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ICO Market: Adoption on the rise? - Enjin in Samsung S10

 

ICO market

 

In late February, the tech giant, Samsung Mobiles announced that their latest flagship phone, the Galaxy S10 was releasing shortly. The power-packed smartphone boasts of a crypto wallet supported by blockchain; one of the first smartphone companies to introduce this feature.

 

Not a first among mobile devices?

 

This revolutionary step has not only put Samsung in a far greater stance compared to their smartphone adversaries but also increased their customer base by their entrance into the Blockchain space. Prior Blockchain fueled smartphones like HTC’s Exodus and Sirin Labs’ Finney have featured built-in crypto key storage, but have had much smaller markets than the S10 is likely to achieve.

The Samsung Blockchain Wallet is a cold storage wallet (not connected to the internet) and can be downloaded only on Galaxy S10 phones from the Samsung Galaxy Store. The Galaxy S10 supports the secure storage of crypto private keys through a function called Samsung Knox.

 

BTC support

 

The crypto-wallet currently supports only Ethereum’s ether(ETH) and Ethereum-based ERC-20 tokens. Contrary to their earlier statement, the wallet does not support Bitcoin (BTC). This comes as surprise considering that the highest-profile mass-market crypto product is leaving out the highest-profile mass-market crypto coin.

Although from a technical perspective, limiting the wallet to Ethereum assets is sensible enough. It allows unified onboarding of a large number of tokens with interchangeable back-end requirements. This reduces the chances of a security flaw or other bug in the wallet.

And there’s more..

 

But the news that really caught our (and other crypto enthusiasts’) attention is that the wallet also supports four decentralized apps (dApps) at launch: crypto-gaming platform Enjin, along with beauty community Cosmee, crypto collectibles and breeding platform CryptoKitties and merchant payments service CoinDuck.

 

Cryptokitties: Will history repeat itself?

 

A Crypto-Kittie is a digital pet  with the benefits of blockchain. These ‘pets’ are bred by spending Ether tokens on smart contracts and this entire process is done on the Ethereum platform so as to record and ensure the unique breeding of each pet. This movement became quick-fire and in December 2017, caused congestion on the Ethereum platform. The processing speed decreased rapidly and caused inconvenience to other traders.

 

All the blockchain activity caused their daily requests to explode from 2 Billion/day to over 4 Billion/day in a span of 24 hours. The pending transaction queue kept rising, which meant that the network wasn’t processing fast enough to clear out new requests.

Due to this, the miners reset the gas price to make transactions cost more. So, all of a sudden, the fees to buy the crypto kitty cost more than the asset itself.

This threatened to kill CryptoKitties entirely  because the fees were so inhibitive. The most expensive kitten was sold for over $117,000.

 

After Samsung’s endorsement of CryptoKitties, the traffic on the Ethereum platform is bound to increase again. Although no particular solution for this has been established, Ethereum’s scalability issues are slowly but steadily being fixed as new theoretical solutions are being introduced.

 

Spotlight on Enjin

 

Enjin Coin (ENJ) belongs to Enjin, a well-established web services platform for gamers, and the coin is pitched as a universal micropayments and digital collectibles system for gaming.

Enjin is one of the pioneers in the industry of blockchain based gaming. The Enjin team created the ERC-1155 asset class on the Ethereum blockchain, a token class used for in-game goods trading and digital item ownership.

The ERC-1155 and ERC-721 grew to be a roaring success last year, introducing the world to non-fungible tokens such as crypto kitties; another dApp that S10 supports. Enjin also happens to be the only wallet that has direct access to the back end blockchain element that is built on Knox.

 

Enjin: Leader in blockchain gaming

 

The Singaporean based company began the Enjin platform early support program from last August to January this year. It is a program that supports technology and marketing for new blockchain games and service development. More than 1000 projects were supported by this program, and Enjin Coin selected 40 of these projects to take on the platform, some of which will no doubt be on the S10.

 

Just last week, both Unity and Enjin decided to introduce millions of game developers to blockchain development through their collaboration project, Unity SDK. Enjin is a forerunner in blockchain gaming, while Unity is one of the most popular game development platforms. Samsung had previously announced a partnership with Unity to make games run faster on their flagship and seeing as Enjin have similar links to the company, it would not be a surprise if this alliance was a natural extension.

 

Effect on Enjin’s token: ENJ

 

Since Samsung’s adoption, Enjin coin’s price breached its All-Time High on 9th March, 2019 trading at $0.259. Over the past month, ENJ rallied a staggering 975%, as in February, it was trading at $0.02.

 

Another recent advancement surfaced that $3.2 million worth of Enjin Coin was moved to Binance cryptocurrency exchange. Currently, ENJ has a $129 million market cap and registered $18 million in 24-hour trading volume.

The majority of traffic originates from the ENJ/KRW pair listed on Bithumb. On Monday Enjin Coin announced that it had partnered with SENS Research Foundation (SRF) and the Ethereum Foundation to launch a game-based charitable donations platform that would support SRF and award donors with blockchain-based collectibles.

 

Enjin’s adoption by Samsung has brought about innovation and permutation to the gaming industry. Samsung’s involvement in the crypto world and their participation in this trend could influence other players in the market to ratify to the upcoming blockchain developments.

 

Read more about the other developments in February in our Monthly Report: February 2019 edition.

You can also specifically read about the private funding activities in our Monthly Private Funding Report: February 2019 edition.