Enjin Blockchain Launch

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Enjin: A Brief History

Enjin (ENJ) is an Ethereum-based token that was created in 2017 by Witek Radomski and Maxim Blagov. The ENJ token is used to create, manage, and trade non-fungible tokens (NFTs) on the Enjin platform.

An NFT token is a unique digital asset that cannot be replaced by another asset. Each has its own unique identifier and metadata, which makes it impossible to counterfeit or duplicate and they are created and stored on a blockchain, which is a secure and transparent digital ledger. This means that the ownership of an NFT can be easily verified and tracked and they can represent anything from digital art to in-game items.

ENJ tokens are used to back the value of NFTs, which means that when an NFT is created, a certain amount of ENJ is locked in a smart contract. This ensures that the NFT always has a value, even if the underlying asset is lost or destroyed.

Enjin has a number of products and services that make it easy to create, manage, and trade NFTs. These products include:

• The Enjin Platform: A suite of tools that allows developers to create NFTs and integrate them into their games and applications.

• The Enjin Wallet: A secure wallet that allows users to store, send, and receive ENJ tokens and NFTs.

• The Enjin Marketplace: A marketplace where users can buy and sell NFTs.

Enjin has grown to become one of the leading NFT platforms in the world. The company has over 175,000 users and over 1.2 billion digital assets have been created on the platform.

The Enjin Chain

Enjin is currently running on Ethereum. However, the company has been developing its own layer-1 chain, called the Enjin Blockchain, which is scheduled to launch on September 13th, 2023. 

Enjin is launching its own blockchain for a number of reasons. First, the company wants to have more control over the development and maintenance of the chain. This will allow Enjin to make changes as needed to better meet its own product-market-fit.

They also want to be able to customize it to meet the specific needs of the industry as a whole. For example, the Enjin Blockchain will be designed to be more scalable, secure, and efficient than competitors. This will make it a better platform for NFTs, which are often large and complex assets.

Third, Enjin wants to create a more sustainable blockchain. The Enjin Blockchain will be designed to use less energy than other chains. This is important because the NFT industry is growing rapidly, and the energy consumption of digital asset creation is a major concern.

The chain is a Layer 1 specifically designed for NFTs. It’s been built on the Substrate framework and offers a number of features that are designed to make it more scalable, secure, and user-friendly than other blockchains:

High scalability: The Enjin Blockchain is designed to be highly scalable, capable of handling millions of transactions per second. This will allow NFTs to be used in a variety of applications without fear of congestion or high fees.

Low fees: A focus on reducing fees, makes it an affordable option for minting, trading, and using NFTs.

Security: Secured by a Proof-of-Stake consensus mechanism, the chain uses one of the most secure consensus mechanisms available.

Efficiency: The Enjin Blockchain is very efficient, using less energy than other blockchains. This makes it a more sustainable option for NFTs.

Interoperability: The team has ensured that the technology has been designed to be interoperable with other blockchains, making it easy to transfer NFTs between different platforms.

The launch of the Enjin Blockchain is a major milestone for Enjin and the NFT space as a whole. We believe their decision to launch its own chain is a positive one and will allow the company to better meet the needs of the NFT industry.

Token Model

The current dual token model of the Enjin platform consists of ENJ and EFI tokens.

• ENJ (Enjin Coin) is the native token of the Enjin platform. It is used to create, manage, and trade NFTs. ENJ is also used to fuel the Enjin ecosystem, which includes the Enjin Wallet, the Enjin Marketplace, and the Enjin Platform.

• EFI (Enjin Fuel) is a utility token that is used to pay for fees on the Enjin platform. This includes fees for minting, trading, and using NFTs. EFI is also used to power the Enjin Beam, a decentralized application (dApp) that allows users to create and manage their own NFTs.

Under the new model, ENJ will be the only token used. ENJ will be used to create, manage, trade, and use NFTs. It will also be used to pay for fees on the chain.

The EFI token will be retired and will be swapped to ENJ at a 4:1 ratio, whilst the ERC20 ENJ will migrate 1:1 to the substrate-based blockchain.

The overhaul of the dual token model is designed to make the Enjin Blockchain more efficient, user-friendly, and scalable. By using a single token, Enjin will be easier to understand and use. It will also be more scalable, as there will be no need to manage two separate token supply chains.

The overhaul of the dual token model is a significant change, but it is one that is necessary to make the Enjin Blockchain the best platform for NFTs. The new model is designed to make the Enjin Blockchain more accessible to a wider range of users, and the overall upgrade is on track to fulfill the original vision for Enjin, that is, making NFTs accessible to all.

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