In this week’s Wealth Mastery Altcoin Review, we will learn about and discuss “What is Enjin Coin.”
- What is Enjin Coin?
- What is the Future of Enjin Coin?
- What is ENJ Altcoin?
- How do you Buy Enjin Coin?
- Is Enjin Coin a Good Investment?
What is Enjin Coin?
Would you be surprised if I told you that Enjin Coin started as nothing more than a simple wallet?
Like Exodus Wallet, Enjin was created as just another way to store cryptocurrency on your phone. With the idea beginning in 2009 and capitalized on in 2017, Enjin has built a growing ecosystem beyond being just another crypto wallet. Enjin has spent much of its time since then developing NFTs and tools to help propel them into the mainstream.
After the launch of Efinity, Enjin Coin expanded its network into developing and managing digital services, allowing anyone to design and launch a digital product using the Enjin Coin framework. This turned Enjin Coin into a metaverse gaming hub for the future of blockchain.
The versatility of Enjin Coin is expansive and enables a company with no prior blockchain experience to launch NFT-powered projects without the need for additional resources. This is all possible thanks to the power of the Ethereum Network. Enjin Coin takes advantage of all the resources available on Ethereum and repurposes them to suit the needs of a growing digital market.
One of the biggest advantages to Enjin Coin is the JumpNet Enjin Bridge. This technology allows instant no-fee transfers of Enjin Coin and NFTs launched on Enjin. JumpNet lets users move these assets across multiple networks without bogging them down with expensive fees and waiting periods. Through the Enjin Coin Beam QR technology stack, transfers are near-instant on Enjin Coin through atomic swaps and batching transfers into single outputs.
Enjin Coin is responsible for creating the ERC-1155 multi-token standard, one of the best non-fungible token standards available on the Ethereum network. This standard creates far better options for developing NFTs than ERC-20 and ERC-721 ever could have, giving users the flexibility to issue as many NFTs as they’d like from a single smart contract. Enjin Coin explains this technology as one vending machine that holds an infinite number of snacking options. Of course, other products didn’t take long to use this new technology and dramatically cut the cost of minting assets on Ethereum, allowing developers to execute a deterministic smart contract function just by sending a token to an address.
So while Enjin Coin may not have created the initial design of NFTs, they’ve come a long way in bringing NFTs to a point where they can actually be used in real-world applications.
This expansion of NFT technologies pioneered by Enjin Coin means that a single NFT can be repurposed to fit multi-dimensional rolls. What shows up as a sword in one game can also be used as a hot rod in another. While the technology to make these digital assets a reality is still being fleshed out, the foundation of gaming that will see it put to good use is still a ways away. There’s genuine concern that doing too much at once will split the players into thin sections and dilute the market. For this reason, Enjin Coin is taking a slow and steady approach to developing…
Head of Research Jesse is a passionate seeker of truth who enjoys educating others about Bitcoin. As a free thinker and 2nd amendment advocate, Jesse believes each individual has the right to monetary freedom. “The swarm is headed towards us” -Satoshi Nakamoto
