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Enjin Coin (ENJ) Allows Transactions Between Video Game Economies

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Enjin Coin
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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

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social
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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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