The Enjin platform was founded by Maxim Blagov and Witek Radomski in 2009. It started out as a gaming platform that gained 20 million users. However, in 2017, the company ventured into blockchain technology. It is now an online gaming community creation platform built on Ethereum.
Enjin aims to make gaming easier for developers and players by providing crypto-backed values and tools such as software development kits (SDKs), game plugins, wallets, and virtual item management apps. Gamers and content creators can manage, distribute, and trade their virtual goods within the Enjin platform.
Enjin is powered by the ENJ token. The ENJ token is an ERC-20 token that is used to back the value of blockchain assets created with Enjin.
How does Enjin ENJ work?
Enjin users convert their digital assets into NFT’s using the ERC-1155 standard. These newly-minted NFTs are then bound into a smart contract.
The newly-minted NFT is converted into the equivalent amount of ENJ tokens. When owners want to withdraw their assets, they trade in their ENJ tokens for the same amount their NFTs are worth when they minted it. In other words, the NFT to ENJ conversion rate is equivalent to the original exchange rate when the NFT was minted.
The ENJ token is similar to Bitcoin. It uses a proof-of-work protocol for its validation, so there is a need to mine new ENJ tokens. As of writing, 12.4 million ENJ are in circulation. There is a total of 1 billion ENJ tokens.
Unlike other cryptocurrencies, the ENJ token has a built-in use. The ENJ token is used to power games, NFTs, and other assets and apps on the Enjin platform.
Credits: Imagery used courtesy of: https://enjin.io/
