Enjin Coin

Enjin Coin was created by the founders of the Enjin platform, Maxim Blagov and Witek Radomski. Blagov serves as the CEO and focuses on the creative direction, marketing, and project management of Enjin. Radomski is the Chief Technology Officer and was responsible for the technical development of Enjin's products, including writing the code for one of the first-ever non-fungible tokens (NFTs) and co-authoring the ERC-1155 token standard used for minting both fungible and non-fungible tokens on Ethereum.

Enjin Coin is unique in that it is directly tied to the value of the digital assets created on the Enjin platform. Unlike many other cryptocurrencies that have no inherent utility, ENJ is permanently locked into every item minted using Enjin's tools. This "infuses them with a reserve value" and ensures transparency, scarcity, and instant liquidity. The "melting" functionality also allows users to destroy their ENJ-backed assets at any time to retrieve the ENJ value from within. This creates a deflationary effect on the ENJ supply over time as more assets are minted and removed from circulation.

Enjin Coin serves as the primary utility token and backing asset for the Enjin ecosystem. Game developers and creators use ENJ to mint new in-game items, collectibles, and other digital assets. This ENJ is then locked into those assets, providing them with real-world value and liquidity. Users can then buy, sell, and trade these ENJ-backed items, or "melt" them down to retrieve the underlying ENJ. This creates a circular economy where ENJ is continuously removed from circulation, making it a deflationary asset over time.