Enjin Coin: Launch of Testnet and More

Enjin Coin is a digital token used for buying virtual goods on a blockchain development platform which was developed by Enjin. Enjin is a company that was founded in 2009 and is based in Singapore, being a prolific member of the gaming industry which, aside for the creation of the Enjin Coin, also established the Enjin Network.

The Enjin Network is a CMS & eCommerce platform which is focused on gaming, having more than 20 million users from over 250,000 group gaming communities and thousands of games.    

The Enjin coin was entirely built around gaming with the objective of it being the most operational cryptocurrency in the gaming world. In addition to Enjin Coin, the projects also feature a set of software development kits (SDKs) which developers can incorporate into their games and communities.

The integration of blockchain into gaming will help decrease the high fees and fraud that’s predominant when digital assets are transacted.

Features

Enjin Coin is an ERC20 token that runs on the Ethereum network. The token is not only used as an in-platform cryptocurrency but also as a way of deploying smart contracts. It is also among the first projects to test the Raiden Network, Ethereum’s version of the Lightning Network.

Enjin Coin also grants its holders access to various services: digital asset stores, subscription services, trading escrows, items, teams, servers, and games.

On the platform, developers can easily develop a currency that is used exclusively in their community, being backed up by Enjin Coin as the parent currency. Therefore, while staying customized to their respective platforms, the coins will have all the benefits of the blockchain (for example, speed, cost, security, etc…).

The Enjin Coin platform provides a wide list of features by implementing its public API and SDKs. The Enjin Coin SDK comprises a decentralized payment gateway. Considering this, the user has the ability to create customized carts, invoices, refunds, and many others.  

Enjin Coin’s core Smart Contracts serve as the base on which all of their blockchain technology functions, and said smart contracts can be deployed on the Ropsten Testnet.

Ropsten acts just like the Ethereum blockchain, being used by developers for beta-testing new smart contracts before introducing them on the actual live network.

The launch of their testnet proved to be good news for developers using the platform. The mainnet will be launched soon, together with their Unity plugin which will facilitate adoption from up to 4.5 Million game developers and will allow them to create crypto items that can be compatible with iOS, Android, Playstation, Xbox as well as 20 other mainstream platforms.

Enjin Coin (ENJ)

The Enjin platform issued a total supply of 1 billion Enjin Coins (ENJ), out of which around 756 million are currently in circulation. The team allotted 80% of ENJ to token sale contributors and distributed the rest of the tokens between the team, advisors, and incentive programs.

When users develop custom virtual items, the equivalent value in ENJ is removed from the environment, thus decreasing the tokens available in circulation. As a result, this should lead to an increase in the value of ENJ tokens.

Conclusion

Enjin Coin is an ingenious project that brings the benefits of blockchain to the virtual goods market, aiming to prevent fraud in the gaming industry and offer game developers an ideal environment in which they can create digital goods.

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