What Is Enjin?
It is only via Enjin‘s unique position in the virtual goods market that it will be possible to promote and build a cryptocurrency. They provide high-quality solutions to players, gaming communities, and game designers to help them monetize their gaming worlds.
The Problems In The World Of Virtual Goods
It is predicted that for every valid virtual transaction done, there are 7.5 virtual products lost to fraud, according to the statistics. Aspects of online asset storage and management that are susceptible to manipulation or chargebacks include:
Merchants are burdened with additional responsibilities, and fraudsters harm the game’s public image.
High Fees and Slow Transactions
When it comes to processing virtual goods transactions, game creators and communities depend on third-party systems. Gamers are confronted with sluggishness, ambiguous financial flow, and expensive transaction costs.
Lack of True Ownership & Rarity
A virtual object is essentially a license granted to the player, and they are often only accessible for usage on the game developer’s proprietary platforms. They may be controlled, misplaced, or taken away from the user with little remedy available to him or her. There is a distinct lack of genuine transparency.
Locked in and Centralized
Digital objects and currencies are often tied to a specific game and are not transferrable across other games.
Items must be traded outside of the gaming world, which is time-consuming and complicated. If a person is banned, all of their equipment and gold will be forfeited to the game.
No open standards
As of right now, there are no generally agreed standards for decentralized money and assets used in video games. Because the user experience is often an afterthought, people are often unsure of what to anticipate.
Expensive & time-consuming
Creating a platform for managing virtual products takes time and money, and it is not without its challenges. The difficulty of maintaining a virtual economy on proprietary infrastructure increases the amount of time it takes to get a product to market. Security considerations add even another layer of complexity to the situation.
Lack of value gamification
In content management systems and forum software, value-based gamification capabilities are absent in many instances.
Users are not compensated in terms of monetary compensation for their participation or input.
Enjin has created technologies that allow game publishers, game servers, and communities to handle virtual goods and in-game objects across a variety of different platforms and devices.
The use of Enjin Coin for monetization will be a primary emphasis, with sophisticated capabilities and toolsets being made available. The use of a decentralized platform and the enabling frameworks will provide significant advantages.
Benefits for Communities
- Custom Enjin Coins may be used to add a gaming element to your website and mobile community.
- Increase the amount of involvement and input from users on discussion forums and walls.
- Automate the distribution of prizes and the configuration of a range of condition-based triggers.
- Make a connection between your community prizes and in-game items on servers or games.
Benefits for Game Publishers / Content Creators
- New tokens to represent virtual currency, game goods, or rights may be created using the Token Editor.
- Create and manage virtual products programmatically or via the use of an application.
- Create virtual items that are only available for a short time or need a subscription.
- Items that are not fungible or limited editions should be kept in mint condition.
- Create a virtual goods shop for your products.
- Run a decentralized payment gateway that does not use a middleman.
- Transactions that are open and transparent. Create reports and put systems into operation.
- There will be no fraud, chargebacks, or refunds.
- Minimal costs for blockchain transactions, as well as the absence of commission fees
- APIs and SDKs for every prominent platform and engine are available as open-source software.
- Smart wallets that allow users to make simple automated payments are becoming more popular.
- Easily create a website and a mobile community that includes complete integration of virtual items.
Benefits for Gamers
- Purchase and sell products without the fear of becoming a victim of fraud.
- Bancor is used to facilitate the transfer of gaming products across various games.
- Take your money with you from one community or game to another and it will keep its worth.
- Be the proud owner of priceless cash and unique objects that will never be taken away.
- Find and exchange game stuff using Enjin’s marketplace and social networking features.
- Earn Enjin coins by participating in games.
- Custom virtual items may be converted straight back to Enjin Coins, preserving their worth.
- Contribute to the accumulation of coins by engaging in communities and commenting on forums.
- Purchase in-game stuff on hundreds of gaming servers and in-game games that are compatible with ENJ.
- Goods may be shown in website widgets to demonstrate ownership of the items.
Market Industry Growth
Global Gaming Market
The worldwide gaming industry is seeing rapid expansion, with revenues hitting US$108.9 billion in 2017 and anticipated to reach US$128.5 billion by 2020.
Enjin PTE LTD is a Singapore-based company that serves as a great springboard for expanding into the Chinese, Japanese, and Korean markets, among other places. In 2016, Asia-Pacific nations accounted for 58 percent of all growth.
Initial Target Audience
Currently, (past data) Minecraft has over 55 million monthly users, making it one of the most popular video games on the planet. Because of the vast number of Minecraft users who already use Enjin, Enjin is in a unique position.
The Unity game engine has a combined total of 770 million players across all titles, and it is used to create 34% of the top 1000 free mobile games. This, along with the fact that Unity has a large presence in
Because of the popularity of indie games, Enjin Coin has already released a Unity SDK.
Virtual Goods market
The most important forms of income creation in the worldwide social gaming industry are virtual products, ads, and lead generation offers, to name a few. The virtual products sector, which is expected to increase at a compound annual growth rate of 15.20 percent throughout the projected period, is the fastest-growing of the four categories.
Median Spent on Digital Goods by Content Type
|Content Type||From 1st Party Sites||From 3rd Party Sites|
|Armor or Equipment||$30||$20|
Mobile Game Market
With the recent introduction of the Enjin Mobile App, which includes communities, forums, and wall feeds, Enjin has expanded its reach even further.
Enjin is a mobile application that provides messaging, notification, rich content production, and friend management. Enjin is quickly expanding in the mobile app business.
Game sales were estimated to reach US$108.9 billion in 2017, thanks to the participation of 2.2 billion players throughout the world. The mobile category is the most profitable, accounting for 42 percent of the total market. Mobile gaming was expected to account for slightly more than half of the entire games industry by 2020.
Enjin’s Platform Features
User interfaces that are quick and responsive are required by today’s gamers and website visitors.
Because of its average block time of 17 seconds (with the potential to increase to 30 seconds), the Ethereum network is presently experiencing throughput limitations. Future improvements to Ethereum are intended to reduce block durations to 3 seconds (Casper) and let transactions to occur in milliseconds or less (Raiden). Both of these improvements are scheduled to be released in late 2017 or early 2018.
Off-chain alerts will provide a more immediate experience than typical block timings, which will help us reach a more contemporary and responsive experience.
For each Transaction Request, Trusted Platforms will send an immediate notice to the user’s Smart Wallet through the Smart Wallet API. Following user approval and creation of a transaction on the blockchain, a call to the Trusted Platform API will be made by the wallet, informing it of a transaction to monitor.
Afterwards, the game or website may be updated instantly with a placeholder item or a non-tradeable version of the asset until sufficient confirmations are received to authorize complete ownership of the asset. In the case of in-game currency, the user’s balance would be updated instantly in the game, but any unconfirmed sections of the balance would be restricted from spending until the proper number of confirmations are attained on the blockchain, which might take several days.
When showing ENJ and custom assets, the Enjin Coin SDK will display both verified and unconfirmed balances in order to make implementation simple and straightforward.
Following the implementation of the Raiden and Casper upgrades on the Ethereum Network, these protection mechanisms will ultimately become indistinguishable.
Later this year, when the Developer and Minimum Viable Product (MVP) releases have been completed, Enjin will begin testing the Raiden Network for lightning-fast asset confirmation speeds.
Tokens & Smart Contracts
The Ethereum network was used to distribute Enjin Coin and virtual assets in the form of ERC20 tokens.
In terms of popularity and support, Ethereum is the most commonly used and supported smart contract blockchain, with a large developer community and extensive language support. We think it has a promising future in game creation as well as in the building of a new decentralized internet infrastructure.
Core blockchain functionality will be provided via a set of smart contracts, which will include the Mint, Payment Gateway Contract, Smart Wallet Contract, Subscription Contract, Custom Coin Registry, and TopList Contracts. These smart contracts will be available on the Ethereum blockchain.
Virtual Goods may be created and managed
The parent currency of Enjin Coins allows games and communities to create their own in-game products, currencies, and privilege tokens by utilizing the coin as a base currency. Anyone who owns these assets has the ability to convert them back into Enjin Coins at the original exchange rate at which they were produced at any time.
Minting Custom Coins
Interfaces to the Mint smart contract will be built for the web, mobile applications, and APIs to enable the production and maintenance of assets a straightforward procedure for users. An whole new custom asset may be defined with the parameters listed below:
- Maximum Supply
- Decimal Places
- Exchange Rate
- Access List
Mint smart contracts will be copied and registered in the singleton Registry smart contract when they are formed, allowing bespoke assets to be recognized by all Smart Wallets after they have been generated.
Anyone on the Access List may now create the custom asset by transferring Enjin Coins to the new Mint smart contract, which will then be manufactured. The Mint contract owner has the ability to make changes to the Name, Icon, and Access List properties at any time.
The Mint contract has all of the ENJ coins that were used to mint each unit of a Custom Coin in its entirety.
Enjin wallets give a means of converting Custom Coins back into Enjin Coins, which are housed inside the Mint contract, using an interface. Additionally, it allows for greater liquidity and the flexibility of backing customized assets with a well-known ENJ value.
When it comes to economics, any bespoke assets developed using Enj will reduce the quantity of ENJ in circulation, protecting and enhancing the value of the ENJ ecosystem over the long run.
Individual Custom Coins that develop their own inherent worth within the gaming ecosystem will be retained and exchanged further by the community, but others may be traded back to reclaim their original Enjin Coin value, providing simple liquidity for all players.
Custom Coins as game items
The same technology that is used to manufacture Custom Coins may also be used to symbolize one-of-a-kind game goods. Assuming this scenario, Enjin coins would be used to manufacture one or more Custom Coins, each of which would represent a gaming item that had some monetary worth associated with it.
It is possible to create non-fungible objects at the moment of minting by incorporating unique data such as the name of the person who originally owned the item, the day it was minted, the boss monster from which it was looted, or other irreproducible data injected into that precise unit of manufacture.
Item Trading Economies
Players may trade with one another outside of the gaming environment, and they can even trade and build value across numerous distinct games if they use decentralized assets to facilitate their transactions. Custom Coins will be interoperable with any external exchange that supports Ethereum Tokens, even those that do not support them.
As part of its efforts to enable peer-to-peer trade, Enjin will build a marketplace, wish-lists, and auction capabilities that will be integrated directly into the Enjin social network and Activity Feed system.
The power of Custom Coins as privilege tokens
Using Custom Coins, which will be introduced to the current access controls that are used across the Enjin CMS, users will be able to delegate authority in a powerful way.
Example: A website owner may sell a limited number of “Ad” tokens, which enable users to add advertisements to the news page or message board on the website. An “Chest Key” token created specifically for a game might be needed in order to access chests holding rare things.
More than 250,000 current gaming websites are natively supported by the Enjin CMS platform, which will include integration of Enjin Coin functionalities across the platform.
Taking things beyond the Enjin CMS and into the open-source Platform API, Enjin will work on forum and CMS integrations for popular platforms such as phpBB, vBulletin, Xenforo, and others, making it possible for even more internet communities to easily incorporate Enjin Coins into their websites and games.
Web developers will have simple access to all Enjin Coin features and capabilities using open-source PHP and NodeJS SDKs, which will allow them to create bespoke websites and API integrations.
To encourage users to utilize Enjin CMS, an existing automated system on the platform may provide coins to them.
Accounts that are created based on complex combinations of circumstances and triggers Various types of award.
It is possible to configure a system to allow users to participate in forums and other online activities.
In addition to the Enjin CMS, there is an extremely feature-rich forum system that is now powering anything from small teams to massive communities with over a million members interacting on their message boards. The option to show Custom Coins will be added to the voting and point systems on the forum. Tipping will be included on the Forums, allowing individuals to be tipped with coins by just clicking on their avatar (and this action would be displayed on the thread).
Donations & Group Pay
Many websites, particularly smaller eSports clans or guilds comprised of friends, choose to take contributions rather than to operate a shop. Enjin Coins will now be accepted as a form of payment in both the Donation module and the Stretch Goals section.
Promotion & Advertising on the Enjin Platform
Enjin’s incredibly popular wall system will be modified to include a Post Promotion system that will take Enjin Coins as a payment mechanism in addition to other currencies.Promoted Wall Posts may be targeted to certain games and interests within the audience of 18 million actively playing gamers via the use of audience targeting.
Decentralized Payment Gateway
The Platform SDK simplifies the process of developing a complicated decentralized payment gateway. It is intended to enable for the creation of novel payment structures that may minimize accounting labor while also increasing confidence between businesses and consumers.
Build your own customized Gateway
A PayPal-like payment gateway will be possible thanks to the Platform SDK, which will contain all of the backend technology required. Using the open-source code and examples offered in the SDK, you may create your own customized features such as carts, online invoicing, email/SMS alerts, refunds, and other services that you want to provide your customers.
Many popular open-source and commercial carts, including Magento, Drupal, Shopify, Volusion and Zen Cart will have plug-ins available in the near future.
Native Support for Custom Coins
No Built-In Fees
With the exception of extremely minor Ethereum transaction fees, entire payment gateways may be implemented with no additional fees or expenses imposed at the time of creation.
The addition of numerous payees to the payment gateway platform is an interesting new feature. Funds may be legally split across several accounts if they are received in more than one account. Payees will be able to withdraw their assigned amounts from the Gateway smart contract at any time. Consider the following examples of possible applications:
- Profit sharing
- Provider fees
- Charitable contributions
- A prize fund
Automatic Payments Made Easy
There can be made automated payments on the Ethereum network quicker and easier to use by using a revolutionary Smart Wallet transaction mechanism, while still retaining the high degree of security that the blockchain provides for the network.
Games and websites will be approved by the user as Trusted Platforms, which will allow them to launch a transaction request. When a transfer of money or a new subscription is requested, the user’s wallet (whether on their mobile device or on their computer) will ask them for confirmation.
When used in conjunction with the Enjin Wallet, a revolutionary and previously unattainable feature for cryptocurrencies is made possible: the capacity to construct actual subscription services. Server and community owners will be able to give time-based services to subscribers, such as power-ups, rankings, and the unlocking of website content.
Subscriptions are made up of three parties:
An account with the ability to withdraw from the Subscription Smart Contract is required.
An Enjin Smart Wallet is installed on the user’s device, and the customer has a balance of Enjin Coins.
Platform that can be trusted
API that negotiates subscription conditions between the Merchant and Subscriber and sends this information as a Subscription Request to the Subscriber’s wallet (also known as the Subscription Request API).
A Subscription Request containing information about the subscription is submitted to the Smart Wallet, which must accept it before the subscription can begin. The connection between the Subscriber and the Merchant will be established as a result of this action.
In addition, the Smart Wallet will automatically transfer money to the smart contract at certain intervals.
The Merchant will only be able to withdraw money that have been properly accounted for depending on the amount of time that has passed. The Subscriber has the option to cancel at any moment and get a refund for the remaining time remaining on their membership period.