Enjin Token Research
Here’s a paper I wrote as an intern for a blockchain company
Table of Contents
What is the project?
“In terms of fortnite, Players earn vBucks in game for different challenges and use this to make purchases. You could in theory replace the vBucks system with Enjin Coins token platform and create a token economy for players and game developer benefits alike”
Enjin Coin is a cryptocurrency for virtual goods created by Enjin. Enjin is the “largest gaming community platform online” with over 250,000 gaming communities and 18.7 million registered gamers. Enjin is built entirely on top of the Ethereum Blockchain with the goal of being the intermediary of ingame transactions built using their platform.
What is the problem the project is solving?
- Easy Creation and management of virtual goods
- Allow game developers to leverage Enjin’s Platform to seamlessly implement Blockchain technology into their game development
Does having a blockchain fix the problem being solved?
Enjin successfully built a platform in which game developers are allowed to develop a game specific cryptocurrency for in game tokenized goods.
Who are the founders?
Maxim Blagov, Co-Founder and CEO of Enjin,
What are the motives and goals of the founders?
To allow the tokenization of game related goods using a blockchain platform
Is the blockchain decentralized?
Is the blockchain permissioned?
Since the platform is built entirely on top of Ethereum this is based on Ethereum’s chain
Does the project have a governance model? If so, explain what it is.
At a high level, blockchain governance refers to the mechanisms by which decentralized networks adapt and change over time. … Blockchain governance is rooted in the fact that the interests of a network’s stakeholders change as they interact with and generate value from the network.
By being built on Ethereum, Enjin adopts the EIP model
What is the consensus mechanism being used?
Enjin uses Ethereum’s consensus method which started as proof of work and became proof of stake
Token and Chain Notes (Token)
Is there a token for the project?
- Yes, Enjin Coin
Is it a stable coin?
- No, it has a fluctuating value
What do the economics look like?
It has a circulating supply of 885 Million coins and a max supply of 1 Billion coins.
Enjin Coin incentivizes users to use their tokens by allowing players to collect royalties for any ingame items that they sell for Enjin coins.
Is it a fungible or non-fungible token?
Was there an ICO for the initial distribution? If not, how did the tokens get into the people’s hands, maybe an airdrop?
- TOKEN SALE: 3 OCT — 1 NOV
- Ticker: ENJ
- Token type: ERC20
- ICO Token Price: 1 ENJ = 0.05117 USD (0.00016667 ETH)
- Fundraising Goal: 25,000,000 USD
- Total Tokens: 1,000,000,000
- Available for Token Sale: 40%
How liquid is the token, meaning, is the token listed on the top exchanges? (Coinbase, binance, kraken, bittrex, bitfinex)
Show a chart of the past year for the token.
Is the project available to US residents?
Yes through changelly while Binanace can no longer be used by US residents
Developer Notes (Development)
When did the project launch?
The project was launched in 2009
What Generation is the project?
What language is the code written?
Languages of SDKs and chain:
- Unity ( C# & C++ )
Is the project open source?
Documentation page link:
The Trusted Cloud is the main backend service of ENJ that connects your game to the Ethereum network. The TC acts as a hub, gathering requests from clients and game servers, interacting with the smart contracts on Ethereum, and returning data back to your game. It also manages the link between your users game account (i.e. SteamID, XBox Live Id, etc), and their blockchain identity (i.e. currently linked wallet address).
The main way to interface with our service is to use GraphQL, either via API or interactively using a console like GraphiQL. If you are unfamiliar with GraphQL, check out this introduction to get started using the language.
There are four Supply Model smart contracts:
- Fixed: You can have up to [TOTAL SUPPLY] number of items in circulation at one time.
- Settable: Allows you to edit the total supply at any time.
- Infinite: You can mint as many items as you want, exceeding total supply.
- Collapsing: Once melted, the items cannot be re-minted.
*GraphQL is an open-source data query and manipulation language for APIs, and a runtime for fulfilling queries with existing data. GraphQL was developed internally by Facebook in 2012 before being publicly released in 2015.
History (The history of the chain to show activity of its development team)
- founded in 2009, Enjin has launched a gaming community platform called the Enjin Network and has grown it to approximately 20+ million users.
- In October of 2017, Enjin leveraged Ethereum to create Enjin Coin, abbreviated as ENJ. ENJ is actually a separate smart contract running on Ethereum. By selling ENJ to the public, we raised the funds needed to build our vision for the future of in-game assets.
- In 2017 following the ICO that reportedly raised $18.9 million, Enjin has been building a suite of user-centric blockchain products that aims to enable anyone to create, manage, trade, store, explore, distribute, and integrate blockchain assets.
- Exactly one year after its introduction, ERC-1155 has become an official Ethereum token standard and is available to be used by the entire Ethereum development community. This EIP (Ethereum Implementation Protocol) is a large part of what Enjin is built upon and was fully integrated into ethereum on 2018–06–17
- The Enjin ecosystem (comprising the Enjin Platform, Explorer, Wallet, Beam) aims to empower gamers with ownership of digital assets and enables game industry businesses to increase revenue. Enjin’s tools and services can also be used by companies seeking to create blockchain products or utilize tokenized digital assets as part of their acquisition, retention, engagement, and monetization strategies.
- The Enjin ecosystem is fueled by Enjin Coin (ENJ), an Ethereum-based cryptocurrency used to directly back the value of blockchain assets.
According to the team, there are currently millions of ENJ locked in blockchain-based digital assets.
Summary (Summary of each of the chains areas)
- Enjin Network Is a Gaming community launched in 2009 by Enjin (Company)
- Enjin coin was created to allow developers to integrate a blockchain into their games
- Enjin coin allows for tokenization of In game assets
- Enjin coin is an ERC721 token
- Enjin coin incentives its usage by allowing gamers to earn royalties from their ingame goods
- Enjin coin allows for easy creation/management of in game goods and allows for greater security within the games respective trading economy
Cheung, Ben. “Enjin Smart Contracts.” Enjin Smart Contracts, 9 Oct. 2019, support.enjin.io/help/enjin-smart-contracts.
“EIP 1155: ERC-1155 Multi Token Standard.” Ethereum Improvement Proposals, eips.ethereum.org/EIPS/eip-1155.
“Enjin Coin (ENJ) Price, Charts, Market Cap, and Other Metrics.” CoinMarketCap, coinmarketcap.com/currencies/enjin-coin/.
Ethereum. “ERC: Multi Token Standard · Issue #1155 · Ethereum/EIPs.” GitHub, github.com/ethereum/EIPs/issues/1155.
Ethereum. “Ethereum/EIPs.” GitHub, 6 Nov. 2019, github.com/ethereum/EIPs.
“What Is Enjin Coin (ENJ)?: A Complete Guide to the Gaming Crypto.” CoinCentral, 8 Jan. 2019, coincentral.com/what-is-enjin-coin-enj-beginners-guide/.