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?
Yes, Enjin is decentralized. It runs on the Ethereum blockchain and is decentralized as per the mechanisms in its whitepaper. They are currently developing a new next-generation blockchain called Efinity on top of Polkadot, which will also be decentralized.
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: Yes, Enjin is, and will continue to be, decentralized.
Since the game content creators and gamers have ownership in this model, the governance is a voting system based on holding tokens, and the blockchain runs on a staking mechanism, it is safe to say that Enjin is a decentralized crypto project.
In other words:
Enjin is currently decentralized and will remain a decentralized platform once they switch over to Efinity.