Enjin Coin Explained

Enjin Coin (ENJ) is an ERC-20 token traded on the Ethereum blockchain, and its underlying Enjin technology powers an ecosystem used for NFTs, gaming, and other distributed apps. 

The company behind Enjin operates several blockchain products, including a marketplace, wallet, and developer platform, all built around Enjin Coin. Keep reading to learn more about Enjin and how to buy and use it for digital transactions.

What Is Enjin?

Enjin is a cryptocurrency launched in 2017 by the company Enjin. Enjin Coin is an ERC-20 compatible token, which means you can send and receive it using an Ethereum wallet. But the technology behind Enjin does more than just handle that single currency.

Enjin is designed to integrate with games—you can use Enjin Coin as a currency and use the Enjin wallet to buy, sell, and trade NFTs. For example, MMORPG players may buy an item in Enjin usable across multiple games and easily tradeable or sellable in an online marketplace.

The company behind Enjin is based in Singapore and works with companies to implement their own solutions on the Enjin platform.

Special Features of Enjin

Many cryptocurrencies are simply a currency, used similar to a dollar or gold brick to transact or hold value. Enjin Coin is similarly tradable, but it has a more focused use case for games, NFTs, and other assets and applications on its platform.

Items listed for sale in the Enjin marketplace are usable in games like Lost Relics and Spirit Clash. You’ll need ENJ to transfer items to other players. That makes it more viable than some competing currencies such as Dogecoin that don’t have a built-in use.

Can You Mine Enjin?

There is no method to mine Enjin coin directly, as it doesn’t operate on its own blockchain. It’s a currency on the Ethereum blockchain, so Ethereum miners do the work to secure and power Enjin.

How To Buy Enjin

Enjin isn’t available on all cryptocurrency exchanges but it’s available on well-known ones such as Coinbase, Binance.US (available in 43 states), Gemini, and Kraken.

Wallets

To hold ENJ, you’ll need an Ethereum wallet compatible with ERC-20 tokens. If you use an existing exchange account, software wallet, or hardware wallet, it likely supports this type of cryptocurrency, but double-check before sending as errors are likely not fixable.

Optionally, you can use the Enjin Blockchain Wallet, a software wallet for mobile devices. The Enjin wallet is optimized for both cryptocurrency assets and NFTs, which is handy if you’re into the gaming NFTs on the Enjin Marketplace.

Transaction Times

Transaction times for Enjin will vary with congestion on the Ethereum network. Enjin Coin transactions take about five minutes to complete on average and require 20 confirmations, according to Kraken.

Fees and Expenses 

As an ERC-20 token, Enjin transactions pay fees in Ethereum, known as Ethereum gas. Depending on the timing and size of your transaction, gas prices can vary widely. You can find the latest gas prices at several websites, including ETH Gas Station.

Notable Happenings

The Enjin Network gaming platform launched in 2009 and claims more than 20 million users. The Enjin Coin launched through an initial coin offering (ICO) that raised $18.9 million for Enjin, which used the funds to expand its blockchain platform development.