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All You Need To Know About Enjin Coin - ENJ

BitForex Editor
Mar 17, 2021

Since cryptocurrencies came into the fold, diverse systems have benefited one way or another and are still helping. With blockchain technology, users are being treated to whole new security and the privacy level and privacy.

Since the inception of the non-fungible tokens (NFT) in 2017, they were relatively unknown. But just last year 2020, they have been on a steady rise based on popularity and brands of all kinds being built around it. As you should know, NFT is exchangeable digital assets that can be carried in any area of the globe. With such freedom being permitted, clients can comfortably build a brand and welcome new clients effortlessly from any part of the world. This is the case of some blockchain-based services with the Enjin coin (ENJ) inclusive.

The Enjin Coin (ENJ) is indeed the first gaming cryptocurrency that has been given the green light to operate in Japan's nation. The countries body in charge of cryptocurrencies exchanges, the Japan Virtual Currency Exchange Association (JVCEA), has deemed the Enjin coin fit enough to carry out operations. With such approval being welcomed, the ENJ can be bought with the country's currency, the Japanese Yen.

This article shall enlighten you on everything about the ENJ, from what it is, how it works, and why it is essential to purchasing the ENJ. But first, let's find out what it is.

What is Enjin Coin?

Enjin coin, made for gaming purposes, is a cryptocurrency coin created by Enjin. They are by far the largest in the gaming industry as they have helped just under 20 million players to enable them to interact with their preferred system games. The Enjin team is working tirelessly to enable the coin to revolve around gaming concepts. The target is that it would be the most sought-after currency for the industry.

How Enjin coin (ENJ) works

The ENJ coin is an ERC20 token created on the popular network, Ethereum network. Also, the project functions on two fronts. First, as a cryptocurrency, and secondly does include smart contract abilities. The ENJ does include many features, with it passing through the SDKs and the public API. However, we shall discuss some of the features.

Smart wallet: The component where everything is linked together in what is called the smart wallet. With the use of a smart wallet, trading coins and other items not included in the gaming environment are possible, provided the user has a smart wallet. Before a party can either accept or reject a transaction, they must first have to send a transaction request. Plus, it is very much possible to prevent unauthorized transactions from happening by ensuring rules and thresholds are set.

Efinity: In order for the Enjin to be more effective, the Enjin coin team made plans for efinity around 2018. The efinity does include various game channels that run at no cost after performing an infinite amount of transactions in a quick format.

Payment Gateway: The payment gateway charges a nominal fee in Ethereum each time a transaction is successful. It would also interest you to know that the Enjin coin SDK does have a decentralized payment gateway. The gateway lets users create invoices, customized carts, and do a couple of other things. Another function that is made possible is the creation of a widget. With the widget, coin payments can be customized, especially the Enjin coin on your website.

So, now that we have looked at some of the features, we must talk about where the ENJ can be bought.

Where to buy ENJ

Although there are various places to purchase the ENJ, the most recognized and accepted platform is Binance. It is possible to buy the ENJ with bitcoin (BTC) and even Ethereum on Binance.

Where to store ENJ 

There are plenty of options where the ENJ can be stored, given the fact that it is an ERC-20 token. However, it would interest you to know that the ENJ can be stored in MyEtherWallet as it is quite a popular option online. But, notwithstanding, it is still recommended that you use the official ENJ wallet. One of the reasons why the official ENJ wallet is recommended is that it functions properly on android and iOS devices. Also, it is possible to store other cryptocurrencies, be it BTC, ETH, and even LTC.

Furthermore, in order not to be left behind, we must talk about some of the reasons why buying an ENJ coin is a necessity.

Reasons to purchase the Enjin coin 

1.They have partnered with Samsung and Microsoft

The ENJ knowing fully well how a partnership is important, signed one with Samsung as they are one of the top smartphone manufacturers. The main of this collaboration is to spread, the** Enjin coin** wallet to the brand smartphones. Also, in about December 2019, Microsoft announced the partnership with ENJ.

2.The ENJ coin is the cryptocurrency leader in blockchain gaming.

As the years go by, the blockchain would keep benefiting many sectors. A lot of time is being spent online by gamers while they purchase virtual items on those games they play. As such,** Enjin coin** stands a real chance to keep increasing, and that is certainly something any investor wouldn't want to miss out on.

3.They make it easy for third-party developers to integrate their products

It is also important to purchase the ENJ because they make room for third parties developers to thrive. They provide an insight into its products as well as things about the Enjin.

In conclusion, the Enjin team is working tirelessly to ensure that fraudulent activities are not successful in the gaming industry. Also, they have all-round support which makes it a bit enticing.

Lastly, it is quite difficult to predict if the ENJ would be successful or not, but as things currently stands, all fingers are pointing towards a bright future for Enjin coin.

About BitForex:

BitForex is an exchange service platform that can be classified as one of the Top 10 cryptocurrency exchange services. It is focused on providing millions of users with a digital currency trading and investment tool that is not only safe but also professional and convenient. BitForex has a high customer-oriented culture and state-of-the-art financial technology.

BitForex is programmed in a way that it can quickly adapt to the changes of the Crypto market while introducing new features like margin trading, enhanced trading charts,  derivatives, and a host of others. The headquarter of BitForex is located in Hong Kong, while there are branch offices in countries like the United States, South Korea, and Singapore.

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