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Enjin Coin (ENJ) Allows Transactions Between Video Game Economies

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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

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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