What is Enjin Coin (ENJ)?
Enjin is a software that gives developers the ability to create and manage virtual goods on the Ethereum blockchain.
The idea is that by using blockchain technology to manage in-game items across many different properties, Enjin can help reduce the high fees and fraud that have plagued the transfer of virtual in-game goods and collectables.
Toward that goal, Enjin has released software development kits (SDKs) allowing users to both create digital assets on Ethereum and integrate them into games and apps.
Each minted asset is customizable to fit the desired platform and recorded in a smart contract, giving the items the advantages of cryptocurrency, namely speed, cost and security.
Central to managing the digital assets on its platform is ENJ, Enjin’s cryptocurrency, and each in-game item created on Enjin is assigned a value in ENJ.
If you wish to keep up with the project, Enjin keeps users updated on the status of its roadmap through its official website and blog.
How Does Enjin Work?
Enjin’s main use case is to enable users to manage and store virtual goods for games.
These can range from in-game currencies to tokens representing unique game items like swords or accessories for characters.
To create and destroy in-game items, developers complete the following five steps:
- Acquisition : Developers buy ENJ
- Minting : Developers design in-game items using the purchased ENJ
- Gaming : Players acquire tokens and use them in-game for various functions
- Trading : Players trade tokens amongst each other
- Melting : Players sell tokens for ENJ.
The Enjin team has built a variety of SDKs to enable these functionalities, which include kits focused on wallets and payment platforms. (These SDKs minimize the cost and complexity of creating virtual goods by offering common functionalities for creating these items.)
In conjunction with their SDKs, Enjin has also created application programming interfaces (APIs) to help deploy these items in game.
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Cryptocurrency