Enjin Coin is now admitted to trading on SCX
To understand why we have listed Enjin Coin (ENJ) as one of the first utility token on our platform, we have created a blog post to get to know Enjin better.
What is Enjin Coin?
The World’s First Deflationary Minting Resource
A true utility token, Enjin Coin (ENJ) is the world’s first deflationary minting resource, primarily used to create ERC-1155 tokens with Enjin’s blockchain game development platform. Developers building games, apps, and software can use Enjin’s development tools to create, integrate, and manage ERC-1155 tokens using the program languages they’re already familiar with, or by utilizing intuitive graphical interfaces like the Blockchain SDK for Unity, Java, and Godot.
This means Enjin Coin is more like gold, steel, or diamonds than Bitcoin or Euros. As more ENJ-backed ERC-1155 tokens are integrated into mainstream platforms, more ENJ is staked and locked up inside those assets. This further reduces supply and increases demand, creating sustainable upward momentum for the utility token’s valuation.
Put simply, every developer who adopts the Enjin Platform will convert their user base into ENJ holders.
On the Cusp of Mass Adoption
In March 2019, Enjin released their highly-anticipated Blockchain SDK for Unity, enabling millions of Unity developers to create and integrate blockchain assets through a graphical user interface.
In addition to the Blockchain SDK, the leading Ethereum-based development team also launched the Enjin Platform, a robust, powerful suite of tools and services that enable developers to create and manage blockchain games with all popular coding languages. This launch provides the world’s 26 million developers access to integrate blockchain into any type of software using the popular programming languages they are already accustomed to — making the use of blockchain technology easier and more accessible than ever before.
With the launched Testnet version of Enjin’s blockchain game development platform, developers are able to start building immediately, without the need to acquire any ENJ or Ethereum (ETH) for minting or gas fees. Currently, over 7,000 users have already registered to use the Enjin Platform.
The team has confirmed that the Mainnet launch of their tools will occur in early Q3 2019, which will enable developers to integrate on-chain Ethereum ERC-1155 assets into their games, apps, and websites — without writing a single smart contract. Developers will need to acquire ENJ to mint assets on Mainnet.
Prior to launching the Enjin Platform to the public, Enjin received hundreds of applications to their early adopter program which gave selected developers access to a closed beta version of the Enjin Platform. Through this program, nearly 50 selected games, apps, and websites are now using the unreleased version of Enjin’s tools to create and integrate ERC-1155 assets. Over 66 million ERC-1155 assets containing more than 10.5 million staked ENJ (approximately 1% of ENJ’s total market cap), had already been minted prior to the public launch of the Enjin Platform.
ERC-1155 Token Standard
ERC-1155, also known as the “Multi Token Standard,” natively powers the Enjin ecosystem. In June 2019, exactly one year after being proposed by Enjin CTO Witek Radomski, it reached final status and was adopted by the Ethereum community as the accepted standard for minting fungible and non-fungible assets. The development community can now build applications that integrate ERC-1155 assets with full confidence that the current standard is future-proof.
ERC-1155 enables users to mint and infinite number of both fungible and non-fungible assets in a single smart contract. By minimizing the amount of code required to mint each individual token, ERC-1155 significantly reduces gas fees, as well as the ever-growing bloat of duplicate ERC-20 and ERC-721 code that will remain on the Ethereum blockchain forever.
Ingrained in the Gaming Industry
Since its founding in 2009, Enjin has been deeply involved with the gaming industry. The same year, the company launched a gaming community platform called the Enjin Network and has grown it to more than 20 million users over the course of a decade. Enjin’s development and executive teams are lined with AAA-developers with decades of tenure at global gaming institution such as EA, Activision, BioWare, and IO Interactive.
Enjin also has an official partnership with the creator of the world’s leading game engine, Unity Technologies, who is promoting Enjin’s blockchain development platform to the 5.5 million developers using Unity. Enjin’s Blockchain SDK is regularly featured on the front page of the Unity Asset Store and will continue to be throughout the course of the next year. Enjin also has a multitude of other publicly announced partnerships and has alluded to many more partnerships in the pipeline.
Learn More
Enjin Blog: blog.enjincoin.io
Enjin Support Center: support.enjin.io
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