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Cryptocurrencies

What is ENJ Token by Enjin?

The blockchain assets developed on the Enjin Platform are backed by the ENJ coin. ENJ is a ERC-20 token backed by Ethereum which can be easily bought or sold in exchange for fiat and other crypto assets.

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Who Created $ENJ?

Enjin is an ecosystem that fosters development, trading, monetization and marketing of integrated products on blockchain. The Enjin Network was launched in 2009 which is a gaming platform for the community that entertains 20 million users. The successful ICO launched by Enjin in 2017 raised $18.9 million that enabled the platform to create a suite of blockchain products that form their ecosystem. 

These products include Marketplace, Wallet, Beam, and other tools and services that facilitate game developers and studios to leverage tokenized digital assets to use in their strategies to acquire, retain, engage or monetize.

How $ENJ Works?

Enjin platform utilizes a significant amount of valuable capacities and highlights by leveraging its SDKs and the open API. These are inclusive of:

  • Game developers of any game can develop a currency backed by ENJ token which will provide the same benefits as the Enjin (ENJ) token like value, security and exchange speed. These may be changed and used to purchase virtual products allowing network clients to push these advanced resources over stages. These tokens are compatible with Enjin Smart Wallets. 
  • Enjin has an exclusive decentralised exchange gateway that provides a complete scope of capabilities for users. These include solicitations, discounts, etc. These capacities are implemented during the stage of computer games with the assistance of Enjin widget which is responsible for acknowledging all installments. For this, a nominal amount of ETH is charged.
  • Smart wallet. This is the focal segment of the whole framework since it’s matched up with the client’s Ethereum wallet address and permits moving virtual products through Trusted applications. It has a cross-stage application since resources and products can be sent outside a specific gaming condition. It’s finished with the assistance of an exchange demand – another client needs to acknowledge it, and the exchange will be performed consequently.
  • Efinitiy is a channel exchange arrangement that was announced in 2018 for the scaling of the Enjin organization. It executes various game channels where a boundless number of exchanges can be performed with nearly non-existing expenses.

It abandons referencing a main part of other helpful highlights, for example, workers, games, escrow accounts, online stores, membership choices, etc.

Benefits of $ENJ Token

  1. Enjin Token holders become a part of an ecosystem where a large number of players from everywhere all over the world come together.
  2. Enjin provides a range of services like escrow, smart contracts, one-for-all wallet, and transferring of merchandise.
  3. Presently, Enjin works together with the monsters of the IT and gaming industry, for example, Samsung, Unity, PC Gamer, and a couple eSports brands. The rundown of partners is continually increasing which permits Enjin to rethink the nature of gaming experience.

Enjiin (ENJ) is also available at LCX Exchange. 

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