INVESTING

Enjin Coin Explained

Enjin Coin (ENJ) is an ERC-20 token that is traded through the Ethereum blockchain. Its basis Enjin technology is the basis of an ecosystem that supports gaming, NFTs, and other distributed applications.

This company is behind Enjin has a variety of blockchain-related products which include marketplace, wallet and developer platform designed around Enjin Coin. Continue reading to find out more details regarding Enjin and how you can purchase and use it to conduct digital transactions.

 

What Is Enjin?

Enjin can be described as a crypto currency introduced at the end of 2017 by the firm Enjin. 1 Enjin Coin is an ERC-20-compliant token, meaning you can transfer and receive it through the Ethereum wallet. However, Enjin’s technology Enjin is more than able to handle one currency.

Enjin was designed in order to be integrated with games. You can use Enjin Coin as a currency and utilize Enjin’s Enjin wallet to purchase trade, sell, or buy NFTs. For example, players of MMORPGs might purchase an item using Enjin which can be used across several games, and then trade or sold in an on-line online marketplace.

Enjin is the company that runs Enjin is located in Singapore and collaborates with businesses to develop their own solutions using Enjin. Enjin platform.

Special Features of Enjin

A lot of cryptocurrencies are merely a money that can be used like gold bricks or a dollar to trade or store the value. Enjin Coin is similarly tradable however it is more specific in its usage to play games, NFTs as well as other applications and assets that are available on it’s platforms. 

The items that are listed for sale on the Enjin marketplace are able to be used in games such as Lost Relics and Spirit Clash. You’ll require ENJ in order to sell items on behalf of other gamers. This makes it more practical than competing currencies like Dogecoin, which do not have built-in uses. 

Enjin
Inception 2017
Already Mined/ Total Supply (as of July 26, 2021) 934 million / 1 billion
Minimum Investment N/A
Special Feature Created for gaming, NFTs and the Engin platform

 

Can You Mine Enjin?

There’s no way for mining Enjin coin by itself, since it does not operate through its own cryptocurrency. It’s a cryptocurrency on Ethereum. Ethereum blockchain, and Ethereum miners are the ones who do the work of protecting and generate Enjin.

Note

Enjin is able to be converted back and forth between NFTs through a process known as minting. It can be a bit complicated however if you’re interested in gaming and NFTs there’s a possibility that is of interest to you.

 

How To Buy Enjin

Enjin isn’t offered on every cryptocurrency exchange, but it’s accessible on the most the most well-known ones like Coinbase, Binance.US (available in 43 states), Gemini, and Kraken. 

 

Wallets

To be able to hold ENJ to hold ENJ, you’ll require an Ethereum wallet that works using ERC-20 tokens. If you have an existing trading account or software or a hardware wallet, it will likely support this kind of cryptocurrency but make sure you double-check your information prior to sending, as errors will not be fixable.

If you prefer, you can utilize alternatively, the Enjin Blockchain Wallet, a software wallet that works on mobile devices. This Enjin wallet is designed to work with NFTs as well as cryptocurrency assets that is useful for gamers who want to play NFTs available on the Enjin Marketplace.

Transaction Times

The processing time for Enjin will depend on the amount of traffic in the Ethereum network. Enjin Coin transactions can take around five minutes on average, and they require 20 confirmations, as per Kraken. 

Fees and Expenses

As an ERC-20 token Enjin transactions charge fees in Ethereum which is also known as Ethereum gas. The timing and the size of your transaction, prices for gas can fluctuate widely. The most current prices for gas on a variety of websites such as the ETH the Gas Station.

 

Notable Happenings

The Enjin Network gaming platform launched in 2009 and has more than 20 million players. The Enjin Coin was introduced through the Initial Coin Offering (ICO) which resulted in $18.9 million to Enjin and utilized the funds to further expand its blockchain platform.

the authorAaron Krause

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