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What is Enjin Coin (ENJ)?

Enjin Coin, developed by Enjin, is integral to a comprehensive blockchain-based gaming ecosystem. Enjin's primary offering, the Enjin Network, is a social gaming platform that facilitates website and clan creation, chat, and virtual item store hosting. The project empowers game developers to tokenize in-game items on the Ethereum blockchain, utilizing Enjin Coin, an ERC-20 token, to back these digital assets. This setup allows items to possess real-world value and be traded, bought, and sold.

Initially announced in July 2017, Enjin Coin was launched on the Ethereum mainnet in June 2018. It functions as a digital store of value, providing backing for blockchain assets such as non-fungible tokens (NFTs). Each asset created using the Enjin Platform contains ENJ, a minting resource locked within NFTs to infuse them with value, transparency, scarcity, liquidity, and utility in games and apps. Enjin employs a "melting" feature that enables users to destroy assets to retrieve the ENJ value within.

Enjin, founded in 2009, has its origins in the gaming industry. Its flagship Enjin Network platform garnered 20 million users over a decade. Following an ICO in 2017, Enjin transitioned into a prominent blockchain ecosystem developer, creating a suite of software tools for easy asset minting, management, trading, distribution, and integration. Co-founder Witek Radomski pioneered NFTs and co-authored the ERC-1155 Ethereum token standard.

Operating on an on-chain infrastructure, the Enjin ecosystem empowers developers and businesses to incorporate tokenized digital assets into their acquisition, retention, engagement, and monetization strategies. The ecosystem relies on Enjin Coin (ENJ), a cryptocurrency that provides value backing for blockchain assets.

Who are the founders of Enjin Coin?

Enjin, established in 2009 by Maxim Blagov and Witek Radomski, initially began as a gaming community platform. Maxim Blagov assumed the role of CEO, overseeing the company's creative direction, while Witek Radomski became the Chief Technical Officer, responsible for the technical development of Enjin's products. Blagov brings expertise in creative direction, marketing, and software project management and design.

The concept of integrating blockchain technology into Enjin originated from Radomski. His interest in Bitcoin (BTC) sparked in 2012, and he proposed the idea of accepting it as a payment option for the company. Radomski's fascination with Ethereum and smart contracts led him to envision creating his blockchain-integrated software. He later became the proponent of the ERC-1155 token standard, a novel standard for Ethereum-issued tokens introduced in June 2018 and finalized in June 2019. This standard is utilized for minting both fungible and non-fungible tokens.

What makes Enjin Coin unique?

Enjin Coin possesses a distinct feature, as explained by co-founder Radomski. Within Enjin's blockchain asset development platform, known as the Enjin Platform, which was launched in February 2020, each token minted is intrinsically backed by ENJ. This unique attribute imparts real-world liquidity to in-game items. Likewise, Blagov, the co-founder, has emphasized the company's primary focus on adoption. He envisions a future where countless gamers use digital items backed by Enjin Coin, possibly unaware of its existence.

Enjin Coin's operational mechanism involves a series of smart contracts. Game developers direct ENJ to these contracts to create new, distinctive fungible, or nonfungible ERC-1155 tokens. These tokens can be traded on the Enjin Marketplace, introduced in September 2019, or exchanged for their underlying ENJ at any given moment. As the creation of customized tokens increases, more ENJ is withdrawn from the ecosystem, thereby enhancing its scarcity.

The Enjin Coin protocol employs a combination of on-chain and off-chain processes, as detailed in its whitepaper. When transactions are executed within the Enjin ecosystem, a Trusted Platform interacts with users' smart wallets, and the respective website or game instantly updates with a placeholder or nontradable version of the digital item. This placeholder persists until the Ethereum blockchain verifies the transaction, ensuring its validity.

Explain the network security of Enjin Coin.

Enjin Coin is an ERC-20 token issued on the Ethereum blockchain, meaning that any on-chain ENJ transactions are validated and secured by the Ethereum network using a proof-of-work consensus algorithm. Miners compete with each other to add new blocks to the blockchain and a majority of all nodes in the network must confirm a record for it to be posted.

The underlying smart contracts that power Enjin Coin have undergone several audits, including by Ethereum developer Matthew Di Ferrante in September 2017, smart-contract auditor and developer ZK Labs in early 2018, and Castillo Network in July 2019.

In October 2020, Enjin launched a bug bounty program via information security company HackerOne.

What are the recent developments of Enjin Coin? 

Updates have been introduced across various aspects of the Enjin ecosystem to enhance functionality and user experience:

Extrinsic Migrator Enhancements: The Enjin Blockchain development team has improved the extrinsic migrator, allowing for the resumption of migrations over multiple runs, with internal fixes in place. Size Optimization for MultiTokens Pallet: The size of the call enum generated by the MultiTokens pallet has been reduced, ensuring it stays within defined limits. Dependency Update: Dependencies have been updated to version 0.9.43, integrating the latest requirements enhancements to improve overall performance. Governance Configuration Update: Governance configurations have been updated to adapt to changes and enhance the functionality of the system.

Enjin Wallet 2.0: Enjin Wallet 2.0, available for Android and iOS, offers a comprehensive crypto and NFT mobile app experience. An internal build for Migration, Staking, and Early Bird Staking features has been released, with thorough testing by the Quality Assurance team to ensure a successful production release. Additional quality-of-life improvements have also been made.

NFT.io Marketplace: NFT.io serves as a marketplace for NFTs, equipped with user-friendly features. Social links for collections have been added, enhancing engagement and connectivity. User wallet and balance displays have been upgraded to provide a more intuitive experience, and the search bar has been improved for quicker token searches within collections.

Enjin Tooling and Platform: The Enjin Platform, designed to streamline blockchain integration, has undergone updates. These include enhanced unit test coverage across all packages, improved GraphiQL Docs browsing for easier exploration, and a streamlined RequestAccount and VerifyAccount flow. Single-use codes for Beam claims offer more flexibility in token distribution, and the Marketplace package has been added to the Platform UI for access to all platform features. Plans for the Ethereum ERC1155 Asset Migration Package are in progress, aimed at further quality-of-life improvements and fixes.

These updates collectively contribute to refining the Enjin ecosystem, making it more efficient, user-friendly, and robust.

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