Are you aware that the fraud rate for in-app purchases is 7.5? Traditional gaming platforms are known to attract scammers and bad actors. Not only this but manipulation and chargebacks happen.
This is bad news for everyone from the game developers to the gamers playing. This can severely damage a game’s reputation (which in the end means losing money). Alongside these issues are slow transaction times, high transaction fees, and your digital assets being locked to a single game.
Thankfully, blockchain platforms like Enjin and cryptocurrencies like Enjin coin are here to change the game. If you’re wondering what Enjin is and the benefits of Enjin coin, we encourage you to keep reading.
What Is Enjin?
Enjin (ENJ) is a crypto gaming community built on the Ethereum blockchain. The purpose of Enjin and Enjin coin is to provide developers with a toolkit to make their lives easier. This toolkit includes things like software development kits (SDKs), wallets, plugins, virtual item management apps, and a payment gateway platform.
When gamers and content creators use the Enjin platform, they can also easily manage their NFTs (Non-Fungible Tokens). This means that in-game items and virtual goods can be traded between different games and across different communities.
You’ll see games like Lost Relics and Spirit Cash utilizing the Enjin marketplace where gamers will list items for sale.
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How Enjin Coins Are Created
Enjin coin runs on the PoW (Proof-of-Work) consensus algorithm. New Enjin coins are created with the aid of miners mining. Much like Bitcoin, Enjin coin miners can use an ASIC unit or GPU to validate transactions for the ENJ network.
Where to Buy Enjin Coin
There is a circulating supply of 834,340,660 Enjin coins with a maximum supply of 1 billion. If you’d like to invest in Enjin, you can buy Enjin with the aforementioned link with either fiat or another cryptocurrency.
Enjin Coin Insights
In order to hold Enjin coin, you’ll need an Ethereum wallet compatible with ERC-20 tokens. You can choose between a hot wallet for more convenience or a cold storage wallet for more security.
Depending on the current level of congestion on the Ethereum blockchain, transaction times for Enjin coin will vary. On average, you can expect your ENJ transactions to take approximately five minutes (needs 20 confirmations).
It is important to note that when you perform a transaction you will also need to pay fees known as Ethereum gas. These gas prices will vary widely as well, so before you perform a transaction, always check the ETH Gas Station.
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Keep the Enjin Running
Has the blog post piqued your interest in Enjin and Enjin coin? We sure hope so! We say the best way to learn is to get your hands dirty and play, so why not try Enjin today?
To keep up with Enjin coin news and various other cryptocurrency and gaming projects, you’ll want to stick around. Read our blog to keep your finger on the pulse in this market.
