What is ENJ? The Ultimate Guide to Understanding Cryptocurrency: Enjin Coin

Tuesday, September 28, 2021 at 4:04pm

What is ENJ? The Ultimate Guide to Understanding Cryptocurrency: Enjin Coin


Enjin Coin (ENJ) is an Ethereum-based cryptocurrency used to directly back the value of next-generation blockchain assets. Enjin adopters can use the platform to create ENJ-backed digital assets and use them in many ways. Users can create new video games or design items that can be sold and used across multiple different video games, without having to write any blockchain code. Enjin is also one of the first projects that started testing the Raiden Network, the version of the Lightning Network.


What is Enjin Coin?

Enjin Coin is a cryptocurrency created by a game hosting platform, for the purpose of in-game purchasing and scalability. Enjin calls it "a decentralized game store". With Enjin Coin, users can play any game, post screenshots, rank players and groups on leaderboards, and instantly purchase virtual items. The company already has a number of million gamers on the platform. Not only can gamers buy items in any game they want, but they can also sell items they create in other games using Enjin Coin. Players can also take the items they sell and use them for the virtual currency in their Enjin store. The company's website said that the goal of Enjin Coin is to "unify game-based economies on the blockchain, bring a new paradigm of game-based economy to the virtual world and unite gamers.


How are ENJ tokens used?

According to the original white paper, the ENJ tokens are used to redeem in-game items in online video games, referred to as items, products, skins, virtual currency, virtual goods or digital currencies. This is referred to as the underlying transaction model of the project. How to Earn ENJ Tokens Enjin Coin tokens can be purchased for Ether or Bitcoin. The main exchanges on which you can buy them are Poloniex and Bittrex. You will be able to redeem the tokens for the digital goods using the ENJ wallet that you create. However, you can only use the tokens to transfer the value of in-game items between users or to purchase additional products.


The Raiden Network

As the name suggests, Raiden uses Raiden blocks to transfer transactions quickly between different nodes. It does this by opening transactions for instant connections, then requires a period of time to confirm that the transaction is valid. During this time, the node becomes inactive and the network only accepts transactions that are confirmed within the time limit. This minimizes the risk of double spending. Before you dive into more detail about Raiden, here is the short overview: Raiden uses a dedicated Raiden “lightning” network to enable fast peer-to-peer transactions of data. This network is referred to as a “ready-to-use” platform, which can be used by the “future” technologies of the Internet of Things (IoT), Smart Cities, and Decentralized Apps (DApps).