About Enjin Coin

Enjin Review: Mining Guide, Price & amp; Analysis of the Enjin Cryptocurrency

Enjin is a blockchain environment for tokenizing various gaming products. Here, developers can develop, trade, monetize, and market on-chain. It is a great way to develop and promote games. Additionally, it is a great place for gamers to discover new games.

This is a very appealing project. A lot of industries are now migrating onto blockchains. With Enjin, developers can do this easily. This is because they can launch games on-chain without worrying about the underlying blockchain. The network creates a level of abstraction, enabling the games to run on a plethora of devices.

The biggest competitors to the Enjin blockchain include Decentraland, Funfar, and Wax. All these blockchains have almost identical performance in the market. It is an arms race to see who comes out on top. However, Enjin is one of the most promising blockchains in this category.

Its design aligns with the original vision for blockchains. It promotes decentralization and transparency.

How Operates

Enjin runs on the Ethereum blockchain. This allows it to take advantage of smart contract integration. Therefore, users can fully trust the system to facilitate transactions. There is no need for a central institution.

Gamers interact with a game, which in turn interacts with Enjin’s Trusted Cloud. The Cloud then sends a user’s request to the user’s wallet to perform the necessary action. The user then gives permission to finalize the transaction. When they approve the transaction, the smart contracts take over. They facilitate the transaction by providing the rules necessary.

The Trusted Cloud is an off-chain service that provides backend services.  It is the service that connects users to the blockchain. The Cloud acts as the hub that collects all requests and game actions. It also manages links between user game accounts and their blockchain identity.

This blockchain architecture comes with many benefits. It allows for player-driven value creation. Hence, it gives control to gamers. Additionally, it fosters trust. This is because users can fully trust smart contracts. This is because they operate from an immutable and immutable position.

Moreover, it offers a great environment to launch games. Developers receive a robust and scalable blockchain.

Can Investors Mine on Enjin?

Yes, it is possible to mine Enjin coins. This blockchain uses its parent blockchain’s Proof of Work consensus to keep the network secure. The job of miners is to validate transactions on the network. They do this by solving cryptographic equations. This allows them to form the header of the next block.

The Proof of Work consensus is one of the most secure consensus mechanisms. However, it requires very heavy computational power. Additionally, it has some vulnerability issues.

For starters, miners have no stake in this consensus. Therefore, they have nothing to lose if they attack the network. Thus, it is vulnerable to 51% attacks and double spends. Moreover, it is vulnerable to Sybil attacks.

Ethereum 2.0 will see the network migrate to the Proof of Stake consensus. It is more secure and requires less computational power. This allows the network to be faster and more scalable.

The Team behind Enjin

Enjin believes it has one of the best teams in the blockchain space. They claim that their mission is to create better ways to use blockchain. The CEO of the network is Maxim Blagov. He is a visionary creative with over 18 years’ experience in software development. He now focuses his energy on the Video Gaming and Blockchain industry.

By his side is Witek Radomski. He serves as the CTO of the company. He is equally highly experienced in software development. His passion for blockchain is also a huge asset. He is ideal to spearhead the evolution of the network.

The team also includes Caleb Applegate, Ilija Rolovic, and Bryana Kortendick, among others. These individuals are experts in their specialization areas. Hence, it is safe to say that this project is in safe hands.

Tokenomics

On Enjin, developers can issue tokens on the blockchain. This gives game items a more tangible feeling. Users can easily trade in-game items on the chain. The tokenizing and management process is the main use of Enjin. Developers can easily tokenize items as Fungible or Non-Fungible tokens.

Additionally, developers are in charge of setting the metadata of tokens. This dramatically increases the efficiency of the blockchain. Further, the developers have total control of the minting process.

This leads to some centralization of the application. However, this centralization does not translate to the underlying blockchain. Therefore, users have nothing to worry about.

Privacy and Security

Enjin is one of the most secure blockchains in existence. The developers show a lot of dedication to keeping the network secure from hackers. For starters, it consists of decentralized nodes. This means that there is no central database to attack. The attacker would require too much computational power to break the network successfully.

Additionally, Enjin uses Ethereum’s Proof of Work consensus to maintain security. The PoW consensus is one of the safest consensus mechanisms that exist.

But, this consensus is not perfect. It has several vulnerabilities. These include 51% attacks and double spends. These vulnerabilities are the result of the centralization of mining power. These are easy to solve. The network can just migrate to the Proof of Stake consensus. Luckily, that is on the horizon. Ethereum 2.0 will use the Proof of Stake consensus.

Further, Enjin developers regularly audit the systems and smart contacts. This helps in ensuring that there are no vulnerabilities on the blockchain.

Our Take on Enjin

Every day we continue to see blockchain adopted in new sectors. Enjin represents the next generation of gaming. It makes it easy to develop and promote games. Hence, it is a very appealing project to developers.

There are a few competitors to the Enjin blockchain. However, they are not better-established. Contrary, most of these blockchains have similar adoption rates in the market. Therefore, this is currently a fair game. Any of these projects can end up on top.

Advantages

• Enjin allows for the fast development of games on a blockchain.
• Enjin is fast and scalable.
• It is a very secure blockchain.
• It is highly customizable.

Disadvantage

• Enjin is yet to be the best gaming blockchain.

How to Trade and Store Enjin Coins

If you would like to buy this cryptocurrency, then you are in luck. There are several exchanges that support the trading of this coin. Some of the best exchanges include Bitfinex, Binance, VCC Exchange, and HitBTC. The current price of one Enjin token is $0.143050.

Additionally, it is easy to store this coin. Enjin provides its own wallet to users. It is secure and available on many operating systems. Further, you can use any wallet that supports Ethereum based tokens.

Final Verdict

Enjin has great potential to grow. With significant adoption, it could establish itself as the best gaming blockchain. Therefore, the developers only need to market the blockchain a little more. They need to show users the benefits of such a system.

However, the opposite is true. One wrong move and another blockchain could take the top position. As it stands, it is impossible to tell where this cryptocurrency will end up. Investing in it is still a gamble. It could pay out or go sour.