What is Enjin Coin (ENJ)?

Enjin Coin (ENJ) is a digital asset and cryptocurrency originally developed on the Ethereum blockchain as an ERC-20 token. It has since migrated to Substrate, a blockchain framework that enables the creation of purpose-built blockchains for scalable and interoperable decentralized applications. This migration is aimed at leveraging Substrate's advanced features, such as improved scalability, interoperability, and customizability, to better serve the Enjin ecosystem—a platform that provides an interconnected, blockchain-based gaming network. ENJ serves as the foundational currency for virtual goods and assets across various video games and websites powered by the Enjin platform, underpinning the value of blockchain assets issued within the ecosystem.

What is Enjin Coin (ENJ) used for?

Following its migration to Substrate, ENJ's use cases have been enhanced by the framework's features, including but not limited to:

Backing of Virtual Goods: Assets minted within the Enjin platform, such as in-game items or collectables, are backed by ENJ, ensuring their real-world liquidity and value.Enhanced Ownership & Trading: Gamers and content creators can truly own, manage, and trade their in-game items and other digital assets with greater efficiency and lower transaction costs compared to the previous Ethereum-based system.Game Development: Developers can utilize ENJ on Substrate to create and manage virtual goods and in-game currencies with enhanced scalability and interoperability options.Staking and Governance: The migration to Substrate may introduce new staking mechanisms and governance models, allowing users to participate more actively in the ecosystem's development and security.

Who created Enjin Coin (ENJ)?

Enjin Coin was created by Enjin, a company co-founded in 2009 by Maxim Blagov and Witek Radomski. Enjin initially focused on providing a gaming community platform before embracing blockchain technology to revolutionize the gaming industry.