Understand everything you need to know about the history and technology of Enjin
What is Enjin?
Enjin is a digital currency launched in 2017 by Enjin Company. Enjin Coin is an ERC-20 compliant token, meaning you can send and receive it using an Ethereum wallet. But the technology behind Enjin does more than just handle that one currency.
Special Benefits of Enjin
Many cryptocurrencies simply serve as a currency similar to the dollar or gold for transactions or storing value. Likewise, Enjin Coin can be traded, but it has a more focused use in gaming and NFTs, as well as other assets and applications on its platform.
Can you mine Enjin?
There is no way to mine Enjin Coin directly, as it does not operate on its own blockchain. It is a currency that exists on the Ethereum blockchain, so Ethereum miners work to secure and operate Enjin.
How to buy Enjin
Enjin Coin is not available on all cryptocurrency exchanges but is available on some well-known exchanges such as Coinbase, Binance.US (available in 43 states), Gemini, and Kraken.
Wallets
To hold ENJ, you will need an Ethereum wallet that is compatible with ERC-20 tokens. If you are using an existing exchange account, software wallet, or hardware wallet, it is likely to support this type of digital currency, but be sure to check before sending as mistakes may be irreversible.
Transaction Times
Transaction times for Enjin will vary depending on the 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 incur fees in Ethereum, known as “Ethereum gas.” Gas prices can vary depending on the timing and size of your transaction. You can find the latest gas prices on several websites, including ETH Gas Station.
Notable Events
The Enjin Network gaming platform launched in 2009 and claims to have over 20 million users. Enjin Coin was launched through an initial coin offering (ICO) that raised $18.9 million for Enjin, which used the funds to expand the development of its blockchain platform.
Source: https://www.thebalancemoney.com/enjin-coin-explained-5195487
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