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ENJ
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Enjin Coin
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The price Enjin Coin today is 2.19 USD, and the trading volume in 24 hours - 541,589,692 USD. The crypto asset has grown by 12.05% over the day. Currently, the coin’s market capitalization is 1,824,739,734 USD, and has 834,340,660 coins in circulation with the max supply of 10,397,610 coins ENJ.

What is Enjin Coin (ENJ)?

Enjin is software that gives developers the ability to create and manage virtual goods in the Ethereum blockchain.

The idea is that by using blockchain technology to manage in-game items in a wide variety of facilities, Enjin can help reduce the high fees and fraud that get in the way transfer of virtual in-game goods and collectibles.

To this end, Enjin has released software development kits (SDKs), allowing users to both build digital assets in Ethereum and integrate them into games and applications.

The centerpiece of digital asset management on its platform is ENJ, the Enjin cryptocurrency, and each game element created on the platform is assigned a value in ENJ.

Who is the founder of Enjin Coin?

The platform of the gaming community Enjin was announced in 2009, the developers of which are Maxim Blagov and Vitek Radomski.

The idea of introducing blockchain into Enjin was first proposed by Radomski after he became interested in Bitcoin in 2012, eventually convincing the company to accept it as a payment option. After learning about Ethereum and smart contracts, he decided he wanted to create his own software integrated with the blockchain. Radomsky is also the author of the ERC-1155 token standard, a new standard for tokens issued by Ethereum, which was introduced in June 2018. 

What makes Enjin Coin unique?

Enjin Coin is unique in that each token issued on Enjin Platform, the company's blockchain asset development platform launched in February 2020, is directly supported by ENJ, providing gaming subjects real liquidity. The company is focused on implementing the project, saying it imagines a future in which millions of players will use digital items supported by Enjin Coin without even suspecting about their existence.

According to the technical document, Enjin Coin uses a number of processes both inside and off the network. When a transaction completes in the Enjin ecosystem, the trusted platform contacts users' smart wallets and the website or game is immediately updated with a placeholder or a non-tradable version of the digital element until the transaction is confirmed by the Ethereum blockchain.

How many Enjin Coin (ENJ) coins are in circulation?

Enjin Coin has a fixed maximum margin of 1 billion tokens. However, as the ecosystem grows and more ENJ is fixed in gaming digital assets, the number of coins actually in circulation will decrease.

The initial coin placement took place in October 2017 and 300 million ENJ was put up for sale - 30% of the total. The ICO raised 75,041 ETH worth $18.9 million at that point. Tokens that were not sold during the ICO were blocked for six months to later use them for public initiatives and marketing.

10% of the total number of tokens were reserved for public initiatives in company, beta testing, marketing and strategic partnership, and another 10% was reserved for team members and consultants. Team members' tokens were blocked for the first six months and handed over for 24 months, while consultants' tokens were locked down for two months and fully released later.

As of February 2021, the company had nearly 834 million ENJ coins in circulation.

How is Enjin Coin network protected?

Enjin Coin is an ERC-20 token issued on the Ethereum blockchain, meaning that any intra-chain ENJ transactions are verified and protected by the Ethereum network using the Proof-of- consensus algorithm Work. Miners compete among themselves to add new blocks to the block chain, and most of all nodes in the network must confirm the record for publishing it.

Basic smart contracts on which Enjin Coin operates have gone through several audits, including by Ethereum developer Matthew Di Ferrante in September 2017, smart contract auditor and developer ZK Labs in early 2018 and Castillo Network in July 2019.

In October 2020, Enjin launched a bug reward program through information security company HackerOne.

Summary

  • To own your crypto assets, you need to manage your own private keys.
  • Ledger hardware wallets make private key management easy and secure.
  • Each unique 24-word recovery phrase creates a new set of private keys.
  • Make sure you secure your 24-word recovery phrase properly.
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