by Munly Leong
Earlier this month, Enjin announced our special partnership with Bancor. What will this technology do for you as a gamer?
In simple terms, you can be paid for playing games! Potentially. OK there’s a bit more to it than that. Pull up a chair and we’ll explain.
A game developer can add the ability to earn Enjin Coins in their game. This could happen through achievements, tournaments or finding rare items while playing. These tokens are based on Ethereum’s ERC-20 common standard (meaning they are 100% compliant with its interface) as well as Bancor’s Smart Token protocol. This means all game tokens will be “compatible” with any other tokens built on these standards as long as they all implement the same core features.
The Bancor network is designed to be a reserve, or an intermediary to trade such tokens. Ultimately this means it will be easy to trade or “melt down” anything into a Enjin-based reserve amount in exchange for another token or Ether (Ethereum’s base token). This can then be traded on other exchanges for either Bitcoin or fiat money. Bancor does all this through automated smart contracts (which have preset rates that are constantly updated) and reserve pools that they can dip into even if there isn’t a matching buyer on the other side of the trade. Any ERC-20 standard token that a has large market demand would work but at the time of writing, Ether is the next best thing to Bitcoin in terms of demand. Just to be clear, Bitcoin or Bitcoin-Cash are NOT ERC-20 tokens and are entirely different blockchains and networks.
As Enjin Coin is just starting out, it would be implemented in newer games first, along with plugin-friendly games like Minecraft. However, if the token becomes as widespread and ubiquitous over time as say Steam in terms of developer support, back catalogs of games could be updated to support it too.
It would be entirely possible to take your virtual items and even entire accounts of games you may have played and quit to get some value back to spend in new games. You could even make a modest living playing games without having to do it as a streamer. It may not be just about money, you may figure out that you have more spending opportunities in other games or other services in the crypto world and keep cycling the same Enjin Coin pool throughout multiple games or use gaming time in one game to literally fund playing another. Developers would see a pool of money they’d be losing out on by not embracing it, much like Steam’s large market today.
Do you guys agree that Enjin is bringing a world-first opportunity to all gamers and game developers alike? Skeptical? If you’re the type that enjoys math, spreadsheets and economic modelling we dive deeper into just how things would play out here
Chat with us on Telegram or Slack and visit our website: https://enjincoin.io/
The Enjin Coin Crowdsale starts next Tuesday
The best way to get some of your own Enjin Coins is through the public crowdsale which starts on October 3rd, at 8:00 am (Eastern Time).
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