Enjin Blockchain is an advanced ecosystem based on blockchain technology developed primarily for the gaming industry. Based on a proprietary blockchain network, Enjin offers unique solutions that revolutionize the way the gaming community interacts with digital assets in games.
In today’s lesson, we will look at the aspects of the Enjin Blockchain, from the technological foundations to the impact on the gaming industry.
What is the Enjin platform?
The Enjin platform is a sophisticated ecosystem that focuses primarily on gaming and enables the creation, distribution, storage, trading, and even integration of tokenised digital assets.
The project was created to provide its users with a range of products that allow anyone to enter the blockchain world, regardless of their level of expertise. The developers of the project took a user-first approach. As a result, they created the best all-in-one tokenisation platform.
The project, which is based on Ethernet technology, was launched in 2017 as a platform to bridge the gap between games and blockchain technology, mainly NFTs. This allowed game developers to create virtual resources and non-exchangeable tokens in their games. However, a lot has changed since the release of Enjin Blockchain. The Enjin ecosystem is now more than just a platform focussed primarily on gaming.
In addition to gaming, use cases of the Enjin ecosystem have found their way into the fields of art, sports, collectibles, and even the tokenisation of real-world items, among others.
The Enjin project grew its player community to around 18 million users in just a decade. This was followed by ENJ`s first offer, which raised almost 19 million dollars for the project. Since then, Enjin has evolved from a niche platform for gamers to one that offers NFTs to individuals and businesses.
The project itself is growing rapidly and has already managed to launch two more projects since 2017, which are an integral part of the ecosystem.
The first is Efinity. It is an offshoot of the Polkadot network and was launched on 12 March 2022. It is described as an “inter-chain NFT superhighway” This sidechain allows you to use multiple digital resources across multiple networks integrated into the Polkadot ecosystem. In addition, it will enable fast and free transactions, both with ERC-20 and ERC-1155 tokens.
The second project is JumpNet, to which we dedicated a separate lesson. It is a side chain of the Ethereum ecosystem, which aims to solve the problems of high gas fees.
Interesting fact: Enjin started as a gaming community host in 2009. Its founders were Maxim Blogov and Witek Radomski.
How does the Enjin Blockchain work?
You have to remember one very important thing – Enjin is not a tier 1 blockchain. In practise, this means that it does not have its own consensus mechanism and uses the Rainden Ethereum network. So we pay fees for every transaction in ETH. Using the Raiden Ethereum network makes it much easier to operate Enjin.
Let us now look at how the Enjin gaming ecosystem works, although the project itself has more use cases. But let us focus on that, because the integration of NFTs into games is the core offering of this ecosystem. So how do NFTs work in the Enjin network ecosystem?
- At the very beginning, developers must acquire a certain number of Enjin tokens. This is necessary before any Enjin NFT can be minted.
- The design of digital assets then takes place. Interestingly, developers can use the free Enjin platform to create something like a custom coin or a kind of NFT. Those who are interested in doing so do not need to have knowledge of coding or blockchain. Any details on the number and type of digital assets are up to the developer. However, note that each asset can have a certain number of ENJ tokens.
- The next step is to mint digital assets. When they are ready for use, they are minted by the developers. How do they do it? By using a smart contract on the blockchain, Enjin, of course. A given smart contract stores a certain number of ENJ coins and in exchange for it tokens digital assets. This means that the cryptocurrency ENJ now supports these assets.
- Then we move on to trading. Once the assets are tokenized, then users can earn them in games or buy them in other dedicated markets. They can also trade them with other users or players.
Interesting fact: The Enjin ecosystem also offers its users a function such as “melting”. If the value of a certain digital asset drops rapidly (it is no longer worth the value of the Enjin token backing it), the user can “melt” it. Melting means that an asset is removed from the blockchain and the ENJ tokens that served as collateral are recovered.
In addition to NFTmelting, it is worth looking at other applications of the project. Enjin is the first project to start testing and using the Raiden Network. It is a version of Ethereum’s Lightning Network. In addition to knocking out NFT, the Enjin platform provides:
- A multitude of SDK resources. The Enjin platform provides development kits for Unity, Java, Godot and more. This allows developers and programmers to easily integrate their existing products with brand new ones.
- We also have a marketplace. That is, an online marketplace with more than 10 million digital items that allow users to discover, buy and sell unique assets on the blockchain.
- The ecosystem also includes Enjin Beam, a digital asset distribution system. It allows developers to send thousands of NFT/FT to users via simple QR codes.
- We also get a intelligent wallet. It connects to games and apps. It is one of the most functional digital wallets in the world.
ENJ token – the heart of the ecosystem
Enjin has its own cryptocurrency, ENJ, which is at the heart of the ecosystem. ENJ not only serves as a means of payment in games, but also has a unique feature – it is “sunk” into digital assets, meaning that every digital asset is guaranteed to have the right amount of ENJ in the asset. This security gives digital assets value in the real world.
The ENJ token itself is based on the ERC-20 standard and is, of course, built on Ethereum. ENJ is used to buy, sell, trade and verify digital assets, mainly in games. It aims to increase their value and authenticity. The main task of ENJ is to link digital objects with tokens, based on chain of blocks. As we have already mentioned, it increases the value and authenticity of items through this procedure.
Enjin Coin supports inter-game functionality. In practice, this means that items acquired in one game can be used in other games that support ENJ. This allows players to use their resources in multiple games.
ENJ also has a “melting” function. It allows players to convert digital items that fall in value into EnJ tokens. It’s a simple way to liquidate your assets for cash.
Enjin Blockchain’s impact on the gaming industry
Enjin enables game developers to create and manage digital assets that can be used in different games based on the Enjin Blockchain. By using the ERC-1155 standard, these assets are interoperable, meaning they can be transferred between different games. This opens up new perspectives for players, allowing them to use the same assets in different virtual environments.
These are revolutionary changes that take the players into new dimensions. The project itself introduces new economic models, which in turn make it easier for developers to create more complex economic systems based on digital assets.
Summary
Enjin Blockchain is an innovative platform that redefines how gaming communities and developers integrate digital assets into games. Its technological foundations, the use of the ERC-1155 standard, the role of the ENJ token and its impact on the gaming industry make Enjin a key player in the transformation of the digital gaming landscape.
However, it should be noted that Enjin focuses on more than just games. Although the platform started as a gaming ecosystem, we should not forget that it has other, equally interesting applications.
