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So recently I've been seeing a lot of good movement on one of the most volatile coins, oh, I am not talking about other coins like the "Dogecoin" or "Ripple", we all know they are dancing on their own beat. I am talking about a coin that belongs in the "Ethereum Family", that so far has been building its momentum and causing some attention on different scenes already. The initial coin offering for Enjin Coin is now open, with a total of 3.25 billion tokens up for grabs. This "Ethereum baby" is only the beginning of a new wave of ICOs that's going to change the face of blockchain technology in 2018 and beyond. For those who missed their chance or need an updated guide on what it might be worth their time to invest in, I've prepared this article to provide insight into the coins, how they differ from other cryptocurrency offerings, and how successful they might prove to be. With the growth of NFTs and all, are we looking at these coins to fly in this same sky as their own predecessors?
Now as I was looking at this coin, my guy ― "Cloud Head" was taking a peek at them too, he's been telling me about it, and I usually ignore him because of his conservative view on things. But this time I gave it a quick read and checked the fundamentals of the coin, and I don't know what to make of it. To me, it is really not that impressive right now...
Enjin Coin – Why can't they be called 'Ethereum baby'?
First of all, I will start with my own personal opinion, but I am not saying this to be "biased" or to like one coin over the other. What I mean by this is that every coin has its pros and cons. So far, this coin has been making a lot of promises regarding their projects, which I always give credit to them for trying their best and keeping their promises so far.
So what features does Enjin have?
Enjin Coin — The Enjin ecosystem. It is a fully decentralized platform that allows users to create and manage virtual goods, and more. As a cryptocurrency, it has no ICO or pre-mine and instead is the result of the hard work of its team of skilled developers who have made huge progress since they started their project back in 2015.
Now as I was looking at their features and talking about them with my friend "Cloud Head", I came up with a couple a lot of problems they could face, which ultimately will cause their downfall if they don't solve these issues soon enough.
Problem #1: Enjin Coin team's CEO or CTO (Or both) lacks experience.
"Cloud Head"― even though he is a follower of Enjin, he was telling me that the team lacks an initiative from the CEO, and also CTO. To him, this indicates that they don't have any real plans in action as to how they will achieve their goals. Their lineup of CTO and CEO doesn't seem like it's enough as well…
Problem #2: Implementing a new blockchain would be too much for them.
I agree with "Cloud Head" on this one. Accomplishing something new like creating another blockchain is extremely difficult at least in my opinion, and I wouldn't really take this path unless they have real potential for the future.
From what I have seen, their team doesn't seem to have any actual technical background that they can show in the crypto world. Until you can prove with real-world experience, your entire team looks like it's not ready for a thing like this.
Problem #4: None of them are from China (as far as I know).
Great, the same region that was the one that made Enjin Coin what it is today, will be quitting the project if they don't get some real names for their team soon! Right now they just have a small team of devs from Russia and the USA to make this project work.
Problem #5: Problem with adoption and the word value.
If you don't have adoption of the platform then how is it going to work? Right now, Enjin Coin has been adopted only by a handful of big names that are making very little under their belt. If we compare them to other coins like ETH, we can see that Enjin Coin doesn't really have too much to offer as a coin in terms of usage or anything else at this point. This is a clear indication that they don't have enough resources for their own development and marketing as well….
Problem #6: They are not "Ethereum babies" so there's no way they can survive these bad situations.
Their coin is not "Ethereum baby" (programmable token protocol on Ethereum blockchain) so they don't have the full potential to survive big fights against ETH and other coins. Even if they do survive, ENJ will be too weak to compete with the giants.
Problem #7: They are not serious enough about their work, and they are too focused on marketing.
I don't really get this point, but I looked into it and apparently, there are people who agree with me on this matter. There were some discussions that were made regarding the Enjin Coin team's lack of seriousness in their projects, but according to them, it was just a rumor.
To me, the whitepaper is the first thing you look at when you want to invest in something new or any project for that matter. This is the most important thing that they have to bring up, and if they don't publish a detailed whitepaper that can prove their credibility then there's no point getting a coin from them.
A team of 40 people isn't enough for this kind of project, mainly because at the end of the day it's still just one project from a small company called Enjin. This means that they can't support so many employees promoting the same idea worldwide (Ethereum Based Gaming Platform).
As you can tell by now my thoughts on Enjin Coin are not good ones. In my opinion, Enjin Coin is another proof of concept on how to make a cryptocurrency gambling platform with Ethereum.
But what if EnjinCoin takes off and becomes successful? What will happen to their developers? Will the company be able to continue supporting the development of this project long enough for it to be finished and profitable? I'm not really sure about that…but I'm pretty sure that even if this coin does achieve glory, Enjin Coin won't be there for the long run once it gets released.
This is why I see Enjin Coin as one of the worst cryptocurrencies on the market. And this is why I don't really see any real value in it.
For me, Enjin Coin is one of the rare examples in which a product was created with its company behind it to make it come true. This concept usually fails in the real world, but if done right could be really profitable and good for both consumers and entrepreneurs.
But this concept of making a new coin out of a company's idea isn't new at all…there are already so many projects that will launch ICOs based on a product that already exists (such as Augur or Factom). With Enjin Coin, we can put the company behind it too.
So if the idea of a new coin for an existing product is already in place, there's really no need to make one. A cryptocurrency that's created based on an existing business could be enough, but you know what? This isn't going to happen either as almost all cryptocurrencies will fail and there'll always be another one around the corner. It seems like we're stuck with the same old repeated cycle forever.
What's the solution? Simple. We need to create something that can truly stand out from the rest and make a difference. Something that serves new needs and unmet problems. The cryptocurrency market is simply too crowded right now and new coins have a hard time finding their place. It's tough to compete against the established players when you're all running off the same ideas!
To get where we want to go, we have to break with convention and image. That means a complete overhaul of our core values so that we can fit in with other projects without being compared to them.
Look at companies like McDonald's or Coca-Cola. They have taken a completely different approach to market and advertising. They have single-handedly set new standards for businesses of their niche, and for this reason alone, they are still thriving today. In the world of crypto-currency, we need new brands that can do the same thing to get us out of this mess we're stuck in.
Enjin Coin hasn't been around long enough to show what it can achieve, but from what I've seen so far, I'm not too impressed with them or their product. I could be wrong, and I could be overreacting.
But I will say this: if Enjin Coin is to be successful, it will have to make a huge change in its plan to make it work. The company will have to change how they work and spend their funds from now on so that they can thrive as a big brand or they won't survive in the long run.
I hope I am wrong about Enjin Coin, but so far, I haven't seen any signs of them being successful enough for me to think that they are real competitors for ETH or others in the future.
Disclaimer: This article is not intended as investment advice nor financial advice. All thoughts above are collections of opinion from a writer's perspective. It proves no influence on any individual, company nor party involved in the said project or topic above.