Although incredibly popular due to their ease of use, hot wallets gain a bad rep because they are less secure than cold wallets. On the other hand, Enjin, a crypto wallet, is gaining more and more users because it provides better security than most hot wallets available.
In this Enjin wallet review, we will discuss all the features Enjin offers, the security measures it has put in place, and all kinds of cryptocurrencies and financial transactions it supports.
An Enjin Wallet Review
Enjin is a mobile (iOS and Android) crypto wallet that supports a handful of cryptocurrencies and multiple Ethereum tokens. Even though it is a hot wallet, which means that it is connected to the internet, it is relatively safer because of its extensive security structure.
Additionally, for a simple wallet that supports lesser currencies than other hot wallets, Enjin has several advanced features that make navigating through the app and trading a much easier process.
Interface and Features
Enjin is one of the most well-known online gaming platforms with over 18 million users. So, while designing the wallet initially, the developers tried to consider the interface followed by the gaming platforms. However, since most of their users would not necessarily be gamers, they built the wallet interface accordingly.
Enjin has a neat design that makes it quite accessible to new traders. And yet, despite such a simple interface, it does have a wide array of features. Some of the most helpful features of this wallet include the following:
It allows you to easily switch between viewing your cryptocurrency balances and the equivalent balance in your local fiat money (updated in real-time). If you hold several cryptocurrencies, this feature will make organizing your portfolio a breeze. Besides, you can know your portfolio’s worth in one simple glance.
2. Create and Add Wallets
On Enjin, you can add or create additional wallets. If you use cryptocurrencies for different purposes, you can create wallets for each of them, much like we do with physical wallets.
Moreover, you can also choose to add one from an existing list of software and hardware-based cold wallets. This incredible feature makes it easy to keep track of your finances and secures your assets better than other hot wallets. Some of the external wallets Enjin supports are – Bread, Exodus, Coinomi, Eidoo, Jaxx, Metamask, Nano Ledger, and Trezor.
3. Exchange Function and Transactions
Enjin’s partnership with Changelly, Kyber, Coinswitch, and Bancor makes swapping different cryptocurrencies pretty straightforward. Simply put down the relevant information like the amount and type of cryptocurrency you want to convert.
Then, the app will display the details of the transaction; and in case of more than one exchange offer, you can compare them to pick whatever seems more lucrative to you.
If you want to receive funds, click on the receive option that generates a new wallet address that can be sent via text or a QR code. Sending money follows a similar method.
The Enjin ecosystem is rich with several features that allow you to explore the world of crypto trading while ensuring your privacy and safety. Among the various options in this ecosystem, two really popular ones are:
Enjin allows you to access their Marketplace directly. You can browse and buy various non-fungible tokens here using your Enjin wallet. It supports a new feature that allows gamers to trade digital collectible items safely using smart contracts.
5. DApp Browser
A well-developed DApp browser enables you to access any DApp and go through with transactions that require permission from your wallet as smoothly as possible. Enjin’s DApp browser ensures you an effortless asset-integrated web browsing experience.
Cryptocurrencies That Eijin Supports
Enjin supports a relatively lesser number of cryptocurrencies than other hot wallets, which can be a hurdle for traders who want to extensively diversify their portfolios. However, since you can link your Enjin wallet with other wallets, this is not really that inconvenient.
Eijin wallet is mostly known for supporting Ethereum (ETH) and Ethereum-based altcoins like ERC20, ERC223, ERC721, and ERC1155. It also supports the storage of Bitcoin (BTC), Litecoin (LTC), Binance Coin (BNB), and Binance Chain tokens (BEP2).
Out of the Ethereum-based altcoins, ERC223 can be used because of the backwards-compatibility of ERC223 tokens with ERC20 tokens. ERC721 collectible tokens are supported for God’s Unchained, CryptoKitties, Axe Infinity and Blockchain Cuties.
The ERC1155 tokens represent in-game assets and work into Enjin’s game development ecosystem. Interestingly, Enjin itself introduced the ERC1155 token standard.
Lastly, Enjin has its own cryptocurrency – the Enjin Coin, which holds the market rank of #74 as of 9 June, 2021. Altcoins tend to be very volatile with their prices changing constantly. While this might seem worrying, crypto traders will tell you that these coins can be an alternative investment option. Moreover, Enjin allows you privacy and anonymity when it comes to your transactions.
Transaction fee is one of aspects traders often worry about while using crypto wallets. So, you would be happy to know that transactions to and from the Enjin wallet are free.
There is a regular small fee for transactions made on the blockchain. In the advanced mode, you can select the speed at which you want to send your crypto assets and it is needless to say that higher the speed more will be the fee. For the transaction of ERC20 tokens, the fee is paid in a small amount of Ethereum.
Security: How Safe Enjin Really Is
The reason cryptocurrencies have airtight security is because the private key (a code), when used to perform transactions, creates a unique signature each time which hackers cannot possibly predict.
Hot wallets, being connected to the internet, tend to be more susceptible to security issues than cold storage which are often physical devices. However, hot wallets are more popular since you can perform several activities using them, such as daily transactions, investments and trading.
When you are buying a hot wallet, it is essential to check what kind of security measures it uses. Several hot wallets don’t have two-factor authentication or even multi-signature addresses. However, any Enjin wallet review will tell you about the ample privacy and security measures this wallet provides to its users.
In addition to the previous points, the entire point of decentralized finance is the absence of intermediaries. Ironically, certain hot wallets can act as that middleman. With Enjin you don’t need to worry about that though. It does not save your private key on their servers, and does not perform any kind of functions on your behalf.
One of the best aspects of decentralizing finance is perhaps freedom from several rules and transactional regulations centralized authorities pose due to the lack of a solid security system. DeFi, being based on complicated algorithms, makes it practically impossible to hack into your assets.
As we have already mentioned in this Enjin review, the wallet goes an extra mile to make the user accounts anonymous. Since the transactions are peer-to-peer and the system itself is secure because of its decentralized nature, anonymity of the users simply adds an extra layer of security.
But apart from that, the security measures on Enjin are pretty extensive.
- Double-layer Encryption: The wallet uses two independent layers of cryptography – hardware 256AES (for lower layers) and software encryption (for application layers) to protect your keystore and private data. This means that even if a hacker stole a file, it cannot be decrypted.
- Secure Keyboard: Enjin uses its own keyboard that prevents data trackers or keyloggers from stealing your information. You can also randomize the keys for more security.
- RAM Encryption: The wallet even uses memory encryption so that hackers cannot access your information even if they have access to your device.
Screenshot Blocking: Enjin’s operating system restricts screenshots or screen recording.
- Custom Libraries: The custom libraries on the wallet removes essential data such as private keys from device memory after use that significantly cuts down security threats.
- Recovery Phrase: Users can issue a 12-word passphrase to recover their assets if the device containing the wallet is ever lost or damaged.
In their security audit, the ORU security team found Enjin to be safe from issues that can threaten the security of the cryptographic information and the assets. Given all of these security measures, Enjin is recognized as one of the safest hot wallets for mobile devices.
Enjin is perhaps one of the few hot wallets that provide you with premium security and allows you to easily access your cold wallets. If you are looking for a hot wallet, Enjin would be quite a great choice.
It is essential to understand that hot wallets will always be prone to attacks. Hence, it is advisable to store most of your crypto assets in cold storage or hardware wallets. We hope this Enjin review has given you an overall idea about how it works and whether it is worth it.
Laura has been interested in finance for a very long time, especially since her graduation in Economics. With the increasing popularity of cryptocurrency, she decides to read up more on the subject and soon became an expert. Laura has been dabbling with crypto ever since and started investing in them in 2017.