Enjin Coin News – The Gaming Cryptocurrency

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Last Updated March 14th, 2019

Major news has come in March 2019. The Samsung Galaxy S10 will come with Ethereum wallet support as well as Enjin Coin!

This a a massive development in the crypto gaming world and is no doubt a cause for the rise in price this month.

If you’ve been trying to keep up with the latest developments in blockchain gaming, you’ve probably heard of Enjin Coin, an inter-platform cryptocurrency token designed for online games.

But what exactly is Enjin Coin? How does it work? And, most importantly, is it useful? In this article, we attempt to answer these questions.

Absolute Must Watch Video for 2019 Predictions and News!

Why Enjin Coin (ENJ) Was Created

Before Enjin Coin, there was Enjin Network: one of the most popular site-hosting platforms in the world for Minecraft servers, guilds, and clans.

Enjin Network provided thousands of Minecraft players with the tools they needed to create forums, group chat, voice servers, and more. 

But despite the success of the network, the team realized that there were deep problems in the player-driven economy of Minecraft. Players put hundreds of hours of work into creating “maps” for other players to navigate.

But in order to make money from this content, they had to either use the official Minecraft marketplace and Minecraft “coins” or else try to set up shop on their own using third-party payment systems. 

Using the Minecraft shop increased centralization within the Minecraft economy. This went against the original philosophy of Minecraft of being a decentralized, peer-to-peer game.

On the other hand, using third-party payment systems resulted in high fees and slow payments. This wasn’t a good solution either.

The Enjin Network team concluded that there must be a better way to handle payments between content-creators and players in the Minecraft community, or in any gaming community for that matter.

Before long, the Engine Network team settled on cryptocurrencies as the solution to the problem. Specifically, they decided that the gaming community needed a token based on the Ethereum blockchain and made specifically for gamers.

How Enjin Coin Works

Enjin Coin is an ERC-20 token that exists on the Ethereum network. Most of its features have not been rolled out yet. But in theory, this is how it will work when it is fully functional.

Enjin Coin Smart Contracts

The Enjin Coin system will consist of 6 primary smart contracts. Here is a list of their names:

  • The Mint
  • Payment Gateway Contract
  • Smart Wallet Contract
  • Subscription Contract
  • Custom Coin Registry
  • Toplist Contracts

Because each of these contracts will be housed on the Ethereum network, the Enjin Coin team will not be able to alter them after deployment.

This should guarantee that in-game assets are controlled by players and free of centralization from developers.

Public API

Players will be able to use a Web3 wallet extension such as Metamask to check balances from contracts. However, in order to speed adoption, the Enjin Coin team has also offered to run a public API server that will allow games to display this information to players.

This will allow players who do not have a Web3 extension to participate in blockchain games.

Custom Coin Mints

Games will be able to mint custom coins backed by Enjin Coin. In the current gaming world, players can never be sure how much an in-game currency will be worth in the future.

This poses a problem for new games that are untested. But if a game has the ability to back its currency with Enjin Coin, this should stabilize its currency when compared to other, more established games. 

Redemption System

All Enjin Coins that back a custom coin will be held in the Mint contract. This will take it out of the hands of the game developer and help to guarantee the honoring of redemptions.

This should provide a price-floor under in-game assets and help players to feel confident about holding them.

Non-Fungible Items

Games will be able to create non-fungible (unique or rare) items that are backed by Enjin Coin.

This will be done by encoding item info into the minting action such as what monster it was looted from or the name of the player who looted it.

Use the ERC-1155 token standard to mint unique gaming assets – rare cards, scarce weapons & mighty heroes.

Privilege Tokens

Websites owners and games will be able to use custom coins to delegate powers.

For example, a game may create a custom coin that is a lootbox key, or a website owner may create a coin that allows an advertiser to upload an ad.

For example, a game may create a custom coin that is a lootbox key, or a website owner may create a coin that allows an advertiser to upload an ad.

Is Enjin Coin Useful to Gamers?

Right now, there are no games that use Enjin Coin. If you want to start playing blockchain games immediately, you may want to accumulate ELO, EMONT, or some other widely used gaming coin instead.

But given the planned robust features of Enjin Coin, it may be adopted by more games in the future.

And it may be more expensive in the future than it is today. So if you want to be an early adopter, it may make sense to accumulate at least some Enjin Coin today.

Enjin Coin Wallet

Read our review of the Enjin wallet.

Check it out here if you are looking for ways to store your coin.

Price Prediction

As with most coins this early in the process, it’s almost impossible to say, but with some nice adoption we could see a 8c – $1 Enjin coin by fall 2019.

Google just announced Stadia, their new game streaming platform. Could it one day incorporate Enjin blockchain technology? Only time will tell!

How to Buy Enjin Coin (ENJ)

If you want to buy Enjin Coin, follow the link below:

List of Enjin Coin Games & Telegram Channels

Tom Blackstone
Tom Blackstone is a former salesperson turned tech writer. Before 2014, he sold video games, computers, home theater systems, and other entertainment products. Since 2014, he has been a full time writer. His previous work includes ICO announcements, articles on the history of cryptocurrency, guides to Kodi addons, and more. He has always enjoyed learning about new technology and helping others to understand it. As a former video game salesperson, he also likes to try out new games and review them for others.

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