Enjin Coin is no stranger to digital business ventures. As one of the most popular website providers for guilds, clans and player groups of all types, they are well known in the video gaming community. Their platform offers gaming groups a wide variety of modules to completely customize their site – forums, announcements, events, and calendars. As a result, Enjin hosts over 250,000 separate gaming group sites. As such, it’s no surprise that they are looking to cryptocurrency as their next project.
Their ERC-20 standard Enjin Coin (ENJ) exists to make cross-platform transactions simpler. In the past, the process of buying items within a game is dangerous and rife with fraud. There’s no mechanism in place to impartially ensure that both the buyer and the seller receive their part of the deal. Ethereum’s smart contract capability solves this problem. All parties can agree on the transaction’s terms, provide the items, and the smart contract itself executes the transaction. There is no gray area where the item or money can be taken individually. This eliminates much of the black-market environment that digital item marketplaces currently suffer from.
The Virtual Asset Marketplace
Although virtual asset trading existed before Massive Multiplayer Online Role-Playing Games or MMORPGs, this genre of games made a niche trading system into a global industry. The persistent world and item rarity levels create the ideal ecosystem for real money trading of digital assets. An entire sub-industry of ‘gold farmers’ make a living simply from generating in-game currency as efficiently as possible. However, many of these currencies weren’t designed to extract real-world money from their users. Virtual assets are a different matter.
Blizzard, already well known for World of Warcraft and their gold farming issues, introduced an auction house for their new game, Diablo 3. In this auction house, users could pay real money for in-game items. Theoretically, this should have removed the black-market aspect of item trading. They tweaked the game to make it difficult for players to make money off the auction house. Blizzard later removed the system, but item trading in Diablo 3 remains prevalent.
Enjin’s ENJ token offers a means to trade these assets safely. Users offer up their item or currency in exchange for ENJ, through the platform itself. The automated system within the platform acts as a neutral party, executing the trade only when both sides have fulfilled their transfer. ENJ can then be traded for fiat through cryptocurrency exchanges – or used as a universal currency between gaming platforms.
Enjin Partners with Unity, Minecraft
Of course, the more game developers involved directly with the ENJ project, the better. Enjin’s pre-existing relationships with many major developers helps facilitate this. Recently, the hugely popular Unity gaming engine introduced an Enjin Coin SDK into their development tools. Developers wanting to use ENJ internally within their games can now easily integrate that functionality. Considering the number of games built on the Unity engine, this is a huge opportunity for ENJ.
Similarly, popular culture phenomena Minecraft also introduced their own Enjin Coin SDK. Minecraft modifications, additional content created by users for other users, can now include ENJ transactions as a part of their platform. The ability to pay for premium content with ENJ opens new avenues for the coin, while still maintaining game interoperability.
Unique Applicability as a Cryptocurrency
While most cryptocurrencies jockey to seize the top slot as a digital currency or a smart contract platform, Enjin Coin’s focus is elsewhere. Their use as a specific bridge-currency for virtual assets sets them apart from other tokens. ENJ’s use case is unique, and that uniqueness pays off. Their price per unit recovered nicely after the recent market correction. The associated platform remains in early stages, and a successful release could pay off for early investors.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Died Liu via Flickr
Reasons Why You Are Much Safer When Crypto Trading on Dexes
While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.
During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.
Here are some reasons why you might want to consider doing the same.
1. True ownership of your coins
The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges…
Crypto Billionaire Predicts Massive Price Growth by 2021
Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.
Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.
He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.
However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…
TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level
Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world. Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon. This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs. One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos. TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.
Problems with Centralized Casinos
The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model. And online casinos are no different. It still needs to be said that centralized casinos have proven that there is a great demand for online gambling. The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative. But industries are continually evolving and this one is no different.
A few of the problems facing centralized casinos include the following:
- Little to no transparency
- Consumer lack of confidence
- Privacy concerns
- 48-72 hour wait time for withdrawals
These are four monumental issues that need to be addressed quickly given the global growth of the market. Casinos need to…
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