Posted 12 months ago | by Ben Armstrong
Enjin Wants to Change the Game Forever
Much has been said about gaming being the gateway for blockchain and cryptocurrency mass adoption, with a lot of data supporting such claims.
Gaming has seen a rise in profit and investment for technology companies with the industry surpassing both the movie and music industry combined.
The gaming industry still has plenty of space to grow with the increasing popularity of both Esports and casual gaming booming amid the COVID-19 pandemic.
According to the Entertainment Software Association (ESA), 75% of Americans have at least one gamer in their household, and 65% of American adults play video games.
Blockchain-Powered Gaming has Massive Potential
Enjin, the leading token in the gaming ecosystem, was launched back in 2009 with a focus on the creation of collectible items truly be owned by the player, making the jump to the blockchain world later in 2017.
The platform is taking advantage of gaming demographics which estimate that around 67% of the global population in the following 4 years will be gamers and keep increasing afterward which results in massive potential if capitalized on.
The platform uses the Enjin Coin in its gaming blockchain network with collectible items being created as ERC1155 tokens that can be used across multiple videogames.
These tokens mostly consist of collectible art and assets, but they can take the form of assets and in-shop coupons if the developer wishes to do so.
A New Way for Gamers to Manage Their Inventory
The user of Enjin ERC1155 provides players with true ownership of their items with transactions that can't be censored or controlled by a centralized entity, which would be the case with most videogames where the developer has control over the ecosystem,
The ability to sell or trade items instantly and integrate with decentralized exchanges provide users with a convenient exchange of value.
Players can get rid of their unwanted digital items by converting them into Enjin Coin in a way similar to Steam’s gems, which provides items with a reserve value.
The existence of a single wallet for all digital assets is convenient for users who play multiple videogames, providing them with easy access using the Enjin wallet.
Fraud and Scams are a Thing of the Past
Enjin’s platform incorporates ERC-1155 smart contracts that can be fungible or non-fungible depending on the kind of assets, working as a combination of ERC-20 and ERC-721.
This flexibility enables developers to transform common items available to all players as well as exclusive drops or rewards only available to a few or single players into an ERC-115 token to enable a transfer.
This protocol also ensures transparency in transactions which helps on the prevention of fraud and scamming in virtual trades which has been a big issue in other platforms, allowing gamers to trade confidently.
Enjin is currently planning the unveiling of Efinity, a technology similar to Bitcoin’s Lightning Network that will allow games to handle an infinite volume of transactions with near-zero transaction fees at high speed.
Developed by Gamers for Gamers
Enjin was born as a gaming community creation platform instead of a blockchain network, which means the company has a strong community already and understand the gamer’s needs and desires.
With 60 Million monthly page views and 18 million registered users before the creation of Enjin Coin, Enjin was able to fuel its coin adoption and continues to do so with new features being constantly rolled out.
Enjin CTO, Witek Radomski, is recognized as having introduced the premier digital collectible token standard ERC-1155 and has been a strong figure in the gaming community.
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