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What Is ENJIN Coin?

what is enjin coin

The evolution of the cryptocurrency world cannot be discussed without “ENJIN” coin popping up. The purpose of ENJIN coin, and its advanced features, certainly make it worth talking about.

ENJIN coin (ENJ) is an ERC-20 token traded on the Ethereum blockchain launched by the company Enjin. At first, ENJIN was founded as a network, a community gaming platform, in 2009 by Maxim Blagov and Witek Radomski.

In 2017, ENJIN coin was launched to try and make NFT usage easy for individuals and enterprises. As we all know, there’s a massive buzz around NFTs in the crypto space right now, with many investors seeming to become millionaires overnight.

On November 25, 2021, ENJIN coin reached an all-time high of $4.85. That was during a favourable period for the crypto markets. Today, the ENJIN coin price stands at about $0.90.

Despite the comparatively low current position, there are indications that the longer-term fortunes of ENJIN may be better.

What is ENJIN About

You probably know a little of what this coin is about, but let’s add to that knowledge.

ENJIN is designed to integrate with games. Some gaming platforms are exposed to risks, such as manipulation, scammers, and hackers. Virtual items have been reported stolen. In addition, users sometimes complain about transaction fees and speeds, as well as ‘centralization’ locking assets into a single game.

These all impact on the reputation of the game and platform.

ENJIN was designed to help combat some of these issues and create a safer space for gamers.

Items bought by players with ENJIN can be used in multiple games and can be traded and sold in an online marketplace with ease. In addition, ENJINwallet can be used to buy, sell, and trade NFTs, while ENJIN coins can be used as a currency.

With the ENJIN platform, gamers and content creators can manage and trade their NFTs successfully and easily.

ENJIN tokens run on a proof of work (POW) consensus algorithm, meaning that, like Litecoin, ENJIN tokens are created through mining. The mining process for all cryptocurrencies running on POW is the same. Miners verify their transactions by completing cryptographic equations and then move to the next transaction. For an effective ENJ mining, the best way to go about it is by using the ASIC mining setup.

How To Buy ENJIN

The first step to buying an ENJIN coin is to have an Ethereum wallet compatible with ER-20 tokens. ENJIN coin is available on a range of exchanges.

The amount of coins you buy entirely depends on you. As I always mention, cryptocurrency is a high-risk investment; investing depends on the amount of risk you are willing to take.

Conclusion

While the ENJIN coin value has fallen from its November ’21 high, there is potential for this cryptocurrency. Features aimed at making gaming safer and easier are likely to continue finding favour with gamers. In addition, its use in the NFT space aligns it with a rapidly expanding industry.

Both could contribute to a brighter future for ENJIN coin.

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