the gaming industry and is built on the Ethereum network. It is an ERC20 token that also has smart contract capabilities. The coin and its suite of Software Development Kits (SDKs) bring blockchain to gaming, reducing fees and fraud in the transfer of virtual goods.
Background
Established in 2009, Enjin is a significant player in the online gaming community platform with over 250,000 gaming communities and 18.7 million registered gamers. The company transacts millions of U.S. dollars each month in their community stores. The Enjin team is deploying Enjin Coin across its entire platform. Notable advisors to the project include Ethereum co-founder Anthony Diiorio and former Bioware technical director Pat LaBine. The team successfully raised approximately $35 million in an ICO in late 2017.
How It Works
Developers can create a unique currency for their gaming communities, backed by Enjin Coin. This gives the coins the benefits of the blockchain (speed, cost, security, etc.) while remaining customized to their respective platforms. Enjin has partnered with Unity, PC Gamer, and NRG eSports, and has developed tools like TopLists, a decentralized smart contract feature for ranking games, servers, and teams. List creators earn tokens when users vote on their list, providing an incentive for promotion and marketing.
Key Takeaways
- Enjin Coin is a cryptocurrency built on the Ethereum network, designed specifically for virtual goods in the gaming industry
- Created by Enjin, a major player in the online gaming community platform with over 250,000 gaming communities and 18.7 million registered gamers.
- The Enjin team is integrating Enjin Coin across its entire platform and successfully raised approximately $35 million in an ICO in late 2017.
- Developers can create a unique currency for their gaming communities, which is backed by Enjin Coin, providing them with the benefits of blockchain technology.
- Enjin has partnerships with Unity, PC Gamer, and NRG eSports, and has developed innovative tools such as TopLists, a decentralized smart contract feature for ranking games, servers, and teams.
