Enjin Coin (ENJ) is a smart gaming cryptocurrency powering a game development ecosystem that will enable developers to create groundbreaking, blockchain-based games – and empower gamers with a wondrous concept – true item ownership.
Built by Enjin, the largest social gaming network in the world, with 20 million users spread out hundreds of thousands of gaming communities, Enjin Coin is a project with a single purpose – to fundamentally disrupt the gaming industry.
Enjin Coin is a gaming utility token – built by a 9 years old, established game industry company processing millions of USD per month in virtual goods sales. It will enable crypto-traders to participate in the $115Bn global game industry market, by allowing them to invest in video games, trade high-valued virtual gaming items – or simply profit as the Enjin Coin-powered gaming meta-economy grows and evolves in size and value.
Here’s how it works, explained in five simple steps:
Step One: Acquisition
Game developers acquire a certain amount of Enjin Coin through an official partnership, crowdfunding or a cryptocurrency exchange.
Step Two: Minting
Developers then integrate Enjin Coin into their games, creating, or “minting” virtual goods backed by Enjin Coin. These can be anything – from custom in-game currencies, swords and guns, to spaceships, plots of land, and even entire planets. Every in-game asset can be backed with Enjin Coin – even in-game characters!
Step Three: Gaming
Once the game is released, gamers can complete quests, vanquish enemies, collect resources and refer friends to the game to earn Enjin Coin-based gaming items. They can also use Enjin Coin to purchase in-game items from game developers and from each other.
Step Four: Trading
Gamers keep and own Enjin coin-based items in their private and secure Enjin Wallets. Every trade transaction, whether it’s trading items for items, or Enjin Coin for items, has to be confirmed by the gamer via the Enjin Wallet.
Step Five: Melting
In case they are unable to sell them, players can “melt” their virtual items back into Enjin Coin. Melting is the opposite of minting and acts as an insurance of sorts; it allows both game developers and players to reclaim up to 50% of the item’s Enjin Coin-backed value.