I've been watching Enjin for over two years now. I first bought it in April of 2020, at a price below ten cents - good times! In this article, I'm addressing a question I frequently get - Is Enjin Decentralized?
At publication, Enjin ran on Ethereum and used the decentralized mechanisms described in its whitepaper. Its planned Efinity network on Polkadot was also designed around decentralized governance.
Related analysis:
Enjin is a "game-creation platform" built on the Ethereum blockchain, supporting virtual goods and in-game items across different platforms as NFT's.
Enjin Coin (ENJ) is the cryptocurrency acting as a means to monetize the platform.
Though Enjin Network launched back in 2009, some people still wonder if it is decentralized or not. I'll give you my thoughts on the matter in the following section about the decentralization of Enjin:
However, Enjin is moving over to Polkadot and away from Ethereum. Will Enjin stay Decentralized after their new blockchain is developed?
Will Enjin's New Blockchain "Efinity" Be Decentralized?
Enjin blockchain is a scalable and cross-chain network dubbed as Efinity. According to its whitepaper, it is designed to "bring NFTs to the masses."
The governance will be designed in a decentralized matter. Every other week, token holders can vote on network upgrades - kind of like in a democracy.
This means that no central agent will have the power to change the network, making it decentralized.
To validate transactions and secure the network, Efinity will utilize a staking mechanism, a decentralized way of making sure the blockchain works well.
Conclusion: Enjin's Published Design Was Decentralized
Because game creators and players had ownership in the model, governance was based on token-holder voting, and the blockchain used staking, I considered Enjin decentralized at publication.
In other words:
Enjin was decentralized at publication, and the planned Efinity design aimed to preserve that structure.