Enjin’s “melting” functionality allows users to destroy their blockchain assets at any time to retrieve the ENJ value from within.<\/li>\n<\/ul>\nThe Enjin blockchain ecosystem aims to offer software products that make it easy for everyone to develop, trade, monetize, and market with blockchain.<\/p>\n
Founded in 2009, Enjin has roots in the gaming industry, with the company\u2019s first product, a gaming community platform called the Enjin Network, growing to 20 million users over the course of a decade. In 2017 following an ICO, Enjin established itself as a leading blockchain ecosystem developer, building a suite of software products that enable anyone to easily mint, manage, trade, distribute, and integrate blockchain assets. Enjin\u2019s co-founder Witek Radomski wrote the code for one of the first ever non-fungible tokens (NFTs) and is also the co-author of the ERC-1155 Ethereum token standard.<\/p>\n
Built on top of an on-chain infrastructure, the Enjin ecosystem enables game developers and businesses of all sizes to use tokenized digital assets as part of their acquisition, retention, engagement, and monetization strategies. The Enjin ecosystem is fueled by Enjin Coin (ENJ), a cryptocurrency used to back the value of blockchain assets.<\/p>\n
Who Are the Founders of Enjin Coin?<\/strong><\/h2>\nEnjin was founded as a gaming community platform in 2009 by Maxim Blagov and Witek Radomski, with Blagov becoming CEO and assuming responsibility for the creative direction of the company and Radomski serving as chief technical officer, responsible for the technical development of its products. Blagov has\u00a0<\/span>described\u00a0<\/span>himself as having experience in creative direction, marketing, and software project management and design.<\/p>\nThe idea of introducing blockchain to Enjin was first proposed by Radomski after he became interested in\u00a0<\/span>Bitcoin\u00a0<\/span>(BTC) in 2012, eventually\u00a0<\/span>convincing\u00a0<\/span>the company to accept it as a payment option. After learning about Ethereum and\u00a0<\/span>smart contracts, he decided he wanted to create his own blockchain-integrated software. Radomski is also the author of the ERC-1155 token standard, a new standard for Ethereum-issued tokens that was\u00a0<\/span>introduced\u00a0<\/span>in June 2018,\u00a0<\/span>finalized\u00a0<\/span>in June 2019, and is used for minting both fungible and nonfungible tokens.<\/p>\nWhat Makes Enjin Coin Unique?<\/strong><\/h2>\nAccording to co-founder Radomski, Enjin Coin is unique in that every token minted with Enjin Platform, the company’s blockchain asset development platform that\u00a0<\/span>launched\u00a0<\/span>in February 2020, is directly backed by ENJ, giving in-game items real-world liquidity. Similarly, Blagov has\u00a0<\/span>stated\u00a0<\/span>that the company is focused on adoption, saying he imagines a future in which millions of gamers use digital items backed by Enjin Coin without even knowing it exists.<\/p>\nEnjin Coin uses a series of smart contracts to which game developers send ENJ to mint new, unique fungible or nonfungible ERC-1155 tokens. These tokens can be traded on the Enjin Marketplace, which\u00a0<\/span>launched\u00a0<\/span>in September 2019, or exchanged for their backing ENJ at any time. As more custom tokens are minted, more ENJ is removed from the ecosystem, thus making it scarcer.<\/p>\nAccording to its\u00a0<\/span>whitepaper<\/a>, Enjin Coin