The introduction of NFTs into the world has transformed many conventional notions regarding digital assets. Blockchain technology introduced cryptographic security, and cryptocurrencies facilitate trustless financial transactions without any intermediaries. NFTs use blockchain functionalities and smart contracts for providing unique proof of ownership for digital or physical assets represented on blockchain networks.
As the popularity of NFTs continues to increase, platforms like Enjin have emerged in recent times for enabling easy creation and management of virtual assets on Ethereum blockchain. Does it help in creating NFTs? Can anyone use it for creating and managing virtual assets? Most important of all, what is Enjin? Let us discover the answers to all these questions with an introductory guide to Enjin.
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Definition of Enjin
As the introduction pointed out clearly, Enjin is basically a software that helps developers in creating and managing virtual assets. The software utilizes blockchain technology for facilitating management of in-game items through different properties. It facilitates software development kits or SDKs for creation of digital assets and their integration into applications and games. All the assets created with Enjin NFT feature customizability to ensure a proper fit with the desired platform. In addition, recording the minted asset on a smart contract ensures the value benefits of cryptocurrency, such as security, cost, and speed.
The native Enjin Coin is one of the core highlights in the working of the platform. It is a digital ERC-20 standard asset, which helps in supporting the value of assets created on the Enjin crypto asset development platform. The open source platform offers the perfect opportunity for online gamers and the broader gaming community to gain virtual ownership of goods. In addition, ENJ also focuses on using smart wallets for flexible trading among community members and gamers.
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Working of Enjin Coin
If you want to dive deeper beyond “what is Enjin,” you must take note of the working of its native coin. The native coin is basically an ERC20 token based on Ethereum network secured by Ethereum miners. Therefore, you could not mine ENJ coins independently. The ERC20 standard implies the capabilities of the platform to support transactions as well as smart contracts. In addition, the platform also leverages a unique scalability solution known as Efinity. However, the core highlight of Enjin is the public API and set of SDKs, which offer a broad range of functionalities.
The answers for “how does Enjin work” would obviously draw the focus towards the platform’s primary functionality. The platform offers the necessary capabilities for creating and managing virtual assets. Interestingly, developers can also come up with their own cryptocurrencies supported by Enjin Coin, thereby facilitating easier integration of crypto in the gaming sector.
The native tokens of the platform offer considerably low transaction costs alongside removing intermediaries. Enjin NFT creation platform aims at developing a culture of cooperation, acknowledgment, and enthusiasm. It allows complete control over in-game assets to players and content creators. As a result, gamers are more likely to return and increase the desired engagement for content creators and publish, alongside boosting their income.
Most important of all, Enjin helps in connecting game servers, online gaming communities, and game publishers on one platform. All the participants can use the platform for managing different in-game objects and virtual assets throughout different platforms. The native token, Enjin Coin, provides the ideal instrument for monetizing individual experiences alongside increasing the token’s popularity and value in the gaming communities.
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Distinct Highlights of Enjin
The clear overview of “What is Enjin used for?” shows how it is a productive instrument for creating NFTs and other digital assets. However, it is also important to note how the platform is different from other alternatives for minting digital assets.
Here are some of the unique highlights of ENJ which make it a valuable addition to the emerging digital asset landscape –
Instant Documentation of Transactions
The average block time on the Ethereum network is around 17 seconds. Enjin used tests on the Raiden Network, a variant of the Lightning Network, prior to development of the scaling solution, Efinity. The platform leverages off-chain alerts for offering a highly responsive experience to all users.
Users can receive instant notifications about transaction requests on their smart wallets. Upon accepting a transaction, the platform registers it on the blockchain, and the smart wallets interact with the Trusted Platform API. As a result, it can help in introducing faster updates in a game or web application.
Similarly, ENJ also ensures prompt updates in user’s in-game currency balance. At the same time, the platform also ensures that users cannot spend unconfirmed transactions before the necessary blockchain confirmations. You can find a detailed overview of verified and unconfirmed balances on the platform’s SDK when you display Enjin and other custom assets. Therefore, you can have the most crucial benefit of easy and simple implementation with reliable levels of transparency.
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Smart Contracts and Tokens
All the virtual assets and the Enjin crypto token are ERC-20 tokens, thereby implying the scope for smart contract functionality. With the help of ERC20, you can have the benefit of seamless integration with different Ethereum-based decentralized apps and smart contracts. Some tokens may not have all the standard functionalities and qualify as partially ERC20 compliant.
The downside for such tokens is the limitations on possibilities of allowing third parties to interact with the tokens. Furthermore, smart contracts on Enjin can also offer distinct functionalities such as payment gateway contracts, mint contracts, smart wallet contracts, and custom coin registry and subscription contracts.
Development of Virtual Products and Coin Minting
You can always look for Enjin Coin as the parent currency on the platform. It is a vital asset in the ENJ ecosystem as it helps games and communities for creating unique in-game objects, products, privilege tokens, and currencies. Any individual with in-game assets can convert their value to Enjin coins at the original exchange rate.
Developers can use the coins for minting NFTs. You must remove the desired number of tokens from your wallets alongside locking them in the assets you create. Therefore, you can notice how the platform creates scarcity of the coin while also setting a productive use case for the same.
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One of the significant highlights in answers to ‘how does Enjin work’ refers to the availability of multiple SDKs. You can discover multiple software development kits for different platforms such as Java, Unity, and Android C#. Developers can also explore a promising collection of add-ons like the Minecraft plugin and the Unity plugin, among others.
As a result, the Enjin platform can offer desired flexibility for merging existing projects with the help of add-ons. Developers could also use the SDKs and add-ons on the platform for creating new projects. Most important of all, the platform SDK delivers the simplicity required for creating complicated decentralized payment gateways.
The decentralized payment gateways can provide suitable approaches for designing new payment infrastructures with a limited accounting workload. At the same time, the platform also ensures you focus on safeguarding the trust and confidence among businesses and customers.
Another promising aspect in the features of Enjin refers to the smart wallet, which is a basic blockchain asset wallet. It supports integration with different applications and games. The wallet has an extended array of features and has been downloaded over a million times. Interestingly, the Enjin crypto smart wallet is not just any other crypto wallet.
The wallet offers the facility for creating true subscription services, which can enable server and community owners to offer additional time-limited services. For example, server and community owners can provide time-limited offers for unlocking website content, power-ups, and rankings to their subscribers. In addition, the smart wallet also ensures a link between the user accounts of every trustworthy platform and the Ethereum address of users.
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Developers can find a public Platform API on Enjin, which uses the JSON-RPC protocol. The Platform API helps in checking the account balances of users alongside facilitating access to all smart contracts. As a result, websites can easily display data to users without any web3 wallet extension.
The Enjin NFT development platform also facilitates an escrow-based marketplace among its various features. Multiple participants can transfer in-game assets and currencies with high security in a smart contract-based escrow system. The escrow system would serve as a vital highlight for supporting basic player-to-player exchanges.
The in-game smart wallets can help in identification of suitable item types and completing transactions within a few simple steps. Furthermore, the ENJ escrow system can support the creation of an on-chain marketplace for digital assets. As of now, the platform plans on creating an online marketplace with more than 10 million digital products. Users can explore the marketplace and buy or sell rare and unique blockchain-based assets.
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The final overview regarding Enjin reflects prominently on the innovative nature of the application. Developed as an ERC20 smart contract-based digital asset, Enjin Coin serves as the backbone of the Ethereum-based digital asset creation platform. As of now, you cannot mine the native token of the platform as it is hosted on the Ethereum blockchain network.
On top of it, you have the support of many unique features for making the process of creating and managing digital assets easier. The demand for digital assets is increasing, fuelled especially by the popularity of NFTs. Therefore, a platform for creating virtual assets and NFTs can offer some promising prospects for tapping into the potential of the digital assets landscape.
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*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!