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September 6 2017

ICO Alert Report: Enjin

ICO Alert Report: Enjin

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What is Enjin?

Enjin’s core purpose is to give gamers everything they need to build a powerful gaming community. We are already the largest gaming community platform on the Internet, with over 18 million users and 250,000 gaming communities who play various online games. Many Enjin websites sell virtual items, ranks, or points to gamify their communities.
 — Maxim Blagov, Founder and CEO of Enjin

Pre-sale Information
The pre-sale ends on September 7, 2017. The following bonuses are issued for each contribution level:

— $1,000-$15,000 receives 5% bonus.
 — $15,000-$50,000 receives 15% bonus.
 — $50,000-$100,000 receives 25% bonus.
 — $100,000-$1,000,000 receives 35% bonus.
 — $1,000,000-$2,000,000 receives 40% bonus.
 — Over $2,000,000 receives 50% bonus.

The price per Enjin Token (ENJ) is $0.03. In order to contribute, visit the website or email presale@enjincoin.io

400,000,000 ENJ tokens are available for purchase during the pre-sale. Tokens will be distributed before the start of the crowdsale.

Crowdsale Information
The crowdsale will begin at 5 a.m. PDT on October 3, 2017 and end at 11:59 p.m. PDT on October 31, 2017. 400,000,000 ENJ tokens will be available for purchase and tokens will be distributed shortly after the end of the crowdsale.

The amount of ENJ tokens received is broken down across a four week period incentivizing early contribution as follows:

— Week 1: One Ether = 6,000 ENJ
 — Week 2: One Ether = 5,000 ENJ
 — Week 3: One Ether = 4,000 ENJ
 — Week 4: One Ether = 3,000 ENJ

All unsold tokens will be retained by the company and will be locked for six months. All tokens held by the company, if sold, must be sold for $0.15, according to the Enjin whitepaper. Visit the Enjin website during the crowdsale for more information on how to contribute and for the contribution address.

Token Distribution Information
There are a total of 1,000,000,000 ENJ tokens being created, with 400,000,000 available during the presale and 400,000,000 available during the crowdsale. Any tokens not sold during the pre-sale will be available for purchase during the crowdsale.

Tokens will be distributed to contributors shortly after the crowdsale is completed. Team member tokens are locked for six months after the crowdsale ends and advisor tokens are locked for two months after the crowdsale ends.

Allocation
80%: Presale and public crowdsale contributors
10%: Core development team and advisors
10%: Strategic partnerships, Enjin communities, and marketing

Use of Crowdsale Proceeds
50%: Development
30%: Marketing and growth
5%: Security
5%: Legal
5%: Hosting and infrastructure
5%: Contingency

Team
Maxim​ ​Blagov​,​ CEO​ ​/​ ​Creative​ ​Director and Co-founder of Enjin
Linkedin
Maxim is a creative director with 15 years of expertise in creative direction, project management, and UX design. He has experience in concept and strategy development for large interactive applications, specializing in the video gaming industry. He has been a part of Enjin for nearly 10 years.

Witek​ ​Radomski​, CTO and Co-founder of Enjin
Linkedin
Witek has overseen the technical engineering of Enjin for nearly a decade. He champions best-practices in software design, security, and testing. He is leading the Enjin Coin currency implementation and integration within the online gaming ecosystem.

Josh​ ​Woelfel​, Full​ ​Stack​ ​Engineer
Linkedin
Josh is a team leader with extensive experience in full-stack development. Specializing in REACT, PHP, and JavaScript and has developed numerous full scale applications being used by millions of users on Enjin today. Josh is the one that pioneered the transition to REACT across the platform and has been with Enjin for over four years.

Vyacheslav​ ​Volkov​, C#​ ​/​ ​Objective-C​ ​Engineer and Technical Lead in C#, Objective-C and Java
Linkedin
Vyacheslav directs the development of the Enjin Android and iOS app. He has a proven ability to create complex and versatile enterprise level applications with optimal design and architecture. Before Enjin, he was a .NET developer for Infotech.

Lilia​ ​Pritchard​, Marketing​/Operations 
Linkedin
Lilia has 10 years of marketing experience, is well versed in establishing partnerships with industry-leading game publishers, and is on the front lines of social media and community interactions spanning across millions of users. She possesses valuable insights into strategic trends and has a strong ability to execute marketing campaigns.

Brad​ ​Bayliss, Security​ ​Analyst​/Full​-​Stack​ ​Engineer
Brad has over 10 years of experience in programming, security research, quality assurance, and network management. Brad is dedicated towards ensuring a safe and secure network infrastructure for the millions of users and sites on the Enjin platform.

Evan​ ​Lindsay​, Java​/​​Game​ ​Server​ ​Engineer
Linkedin
Evan is the Java programmer and lead developer of the Enjin Minecraft plugin, which is used by over 100,000 game servers. He has over five years of experience working with game and network server implementations. He specializes in game programming and core Java technologies. He previously held the role of game programmer and was CEO of Arche Interactive LLC, a small indie game development company.

Chris​ ​Hirasawa, Quality​ ​Assurance​/​​Community​ ​Manager
Chris has over seven years of experience in the gaming industry and is responsible for driving the software development process toward quality-centric methodologies. Chris is the lead in technical support and bridging communication between management and community.

Social Media
Enjin company website: https://enjin.com
Blog:​ ​https://www.medium.com/@coinfork
Twitter:​ ​https://twitter.com/enjincs
Slack:​ ​https://enjincoin.io/slack/
Telegram:​ ​https://t.me/joinchat/C3COWEQFuovWYOfDhXFwJA
Bitcointalk:​ ​https://bitcointalk.org/index.php?topic=2042871.0
Reddit:​ ​https://www.reddit.com/r/enjincoin 
GitHub:​ ​https://github.com/enjin/enjincoin

Q&A

ICO Alert: How is the ENJ token used on the Enjin platform and why is it needed? What are some of the smart contracts that will be used?

Maxim Blagov, Founder and CEO: Enjin Coin gives creators a way to mint crypto-backed virtual items that exist on the blockchain. It benefits gamers by giving them full ownership over all their items. Instead of the items only being available inside one game, they can be traded outside of the game, displayed on websites, or used across multiple game servers. Players will be able to purchase items or even start subscriptions, seamlessly inside the game. There’s a full suite of smart contracts built around gaming, like the TopList voting system, and the Escrow system for secure item trades.

ICO Alert: It’s somewhat rare in today’s ICO landscape that an established business conducts an ICO. Can you give some information on the Enjin business and the history of it?

Enjin: When we started Enjin, there was no real high-end website building platform available on the Internet. We had been building individual gaming websites for a few years, and we realized that gamers needed a better and cheaper way to build custom, amazing looking websites themselves. We designed a groundbreaking visual layout system and framework that offers over 100 modules (forums, shops, etc) that can be placed and scaled on any website, while retaining a professional, unified look. We then added social features like activity walls, notifications, and recently a mobile app for Android + iOS. The platform took off very fast after we launched in 2009 and it grew organically, mostly through word-of-mouth. We also created a Minecraft plugin that ties the website in with the game and syncs ranks, virtual items, and users in real-time. The plugin is currently used by thousands of Minecraft servers and our platform processes millions of dollars of virtual item sales per month.

ICO Alert: What network effect efficiencies (current users, gaming sites, etc.) is Enjin deploying the use of the Enjin Coin to and on what timeline/roadmap is Enjin Coin set to be fully launched?

Enjin: Enjin Coin will be fully integrated into the Enjin network and mobile app as soon as possible. Open source SDKs (software development kits) for various languages and engines will be created and released during 2018 for any game developer to use. By the end of Q4 2018, we plan to have everything ready, as per our defined roadmap.

ICO Alert: The Ethereum network has occasionally suffered from slow transaction times. Is there any concern that this may affect the Enjin platform?

Enjin: Fast transactions in-game are very important. Transaction requests are sent via push notifications and will appear immediately. We’re implementing off-chain messages to close the gaps caused by Ethereum network slowdowns and block times. The upcoming Ethereum technology upgrades, such as PoS Casper (Proof-of-Stake), aim to improve block times to three seconds and the Raiden upgrade demonstrated off-chain transfers of ERC-20 tokens. For now, we’ll need to use a bit of off-chain messaging between wallets and game platforms for a good experience. We may also potentially experiment with a custom multi-token transfer function (with games as a temporary trusted authority), depending on how Raiden progresses in the upcoming months.

ICO Alert: What are some of the more well known games or gaming websites that will be compatible with Enjin Coin? Have game developers and game server partnerships been announced already?

Enjin: We’re going to be supporting Minecraft, Unturned, and ARK: Survival Evolved early on through plugins (for Sponge, Spigot, Forge, Rocketmod, etc). Since thousands of Minecraft servers on Enjin already use our Minecraft Plugin, they will gain the capability to accept ENJ in-game and use Enjin Coin items with a simple version update.
Also, Pat LaBine (Jade Empire, Mass Effect, Dragon Age) recently joined as an advisor and will be helping us position the coin and tech for adoption by both indie and larger game developers.

ICO Alert: How will the process of minting custom coins and creating virtual stores work?

Enjin: Custom Coins can be minted programmatically, but there will also be a web interface that will allow setting exchange rates, updating the name and icon for each item, and exporting your item IDs in parsable formats. Each item can also have some data attached in your own format, so it’s possible to store info, like stats, inside the item definition.
Virtual stores and contracts such as the Escrow system will be manageable both via user interfaces (web or wallet, depending on the feature) and SDKs. We will also be adding deep support for these into many existing Enjin modules to tie this into existing community websites. The DonationCraft store will be able to accept ENJ and custom coins as native currency for all existing stores. Store owners will also be able to configure their stores to transfer specific Custom Coin items after item purchases.

ICO Alert: What goals does Enjin have for Enjin Coin user adoption and/or goals for Enjin Coin overall? What is the best measure of success?

Enjin: We’re going to be sending 10,000+ Enjin communities coins from our partnership portion in 2018, and we hope that many of them will adopt it, and use Enjin Coin in interesting ways in their communities. We’d like to see direct adoption by multiple online PC and mobile games next year.

ICO Alert: As a non-Enjin related question, we like to ask the team where they see the ICO/cryptocurrency space heading in the near future. Where do you believe the industry will be in five years?

Enjin: It’s still a very early and exciting time in the ICO/cryptocurrency world! There are so many experiments, ideas, and startups forming around these decentralized technologies. While there may be critics of ICOs and crypto-bubbles for various (sometimes legitimate) reasons, we believe this booming start-up atmosphere is extremely healthy. There will definitely be some failures and successes, and some of them will end up being massive and world-changing. In five years I see Ethereum and other cryptocurrency tech solving all throughput and scaling issues. Off-chain scaling techniques will be mature and standardized. Many companies will be using various blockchains and tokens to solve their problems as naturally as software and credit cards are used today. I can see blockchain tech reaching critical mainstream adoption sooner than five years from now, and it will be the main way for the average person to have control and power in a world of consolidation where technology would otherwise give large companies or governments a little too much power over individuals. It’s a good time to be part of this revolution!

View the Enjincoin Website here.

View the only comprehensive list of active and upcoming ICOs here.

References
(1) Enjincoin Website, Enjin, (2017)
https://enjincoin.io/

(2) Enjincoin Whitepaper, Enjin, (2017)
https://enjincoin.io/enjincoin_whitepaper.pdf

Topics: Blockchain, ICO, Cryptocurrency, Finance, Gaming