When reminiscing about my own journey into the world of cryptocurrencies, it's intriguing how the lens through which I view Enjin has evolved over time. Back in 2017, Bitcoin's price was around $1,000 USD, and I admittedly regarded it as a novelty. As an accountant with a growing interest in the crypto space, I found myself discussing the taxation of assets like Bitcoin with Australian crypto personality Bitcoin Babe. Little did I know, this conversation would be my initial connection to what would become an integral part of my crypto journey.
Fast forward to the gaming narrative of blockchain, and Enjin emerged onto the scene, capturing the hearts of many, including myself. The concept of in-game ownership and tokenizing the gaming space resonated deeply. Listening to Enjin's Co-Founder, Witek Radomski, passionately articulate the vision behind Enjin solidified my belief in its potential. As a dedicated community member, I am excited to share insights into Enjin's past, present, and future, offering a perspective on this transformative journey that has captivated stakeholders, both old and new.
Enjin's history, rooted in its 2009 beginnings, serves as a testament to its evolution. However, my direct involvement began when Enjin embraced the Ethereum network, introducing an ERC-20 token that aligned with its vision. This vision, centered around in-game ownership and valuing players' time, resonated deeply within the gaming community. The explosive growth of Ethereum, however, revealed a challenge that plagued Enjin's progress—high transaction costs and gas fees.
The introduction of the dual-token system, EFI and ENJ, in 2021 marked a significant pivot for the Enjin community. The decision to build on the Polkadot blockchain was driven by the need for a fluid, high-volume, and cost-effective ecosystem. EFI was introduced to fuel the Efinity network, while ENJ aimed to secure the network through staking and governance, reinforcing the value of early adopters in the ecosystem.
A division between EFI and ENJ advocates further complicated matters. Nevertheless, the migration to Polkadot was not without cause, as the evolving needs of the Enjin ecosystem necessitated a shift to a blockchain solution that best suited these needs.
Amidst this transformative phase, acknowledging the community's sentiments is pivotal. The transition prompted frustration, perceived as sluggishness with "soon" becoming a symbolic refrain. The EFI and ENJ dichotomy further nuanced matters. However, the migration to Polkadot was strategic, driven by the thoughtful rationale which sought to accommodate the continuing growth of the Enjin ecosystem.
The sequence of events that followed these upgrades ignited speculation. Efinity's unanticipated downtime left the community pondering motivations. A subsequent announcement – forking Polkadot to birth the Enjin Blockchain – sparked contemplation.
Retrospectively, the move away from Polkadot aligns with Enjin's vision for an NFT-focused ecosystem. Technological evolution collided with this vision, potentially breeding frustration and prompting transformation. Delays within Polkadot's framework could have curtailed Enjin's aspirations, necessitating a distinct path.
The turning point arrived with the creation of the Enjin Blockchain, a move precipitated by technical challenges and the aspiration for a purpose-built ecosystem. The decision to fork Polkadot and develop a purpose-built blockchain for NFTs was a strategic move to overcome limitations and foster a seamless gaming experience. The transition should provide the Enjin community with the autonomy and flexibility required to fulfill its ambitious goals.
As Enjin embarks on its journey with the new blockchain, its position in the web3 space presents intriguing possibilities. Enjin Blockchain admirably seeks to address the blockchain trilemma—balancing security, scalability, and speed— by narrowing its focus on an NFT-specific chain. Customisable chains, rapid transactions, and low costs, all secured by the Enjin Relaychain, have been strategically aligned to facilitate user onboarding.
Enjin's tech stack, which is designed to work seamlessly with Enjin Blockchain, holds significant promise for fostering adoption, with tools like Fuel Tanks and Beam at the forefront. Fuel Tanks enable seamless user interactions by subsidizing transaction costs, effectively eliminating entry barriers for newcomers. Beam, a QR code-based distribution system, streamlines engagement and dissemination, exemplifying Enjin's commitment to accessible and engaging blockchain experiences.
Additionally, Enjin Blockchains's emphasis on interoperability stands as a crucial differentiator. The goal to connect different blockchain ecosystems positions Enjin Blockchain as an NFT superhighway, bridging various chains and expanding the scope of digital asset ownership.
In a climate marked by increasing regulatory scrutiny, Enjin Blockchain’s approach to its launch underscores a commitment to compliance. The blatant overreach of the SEC has proven to be an issue. By forgoing an ICO and leveraging the existing base of 170,000 ENJ wallets, Enjin Blockchain will build towards building a robust and compliant ecosystem. This strategic move not only aligns with the expectations of cautious corporations but also enhances Enjin Blockchain's appeal within the regulatory framework.
The decision to rely on existing ENJ holders is an astute move that resonates strongly with the corporate world. Corporations, often cautious due to evolving regulatory standards, are more likely to engage with projects that have taken proactive steps to adhere to compliance requirements. In doing so, Enjin Blockchain positions itself as a responsible and forward-looking player within the regulatory framework, garnering trust and credibility among potential enterprise partners.
As Enjin sets its sights on the horizon, it's important to recognize the potential of seemingly mundane use cases that hold transformative power. Ticketing and tokenization of traditional business processes, although less glamorous, have the potential to drive mass adoption and integrate blockchain into everyday operations.
The rollout of the new Enjin blockchain unveils a vision of connectedness and interoperability. Enjin's aspiration to become a major player in the NFT arena, rivalling even established platforms like OpenSea, underscores its commitment to innovation. The Enjin community, along with its diverse array of projects and initiatives, is well poised to redefine the landscape of web3 gaming.
Enjin's journey has been marked by challenges, transformations, and a relentless pursuit of progress. With its newfound autonomy, Enjin has the canvas to paint a future where its blockchain solutions seamlessly integrate into the fabric of web3. However, success on this transformative journey hinges on collective efforts.
Partnerships, adoption, and community engagement form the bedrock of Enjin's next chapter. Through collaboration and a shared vision, Enjin can bridge the gap between blockchain and mainstream adoption. As a community member, my hope is that Enjin Blockchain's governance empowers stakeholders to propose and enact positive changes, ensuring that the ecosystem evolves in ways that benefit everyone involved.
To reach our desired destination, it's imperative that we forge significant partnerships and witness a few trailblazing instances that propel widespread adoption. It's noteworthy to observe the triumphs of other blockchain networks in this arena, as they serve as valuable case studies for us to dissect, formulate a meticulous strategy, and execute it with precision.
The leaders of our project will wield substantial influence in steering the course of adoption. Envisioning a scenario where key individuals align themselves as adept implementation specialists seems plausible. Those who have previously accomplished this feat would serve as educators, imparting their knowledge to others. In a similar vein, advisors would assume the role of connectors, assembling the puzzle pieces by assimilating the visions and ideas of creators. This, in turn, would infuse a sense of confidence and guidance required to actualize our blockchain objectives.
My current perspective, mirroring the prevailing sentiment within the community, is directed towards addressing the tokenomics associated with our nascent blockchain. Specifically, ENJ is undergoing a transition from a fully circulating supply to an augmented one, accompanied by an element of inflation. The viability of these tokenomics hinges significantly on the level of triumph achieved, thereby sustaining the engagement of our community encompassing stakeholders and node collators.
A remarkable opportunity lies within the domain of governance. It's not inconceivable to contemplate the implementation of a voting mechanism to adjust the inflation rate, undertake buyback initiatives, and strategically diminish the token supply over time. This empowerment offers us the capacity to propose constructive changes that resonate positively with our community, further reinforcing our collective aspirations.
Enjin's journey has been one of resilience, evolution, and adaptability. The challenges faced along the way have only fuelled its determination to craft a blockchain ecosystem that fosters innovation and inclusivity. The introduction of the Enjin Blockchain marks a turning point, unlocking new avenues for growth, interoperability, and user engagement.
The success of Enjin's journey rests not only on groundbreaking technology but on a thriving community that passionately embraces the vision. The future holds promise and potential, and it is our collective responsibility to shape it into a reality where Enjin shines brightly as a beacon of innovation in the web3 landscape.
About the Author:
Xentaya - Dedicated family man and Accountant based in Sydney, Australia. Passionate about web3 and crypto. Intrigued by the profound impact that will be created by the industry. A product of the 80s, I revelled in the golden age of gaming nostalgia. Ocarina of time is forever etched in my DNA.