Bancor & Enjin Coin Partnership
Enjin has partnered with Bancor to use Smart Tokens across the Enjin Coin platform. What does Bancor do for Enjin Coin? Let’s explore it in this article!
Enjin Coin as a Token Changer
The main Enjin Coin (ENJ) token will be using a Bancor Token Changer to be compatible with the Bancor protocol and network. Enjin Coins will continue to use the ERC-20 token standard, compatible with all exchanges.
The total number of Enjin Coins in existence will remain locked at 1 billion, and any minting or destruction will be disabled.
20 Million Enjin Coins and equivalent Bancor Network Tokens will be stored as reserve in the Token Changer (ENJBNT). A small 0.1%-0.2% fee will be charged for any exchanges made through this token changer. Market makers could also run their own Bancor Token Changers to facilitate exchange.
Enjin Coin will become tradeable with the rest of the coins and tokens on the Bancor Network.
Gaming Items as Smart Tokens
More importantly, all game items created on the Enjin Coin Platform will now have the ability to tie into the same network and benefit.
“Bancor will open up liquidity channels from gaming items to BNT and other smart tokens on the Bancor network.It brings us closer to our goal of tokenizing all kinds of items for gamers and preserving their intrinsic value. Enjin is the first to use the Bancor platform in such a pioneering way.”
Game developers adopting Enjin Coin may eventually add hundreds of thousands of new ERC-20 tokens to the ecosystem, each unit backed by Enjin Coin reserve tokens. While the reserve ENJ tokens represent the “material cost”, the true value of game items is defined by their gameplay properties inside the game.
As Bancor smart tokens, items can finally be traded with the full representation of their actual intrinsic value and user demand. Bancor exchanges are like automated robots on the Ethereum blockchain. They give gamers the ability to liquidate or trade items at the time of their choosing, even if willing human buyers aren’t immediately available for rare end-tail items.
“This is especially useful for independent games or newer titles where the player-base is still just growing. The automation of markets across any type of game is unprecedented in the gaming world!”
Conversion between game items
Our end-goal is to allow thousands of game item types to become interchangeable and liquid across any games you play. This will create rich and complex value networks, all tied together by the Bancor Protocol. Game items will be supported by both material (ENJ) value and also be able to reflect their true intrinsic value in the marketplace. Gamers will be able to put their items up for exchange and won’t need to wait for a second user to be updating their bids on an order-book.
Enjin Coin is an ideal use-case for the Bancor idea, and their team has provided a lot of encouragement for this implementation to succeed, being gamers and former game developers themselves!
Enjin Coin Pre-sale Extended by one week
We are extending the Enjin Coin token pre-sale until September 15th because of this announcement, to allow the community enough time to respond and participate in the presale. If you haven’t had a chance to contribute, now is the best time! Afterwards, the Public Crowdsale phase will be beginning on October 3rd as originally planned.
Participate in the Enjin Coin pre-sale!
About Enjin
Enjin is the largest gaming community creation platform online with more than 18 million users. The company, based in Singapore, was launched in 2009 and now sees more than 60 million global views a month.
Witek Radomski is the CTO of Enjin Coin, a cryptocurrency token designed for online gamers, social gaming communities and Minecraft servers.
