Part 1 of 5
Enjin is more than than just Enjin Coin. If you came through our website or saw us mentioned on crypto media, you’re probably familiar with the basics of the coin. However if you’ve just arrived, Enjin Coin is a blockchain based solution that solves many long time issues with virtual goods. For example, things you’ve paid for that are licensed to you instead of owned by you or not having a secure, reliable third party system when trading out of game or even the need to trade out of game at all. However the Enjin brand is also known for more than just Enjin Coin, the business has been around for nine years and in this piece we’ll tell you about the original Enjin social network we built the business on
What is Enjin Coin?
The main concept behind Enjin Coin is not entirely new, a common currency between multiple games that implement it and portability as well as transferability of virtual goods and digital assets. It’s a holy grail of a goal shared with other competing altcoins in the space.
However unlike their competitors, Enjin Coin comes with a massive community base to springboard adoption and our brand is already well known and respected by both top tier game developers and millions of gamers that already run their guild sites through us. Our team is also experienced and eager to transition from the mature Enjin business into our next challenge with Enjin Coin
Currently the responsibility for both "minting" (creating) this currency as well as account keeping of the items is maintained by the game developer. Transaction processing is usually also handled by the developer or service provider which is usually not their main speciality. Most games are games first and usually nowhere near as secure as banking or other professional money handling services . Processing time as well as the integrity of the developer can be hit or miss. A major problem is that a player's' ownership rights are extinguished if they are banned from the game at all, whether it’s your own fault, a misunderstanding or something caused by an external hack.
Secure trading with escrow in particular has been a real life want for many gamers especially in the RMT (real money transaction) world especially if the game does not allow for this. Many don't, it's often something against the terms of service and becomes a bannable offence in particular if by doing you also circumvent a company's income stream selling direct to players
A blockchain based Enjin coin provides for a next generation secure and immutable solution to all of these problems that can also be extended and seamlessly integrated with "out of game" community features (such as those on our Enjin CMS) while ensuring a robust secondary market independent of the games themselves that doesn’t have to be a wild west grey market.
Who is Enjin?
Enjin is an inevitably familiar brand to many gamers particularly for those who play MMOs or any multiplayer games where guilds, clans and communities inevitably form. In the early days of multiplayer gaming, most guilds and communities took it for granted that they just had to end up making their own websites to organize themselves as well as for recruiting other members. Then you had to repeat that effort for every new game which tends to get wasted after players quit if it's not just the same group of guildies that follow each other from game to game. We created Enjin as premade guild-site/content management system similar to MySpace/Facebook that guild leaders easily sign up within in a few minutes and then automatically start passing the link around other members.
Enjin's been a profitable business for over 9 years now, with a base of over 18 million registered users and have become almost a given with multiplayer games as something like Wikia is as common as a wiki about your favourite game or TV show. Except unlike Wikia we actually charge a subscription which our community has been happy to support and we’ve enjoyed what has become a mature and profitable revenue stream throughout those years.
This is the first article in a series of five. Future articles in this series will talk more about the RMT economy, how game items would be implemented under Enjin Coin (and the ability to mint custom coins) as well the similarities between blockchain and Free2Play gaming economies and how the Enjin Community site and the Enjin Coin will drive each others' growths in mutual harmony. Stay tuned!