What is Enjin Coin?

Enjin Coin (ENJ) is a digital asset that aims to provide a decentralized platform for gaming products. It is a project of Enjin, a company that offers an ecosystem of interconnected, blockchain-based gaming products. Enjin Coin is an ERC-20 token that is used to back the digital assets issued using its platform, meaning that items can be exchanged with real-world value. Every asset minted with the Enjin Platform contains ENJ, a minting resource which is locked inside non-fungible tokens (NFTs) and removed from circulation. This process infuses them with a reserve value, ensures their transparency and scarcity, gives them instant liquidity, and provides utility in games and apps.

How does Enjin Coin work?

Enjin Coin operates on the Ethereum blockchain and uses smart contracts to facilitate transactions. Game developers can tokenize in-game items on the Ethereum blockchain using Enjin Coin. These tokens can be exchanged on the Enjin Marketplace or exchanged for their backing ENJ at any time. As more custom tokens are minted, more ENJ is removed from the ecosystem, thus making it scarcer. Enjin's "melting" functionality allows users to eliminate their blockchain assets at any time to retrieve the ENJ value from within.

What are the potential use cases for Enjin Coin?

Enjin Coin aims to enhance the gaming industry by allowing game developers to tokenize in-game items. This process gives these items real-world value that can be exchanged. It also aims to provide a variety of benefits to creators and users by infusing them with a reserve value, ensuring their transparency and scarcity, giving them instant liquidity, and providing utility in games and apps. Furthermore, Enjin Coin can be used to back the value of blockchain assets like non-fungible tokens (NFTs), which are unique digital assets that can represent various things like gaming items, digital artwork, sports collectibles, and even physical assets.

What is the history of Enjin Coin?

Enjin Coin was first announced in July 2017 and launched on the Ethereum mainnet in June 2018. It is a project of Enjin, a company that was founded in 2009 and has roots in the gaming industry. The company’s first product, a gaming community platform called the Enjin Network, grew to 20 million users over the course of a decade. In 2017, following an initial coin offering (ICO), Enjin established itself as a blockchain ecosystem developer, building a suite of software products that enable anyone to easily mint, manage, exchange, distribute, and integrate blockchain assets. Enjin’s co-founder Witek Radomski wrote the code for one of the first ever non-fungible tokens (NFTs) and is also the co-author of the ERC-1155 Ethereum token standard.