Enjin was established as a gaming community platform in 2009 by Maxim Blagov and Witek Radomski. Blagov took on the role of CEO, focusing on the creative direction of the company, while Radomski became the Chief Technical Officer, responsible for overseeing the technical development of the company's products. Blagov has articulated his experience in creative direction, marketing, and managing software project design. The concept of incorporating blockchain into Enjin was first introduced by Radomski following his growing interest in Bitcoin (BTC) in 2012, eventually persuading the company to adopt it as a payment method. After gaining insights into Ethereum and its smart contracts, Radomski was motivated to develop his own blockchain-integrated software. He is also the author of the ERC-1155 token standard, a groundbreaking standard for Ethereum-issued tokens that debuted in June 2018 and was finalized in June 2019. This standard is utilized for minting both fungible and non-fungible tokens.

According to co-founder Radomski, Enjin Coin is distinctive because every token minted through the Enjin Platform, the company's blockchain asset development platform launched in February 2020, is directly backed by ENJ. This backing imparts real-world liquidity to in-game items. Similarly, Blagov has emphasized the company’s focus on adoption, envisioning a future where millions of gamers utilize digital items backed by Enjin Coin without being aware of its existence. Enjin Coin operates via a series of smart contracts to which game developers send ENJ in order to mint new, unique fungible or non-fungible ERC-1155 tokens. These tokens can be traded on the Enjin Marketplace, which started in September 2019, or exchanged for the underlying ENJ at any time. As custom tokens continue to be minted, more ENJ is removed from the ecosystem, increasing its scarcity. According to its white paper, Enjin Coin employs a combination of on-chain and off-chain processes. Upon the completion of a transaction within the Enjin ecosystem, a Trusted Platform interacts with users' smart wallets. Meanwhile, the website or game is promptly updated with a placeholder or non-tradable version of the digital item until the transaction is validated by the Ethereum blockchain.

Enjin Coin has a capped maximum supply of 1 billion tokens. As the ecosystem expands and more ENJ becomes integrated into in-game digital assets, the actual circulating supply will diminish. Enjin Coin was initially offered for purchase during a presale event in September 2017, where 400 million ENJ were sold, raising a total of 38,800 Ether (ETH), valued at $12 million at that time. An additional 100 million ENJ were distributed as bonuses. Altogether, the presale accounted for 50% of the total supply, through sales and giveaways. An initial coin offering (ICO) took place in October 2017, offering 300 million ENJ—representing 30% of the total supply—available for sale. The ICO garnered 75,041 ETH, with a value of $18.9 million at that time. Tokens unsold during the ICO were secured for six months to be used subsequently for community initiatives and marketing efforts. 10% of the total token supply was allocated to the company for community initiatives, beta testing, marketing, and strategic partnerships, while another 10% was designated for team members and advisors. Tokens held by team members were locked for the initial six months and then vested over a span of 24 months. Advisor tokens, on the other hand, were locked for two months and fully released thereafter.

Enjin Coin is an ERC-20 token based on the Ethereum blockchain. This means that all on-chain ENJ transactions are validated and secured by the Ethereum network, which operates using a proof-of-work consensus mechanism. Within this framework, miners compete to add new blocks to the blockchain, and a majority of nodes across the network must confirm each record before it is finalized. The smart contracts facilitating Enjin Coin have been subjected to several audits. These include a review by Ethereum developer Matthew Di Ferrante in September 2017, an evaluation by smart-contract auditor and developer ZK Labs in early 2018, and an assessment by Castillo Network in July 2019. In October 2020, Enjin initiated a bug bounty program in collaboration with information security company HackerOne.

Enjin Coin can be acquired on cryptocurrency exchanges including Binance, Bithumb, Uniswap (V2), and Balancer, among others. It is available for trading against fiat currencies such as the U.S. dollar and the euro, cryptocurrencies such as Bitcoin and Ether, and stablecoins such as Tether (USDT) and USD Coin (USDC). Transactions can be made on both spot and derivatives markets. If you are interested in purchasing ENJ or other cryptocurrencies such as Bitcoin, Eulerpool offers a straightforward, step-by-step guide to educate you about crypto and guide you through buying your first coins.