CrushCrypto ICO Review Enjin Coin · in week 2, 4,000 ENJ in week 3, and 3,000 ENJ in week 4 •...

ICO Review:

Enjin Coin (ENJ)

Smart Cryptocurrency for GamingSeptember 28, 2017

ALL-IN-ONE WEBSITE PLATFORM

PROJECT OVERVIEW

What is Enjin?

2For additional resources, please visit www.CrushCrypto.com.Copyright © Crush Crypto. All Rights Reserved.

• Enjin is an established all-in-one

website content management system

(CMS) for the gaming community.

• Most common use is for building clan,

community or guild websites for

popular games such as Minecraft,

World of Warcraft, Guild Wars, etc.

• Modules such as a Wiki page, support

ticket system, forum board, and

application system, allow users to

create a highly customized website

specifically for their communities.

http://www.crushcrypto.com/

Source: Quantcast

MONTHLY TRAFFIC TRENDS FOR ENJIN NETWORKSource: Quantcast

Mar-14, 220.4

Aug-17, 52

Jul-14, 31

Aug-17, 11.7

0

50

100

150

200

250

Jul-11 Mar-12 Nov-12 Jul-13 Mar-14 Nov-14 Jul-15 Mar-16 Nov-16 Jul-17

monthly visits/views

(in millions)Global Visits

Global Views

PROJECT OVERVIEW

Statistics on Enjin


• 250,000 gaming

communities across

thousands of games.

• 18.7 million registered

and 3.5 million active

gamers.

• 12M global visits and

52M global views per

month (August 2017).

https://www.quantcast.com/p-e2f9QTuI7ynec#/trafficCard

https://www.quantcast.com/p-e2f9QTuI7ynec#/trafficCard


PROJECT OVERVIEW

Sample community website created with Enjin



PROJECT OVERVIEW

What is Enjin Coin?


• The Enjin Coin (ENJ) gives game developers,

content creators and gaming communities

the currency and tools for implementing

and managing virtual goods.

• With the introduction of ENJ tokens, Enjin

will develop a framework of open-source

software development kits (SDKs), wallets,

game plugins, virtual item management

apps and a payment gateway platform to

support the ENJ ecosystem.


PROJECT OVERVIEW

What is the Enjin Wallet?


• Streamlines user experience by linking

with trusted games and websites.

• Wallets can receive transaction and

subscription requests from trusted

platforms to allow one-click in-game

purchases and trades.

• User accounts on each trusted platform

will be synced to the user’s Ethereum

address.

• Will be made available for mobile (iOS

and Android) and PC.


• Core Smart

Contracts

• Platform API

• Mobile Smart

Wallet (Core

features)

• Minecraft Plugin

• Java SDK

• C# SDK

• Unity SDK

• Unturned Plugin

• Mobile Smart

Wallet Updates

• PC Smart Wallet

• Enjin Store

Modules

• Enjin

Automations

• Enjin Forum

Integration

• Token Manager

• Unreal

Development Kit

• iOS Swift SDK

• Android SDK

• Virtual Item

Trading System

• PHP SDK

• Subscriptions

• TopList Contract

& UI

• Enjin Coin

Community App

• Enjin Mobile

App

• Payment

Gateway

Contract and

Framework

PROJECT OVERVIEW

Development roadmap

7

Q4 2017 Q1 2018 Q2 2018 Q4 2018

For additional resources, please visit www.CrushCrypto.com.Copyright © Crush Crypto. All Rights Reserved.

Q3 2018


PROJECT OVERVIEW

ENJ token sale summary

• Project name: Enjin Coin

• Token symbol: ENJ

• Website: https://enjincoin.io/

• Hard cap: 50,000 ETH (assuming all tokens are sold in

the first week, public crowdsale ICO contributors own

30% of total token supply if hard cap is reached)

• Total supply: 1 billion ENJ tokens

• Conversion rate: 1 ETH = 6,000 ENJ in week 1, 5,000 ENJ

in week 2, 4,000 ENJ in week 3, and 3,000 ENJ in week 4

• Max market cap at ICO (fully diluted): US$31M

assuming hard cap is reached in week 1 and taking into

account the pre-sale contribution of $12M

• Timeline: October 3, 2017

• Token distribution: Once the crowdsale has ended

ICO SUMMARY


TOKEN ALLOCATION

50%

30%

10%

10% Presale purchasers

Crowdsale purchasers

Incentivize community, beta testers,

marketing, strategic partners

Enjin Coin team and advisors

USE OF PROCEEDS

50%

30%

5%5%

5%5% Development

Marketing and growth

Security

Legal

Hosting & infrastructure

Contingency

https://enjincoin.io/


PROJECT OVERVIEW

Use of ENJ tokens


• Tie-in community rewards with in-game

goods on servers or games.

• Create new tokens to represent virtual

currencies, game items, or privileges.

• Setup a virtual goods store.

• Trade between gaming items from

different games for liquidity.

• Ability to take the token across any

community or game and retain value.


THE TEAM

Who are the people behind Enjin?


PARTNERS

Maxim BlagovFounder & CEO

Witek RadomskiFounder & CTO

Josh WoelfelLead Engineer

Vyacheslav VolkovLead Mobile Engineer


OUR THOUGHTS

The opportunities


• The gaming industry is large and

growing rapidly.

• The global gaming market could

reach $128.5 billion dollars by

2020 while the mobile gaming

market could reach $64.9 billion

dollars.

• If Enjin can achieve its vision, the

ecosystem can be much greater

than the $25M beginning market

cap (and $31M on a fully-diluted

basis).

GLOBAL GAMING MARKET

101.1108.9

115.8122.7

128.5

0

20

40

60

80

100

120

140

160

2016 2017 2018 2019 2020

USD billions2016-2020 CAGR: 6.2%


OUR THOUGHTS

The opportunities


• The team behind Enjin grew the website from

scratch to substantial traffic volumes, which

speaks to the ability of the team.

• Enjin will introduce ENJ tokens to its communities

rather quickly, so ENJ tokens are likely going to

gain traction in the near future. This is something

that most other ICO tokens cannot do.

• Enjin’s CMS platform is quite established with

good adoption and the team appears to be

knowledgeable about the gaming industry.


OUR THOUGHTS

Our concerns


• Presale investors received a much more favorable conversion rate (approx. $0.03 per

token) and had a bonus ranging from 5-50%, depending on the amount they

contributed. This means their cost basis could be as low as 40% of the price to be paid by

public crowdsale participants. This could create selling pressure once the tokens are

tradable as presale participants may be willing to sell at much lower prices.

Presale Participants Public Crowdsale Participants

Token allocation 500M or 50% of total supply(400M + 100M in bonuses)

300M or 30% of total supply(400M - 100M allocated to bonuses for presale

participants)

Conversion rate 1 ETH = approx. 10,000 ENJ

Including bonus: 1 ETH =

approx. 12,886 ENJ

Week 1: 1 ETH = 6,000 ENJ





OUR THOUGHTS

Our concerns


• In general, the more bonuses or discounts a project is willing

to give to a large number of participants, the lower the

quality of the project or token sale, unless those participants

can genuinely add strategic value to the project.

• During the presale, a group of participants created a group-

buy Ethereum smart contract that was reviewed by Enjin’s

CTO. However, the contract was found to have a critical flaw

and kill switch for the contract had to be activated.

• We are not sure if in-game trades can be made in a trustless

fashion on the Enjin platform. The escrow feature seems like

it requires a redesign of different games to integrate with ENJ

tokens and escrows for in-game items.


OUR THOUGHTS

What do we recommend?

For flipping: Negative.

• Presale participants may be willing to sell their ENJ tokens at a much lower price than the

public crowdsale price because they received, on average, a 115% bonus.

• Additionally, presale participants were allocated more tokens than those in public

crowdsale (500 million vs. 300 million), meaning that the volume from presale

participants will be substantial.

For long-term holding: Neutral.

• While the potential is large, there may be technical difficulties integrating ENJ tokens into

different games. As the tokens can only be used on the Enjin platform (websites, forums,

etc.), this somewhat limits the use case.



Date post:	09-Oct-2018
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