Blockchain company Enjin made a stir this week after Asia Crypto Today exclusively revealed a rumour the company could be going into partnership with Samsung for their new S10 phone which supports an in built crypto wallet. Enjin it is expected will assist Samsung’s new phone in the sending of crypto assets and the ERC-20 Tokens and ERC-1155 for gaming currency.
The talk surrounding Enjin suddenly took off, as did its coin which shot upwards by almost 200%. The coin which is an ERC20 token built on the Ethereum network has prompted a real bullish response. Yet, with all this recent hype after ACT broke the big news, so little is known about Enjin and its story.
What is Enjin?
Based in Singapore, Enjin is an IT company founded in 2009 which has a focus on gaming and crypto assets/solutions. They are one of the largest gaming community platform and support over 250,000 gaming communities and around 18.7 million registered gamers.
Yet, it is the work on the crypto side which is most interesting. Often seen as merely a crypto currency, Enjin is so much more than that. ENJ’s main purpose and function are as a token that can be used by developers, business people, and entrepreneurs to mint crypto assets. These assets can be used in a multitude of ways, such as: by games as characters, weapons or vehicles; by retail as collectibles, memberships, or vouchers; and by any business that can benefit from rewarding their customers or employees and the gaming assets can be used cross-games in the ‘Multiverse’.
Enjin truly is a one stop company for all things crypto. From their coins, wallets, games, token sharing and usage – they can also help build games, websites, forums, stores, content management systems (CMS).
Maxim Blagov and Witek Radomski are the founders of the company, with lots of experience in the field of gaming technology and development. Perhaps Enjin’s flagship policy is their influence in the gaming market, especially with buying gaming content. The transparent, decentralized blockchain and blockchain-based items created with Enjin Coin allow users to reduce the high fees and fraud that’s rampant in the transfer of virtual goods.
Alongside its Ethereum based coin, Enjin also uses smart contracts, with Payment Gateway Contact, Smart Wallet Contract, Custom Coin Registry, Subscription Contract, the Mint, and ‘TopList’ Contracts. Enjin also hosts a public platform API using the JSON-RPC protocol to facilitate methods like checking account balances and accessing the previous smart contracts.
The coin is pretty much available in most exchanges, and unlike most coins, Enjin has their own wallet. The wallet is available for Android and iOS mobile devices and you can also store BTC, ETH, LTC, as well as all ERC20, ERC721, and ERC1155 tokens in the wallet, with more alternative coins set to be available in the future.
As mentioned previously, the Enjin coin saw a huge jump in the past couple of days. Yet, overall since its inception in late 2017, it has rarely scaled these heights. It followed the market with a huge run up in early January 2018 before falling down in 2018. Enjin Coin is adding the benefits of blockchain though, with the over $17 billion virtual goods economy.
Hopefully, now you have a greater understanding of the Enjin team and what they do in the blockchain space. The company has its fingers in many pies and the biggest potential venture has to be the potential partnerships with Samsung. Watch this space for more Enjin news.
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