Welcome to the 4th in our series called: Crypto Platform Spotlight. Today we’re covering a platform called Enjin Coin. The team behind Enjin Coin have deep experience in running one of the largest platforms for the creation of gaming communities. They are certainly no stranger to games, and now they are expanding their reach into blockchain with their very own crypto platform.
Enjin Coin has a plethora of interesting features in development, and in this article we dive into what Enjin Coin is planning to do over the next year.
Enjin Coin: Introduction
As of 2017, Enjin was the largest platform for the creation of gaming communities available online. It currently has nearly 20 million registered users, millions of dollars of digital goods sales per month, and more than 250,000 communities. In order to provide an easy-to-use cryptocurrency for gamers and powerful development tools for publishers, the creators of the platform have decided to create the new Enjin Coin. The coin aims to solve a wide range of problems that currently limit the full potential of the industry, including fraud, slow response times, centralization, closed-source systems, and lack of true virtual goods ownership.
Enjin Coin is being designed to provide tools that will enable game developers, servers, and communities to manage in-game virtual goods across multiple platforms. Monetizing transactions with the Enjin Coin will be the main focus going forward. Communities will be able to gamify their interactions with automated reward systems. Publishers will have the power to create a wide range of tokens and models for monetization. Gamers will realize true value from their earned virtual goods by being able to buy, trade, and sell with no risk of fraud.
Enjin Coin: Platform Features
While modern blockchain networks like Ethereum offer a lot in terms of security, they leave a lot to be desired in terms of speed, especially when it comes to games. That’s why Enjin has adopted off-chain notifications. When a transaction request is made, instant notifications will be sent to the user’s smart wallet from the trusted provider. The requested item will then be held in escrow until the transaction has enough confirmations. Once Raided and Caspar updates are implemented on the Ethereum network, these safeguard processes are expected to be imperceptible on a user level.
Smart Contracts and Tokens
The coins and virtual assets released through Enjin will be deployed as ERC20 tokens. This is because the Ethereum network currently has flexible language support and a thriving development community. It’s also the most widely used smart contract blockchain. The Enjin Coin creators believe it has the most promising future of all blockchain technologies. It will provide the following smart contracts for Enjin’s core functionality:
- Smart wallet contract
- Subscription contract
- Custom coin registry
- TopList contracts
- Payment gateway contracts
Communities and publishers that develop websites for use with Enjin can display data that’s on smart contracts through a public platform API that utilizes the JSON-RPC protocol. This will enable users on these sites to check things like their account balances without having to install a web3 wallet extension in their browser.
Creation and Management of Virtual Goods
In-game virtual goods can be minted into unique tokens using Enjin coins as the parent currency. These custom coins will contain a variety of parameters, including name, icon, exchange rate, and many other forms of data. Creating these tokens is designed to be a relatively simple process through mobile, web, and other API-based interfaces. The tokens will be registered through the singleton registry smart contract so that they can be traded freely by users. The tokens can also be exchanged for Enjin Coins by anyone who possesses them, and they will be compatible with any outside exchange that supports the Ethereum blockchain.
The Enjin Coin will be integrated with all existing Enjin communities as well as all newly created websites. With it’s open-source API, it will be compatible with sites using phpBB, vBulletin, Xenforo, and a wide range of other content management systems. There will also be an Enjin CMS that will include the following features:
- Rewards automation – Triggers can be programmed to reward players for certain activities.
- Forum boards – This powerful forum can host millions of gamers with an integrated tipping system using coins.
- Donations and group pay – Enjin coins can be used to support smaller communities that don’t have a store.
- Promotion and advertising – The existing wall post system can be used to promote specific gaming titles and interests.
Decentralized Payment Gateway
In order to improve trust between buyers and sellers, Enjin offers a platform SDK for creating decentralized payment gateways. With this feature, providers can implement their own carts, invoices, notifications, refund requirements, and more. They also offer:
- Payment widgets for accepting custom coins and supporting for a variety of website carts
- No built-in fees except for Ethereum transaction fees
- Multiple payees for things like profit sharing, prize funds, and charity
Easy Automatic Payments
Enjin’s smart wallet transaction mechanism enables fast, easy, and automatic payments without sacrificing any security. Users decide ahead of time which parties are trusted platforms that can use this feature. This system makes it easier for communities and games to provide subscription models without constantly requiring new payment agreements.
The Enjin Smart Wallet
A key component to making most of these features functional for most users is the Enjin smart wallet. Buying, selling, and trading is streamlined because the websites and games users trust are integrated. The wallet will automatically find appropriate accounts for transactions through the platform API. Transactions can be accepted or denied through a clear and intuitive user interface, and rules can be defined to prevent actions the user doesn’t want. All of these features can be accessed on iOS or Android enabled smartphones or PC applications.
Virtual Goods Store
Creating a shop where in-game goods can be bought and sold is designed to be easy with Enjin. Sites can choose to offer items listed in Enjin Coin, Ehtereum, Bitcoin, or even fiat currency. The provider store includes DonationCraft, a feature-rich ecommerce system that already processes millions of dollars in transactions for Enjin communities. It enable in-game purchases, subscriptions, and validation of game characters.
Previously, subscriptions using cryptocurrencies have been a complicated matter due to a variety of technical problems. Enjin opens up this feature to communities and server owners through a three-party verification system. The merchant, subscriber, and trusted platform will work together to create a subscription smart contract and subscription request. After the subscription is set up, funds will be sent from the user’s smart wallet to the smart contract at predetermined intervals, and the merchant will withdraw the funds when permitted.
Escrow Virtual Items
Trading between multiple parties through the Enjin platform can be done safely through an escrow system. The first party initiates the contract and offers a virtual item in exchange for one or more sets of tokens. The second party then checks the contract and receives the item offered only when they send the requested type of payment. This system can be used in both peer-to-peer trades as well as general virtual marketplace transactions.
Game Top Lists
The ranking system in the Enjin platform is key for servers, games, teams, and other items that want to gain popularity. The top list is a decentralized smart contract that can be created on the blockchain to protect the voting from fraud. Creators of lists have the option to create a democratic, one vote per person, or plutocratic, one vote per amount of money, format. Creators receive all tokens used to vote or add items to the list, meaning they will be encouraged to promote their lists wherever possible.
Game Integration & SDKs
Open-source SDKs for Enjin will be provided in a variety of coding languages, including Java, C#, C++, iOS Swift, and Android C#. A variety of plugins for specific engines and games will also be included, including:
- Unity – A very popular cross-platform game engine used by big titles like Cities: Skylines, Inside, and Angry Birds.
- Minecraft – This plugin will include support for the game’s most popular servers: Spigot, Sponge, and Forge.
- Unturned – This popular online survival game can be linked to Enjin Coin assets.
- Unreal – A C++ library will be developed to link many high-end gaming titles to the Enjin platform.
Enjin Coin: Development Roadmap
- 2017 Q4 – This introductory phase includes the Enjoin coin crowd sale as well as the release of the core features of the Mobile Smart Wallet.
- 2018 Q1 – The first quarter introduces store modules, PC smart wallet, automation, forum integration, and token manager. C# and Unity SDKs are also released.
- 2018 Q2 – The virtual item trading system is released along with development kits for Unreal, iOS, and Android.
- 2018 Q3 – The Enjin mobile app is introduced along with payment gateway contracts and framework.
- 2018 Q4 – Subscriptions, TopList contracts and user interface, and Enjin coin community app are released.
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