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An Introduction to Enjin: The Mine For Virtual Assets

An Introduction to Enjin: The Mine For Virtual Assets

The blockchain introduced a trustless system where two or more parties can trade without the need for intermediates. These transactions are aided by smart contracts — agreements that execute based on predetermined conditions, either it being a transfer of crypto or the sale of virtual assets like NFTs

People who create these assets use highly specialised technologies on blockchain networks to bring their ideas to life. One of such technologies is Enjin. 

This article provides an introductory guide to help you understand how the platform works and some leading companies that have integrated it. 

What is Enjin? (ENJ)

Enjin is a software that allows developers to build and manage virtual items on the Ethereum network. Its goal is to help reduce the high gas costs associated with building on the blockchain.

Enjin also hopes to eliminate fraud activities that have plagued the transfer of virtual in-game items by using blockchain technology to handle the exchanges. 

To achieve its goal, the team behind Enjin has released software development kits (SDKs) that enable developers to create digital assets. The SDKs also allow them to integrate the assets into games and other applications. 

Each asset a developer mints or creates can be customised to fit a specific platform. A smart contract stores the records of each one, including its speed, cost and security. 

The native token on Enjin is ENJ. It is central to managing the digital assets on its platform. Each in-game item minted on Enjin is given a value in ENJ. You can use ENJs to buy, sell, and trade NFTs.

Who created Enjin?

Two developers, Maxim Blagov and Witek Radomski, launched the Enjin Network in 2009 as a community gaming platform. At the time, it had over 20 million users worldwide. 

During the cryptocurrency and ICO boom in 2017, the co-founders decided to branch out into the blockchain world. Their goal was to unite the worlds of video games and blockchain in a new ecosystem.

The company raised $18.9 million in an Intial Coin Offering (ICO) in 2018. It also launched its token, the Enjin Coin (ENJ), in the same year. 

Following its successful launches, the company built several unique blockchain tools and services for the metaverse gaming industry.

It finally built the Enjin platform to allow game developers to create fungible and non-fungible tokens (NFTs) for Web2 and Web3 environments. 

How does the Enjin platform work?

The primary use case for Enjin is to allow game developers to build, manage and store virtual items in video games. 

These may range from in-game currency to tokens representing unique game items such as swords or character accessories.

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Developers must complete the following five processes to build (and delete) in-game items:

  • Acquisition :They buy the ENJ coin.
  • Minting : They design in-game items using the purchased ENJ.
  • Gaming : Players acquire tokens and use them in-game for various functions.
  • Trading: Players trade tokens with each other
  • Melting : Players sell tokens for ENJ.

To support these features, the Enjin team has developed a number of software development kits (SDKs), including wallet and payment platform kits.

These SDKs reduce the cost and difficulty of minting virtual items by providing common functions for creating them.

Enjin has also developed application programming interfaces (APIs) to deploy these items inside the games.

What is the Enjin smart wallet?

Enjin has a native wallet where players can store and trade items. The wallet also connects all of the platform’s features in one place.

Users can use the wallet to do the following: The wallet allows users to: 

  • Assess their inventory to connect to several games and use their items within each game as they desire. 
  • Transact with one another via the Enjin wallet, which allows them to exchange tokens and assets outside the gaming environment.
  • Sell virtual assets for ENJ. 

Major companies that use the Enjin platform 

Several top multinational companies have collaborated with Enjin and use its platform. They include: 

  1. BMW: BMW Vantage app users can convert their BMW Coin reward points into EJN.
  2. Microsoft: the software company uses Enjin technology to run a social rewards program called Azure Heroes.
  3. Samsung: The electronics manufacturing giant integrated the Samsung Blockchain Keystore on its S10 smartphone model into the Enjin Wallet.
  4. Atari: The game developer partners with Enjin to integrate its iconic brand into blockchain games on the Enjin ecosystem.
  5. Unity: the 3D-software company partnered with Enjin to launch an SDK, which allows the 4.5 million developers in the Unity ecosystem to easily integrate the blockchain into their apps and games.
  6. Aave Protocol: users can deposit ENJ tokens into the Aave Protocol and earn interest by lending them to others.  

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