crushcrypto ico review enjin coin · in week 2, 4,000 enj in week 3, and 3,000 enj in week 4 •...
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ALL-IN-ONE WEBSITE PLATFORM
PROJECT OVERVIEW
What is Enjin?
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• 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.
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
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• 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).
PROJECT OVERVIEW
Sample community website created with Enjin
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PROJECT OVERVIEW
What is Enjin Coin?
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• 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?
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• 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
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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
PROJECT OVERVIEW
Use of ENJ tokens
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• 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?
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PARTNERS
Maxim BlagovFounder & CEO
Witek RadomskiFounder & CTO
Josh WoelfelLead Engineer
Vyacheslav VolkovLead Mobile Engineer
OUR THOUGHTS
The opportunities
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• 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
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• 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
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• 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
Week 2: 1 ETH = 5,000 ENJ
Week 3: 1 ETH = 4,000 ENJ
Week 4: 1 ETH = 3,000 ENJ
OUR THOUGHTS
Our concerns
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• 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.
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